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Ripple insists that XRP is not Ripple as the Debate continues on whether cryptocurrencies are security

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Ripple

There has been a wide misconception that has led the XRP cryptocurrency to be associated with Ripple despite numerous efforts by the company to demystify the narrative. However, a new leaf seems to be turning for the third largest cryptocurrency in terms of market capitalization if data from CoinMarketCap is anything to go by.

Ripple calling out to supporters

Alexavier Guzman, a long time supporter of XRP and a software engineer by profession, has launched a quest to find a symbol for XRP and finally distinguish the cryptocurrency from the company Ripple. After realizing that the XRP was actually an ISO 4217 currency code and that it lacks a Unicode standard symbol, Guzman wrote in a post on Forbes that although other currencies like Bitcoin have their own “symbol that was added to the Unicode standard,” cryptocurrencies like XRP  should equally be treated with the same respect.

As a response to Guzman’s initiative that would see the open source XRP project distinguished as a cryptocurrency, Ripple has issued out a statement of encouragement in a post on twitter that equally called upon other members of the Ripple community to submit their ideas for the XRP symbol.

Guzman further wrote that the huge misconception of XRP as Ripple has mainly been due to the lack of a logo for XRP.  In the post he said that “the currency is often associated with Ripple’s trademark” and as a result, many people seem to believe that XRP is a ripple product.

For the uninitiated, XRP is actually an open source digital asset that operates on its own ledger called the XRP ledger. Basically, it is a decentralized digital asset that runs on its own decentralized peer to peer network and even though it was released by Ripple, it stands alone as a cryptocurrency on its own just like Bitcoin. Furthermore, although it is designed for use by the big financial institutions, it can also be used by smaller entities that look to get a competitive advantage when sending money across borders.

Is XRP Ripple?

Granted, the perception of Ripple as XRP is completely rational as the company is the chief distributor and issuer of the cryptocurrency. However, initiatives are ongoing for the development of a logo that will further distinguish XRP from the San Francisco based startup.

Regulators ask whether Cryptocurrencies like XRP are securities

Perhaps the recurring question about whether XRP is a security for Ripple or just a cryptocurrency has been the most asked questions about that has caught the ear of regulators. In fact, reports from CCN indicate that there have been closed-door meetings by the SEC and the CFTC surrounding the discussion of whether cryptocurrencies are securities. Since the association of XRP with Ripple has been a long-lasting trivia, users of XRP have remained confused with some going as far as suing Ripple for losses made on XRP investments. In the words of a former regulator Gary Gensler who served the CFTC, cryptocurrencies such as XRP can best be classified under “noncompliant security” since they feature a distorted structure. Although there has been no information leak bout the closed-door meeting by the SEC and CFTC, word has it that the regulators were considering classifying certain cryptocurrencies as security.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has…

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