The world of cryptocurrencies can often be confusing to newcomers. Not only do they have to understand a huge number of new terms, how everything works, and how to find a good project to invest in, but they also have to deal with issues that are sometimes complicated to understand even for those with experience.
Perhaps the best example of how complex the crypto world can really become from the second largest cryptocurrency by market cap, XRP.
The first thing to understand — which is also something that a lot of investors find complicated — is that XRP is not the same as Ripple.
Ripple and XRP
XRP is the second largest coin in the crypto world. It used to hold the third place, but its expansion and increased usage secured additional funds, and the coin managed to beat Ethereum, which was strongly impacted by bearish market and intense competition. Now, XRP is second only to Bitcoin.
XRP was developed by a company called Ripple Labs, and because of this, it was originally known as Ripple. However, due to the confusion that followed, where it was difficult to tell whether others are talking about the coin or the company, it was renamed to XRP.
Today, it is a native cryptocurrency of the XRP distributed ledger, which is open-source and, according to Ripple Labs, decentralized.
When it comes to Ripple Labs, this is a company launched by Ryan Fugger and Jed McCaleb. Since its creation, about eight years ago, the firm developed XRP, as well as several products used for making quick payments anywhere in the world. These products — xCurrent and xRapid — were quickly recognized as advanced payment systems by banks around the globe, and many of them decided to enter a collaboration with Ripple in order to replace their old systems, which often take days to complete transactions. In comparison, Ripple’s products can manage the same in only 4 seconds, and their TPS is pretty much the same as that of major card companies.
Another thing to note about Ripple products is that they transfer the money by turning it into XRP, at least for the purpose of traveling through the network. Other than this, XRP is allegedly independent of Ripple, and its creators claim that the coin would survive even if the company were to disappear.
While this is proof of the coin’s decentralization to many, others were not convinced, and both XRP and Ripple had to face numerous accusations of centralization, coin manipulation, and even accusations of the coin being security. This has led to several lawsuits, especially in 2018, and XRP became a center of numerous controversies.
However, as time progressed, so did the coin and the company, and these days, most of those controversies are forgotten. XRP and Ripple achieved a lot of success on their respective battlefields, and both are well-known and well-respected these days.
In fact, many have high hopes for XRP and believe that the coin might be the one to lead cryptocurrencies to mainstream usage. Others speculate that it might become the representative of the third generation of cryptos. It is unknown what may happen in the future, but for now, at least, XRP seems to be reliable, more stable than most coins, fast when it comes to performing transactions, and completely independent.
For the latest cryptocurrency news, join our Telegram!
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.
Image courtesy of Pexels
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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.
NFTs are already being actively traded in markets globally. For…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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 been…