Connect with us

Featured news

Ripple’s XRP centralization FUD must go now, here’s why

Published

on

XRP
READ LATER - DOWNLOAD THIS POST AS PDF

Since Satoshi brought Bitcoin to the world, decentralization has been a key value in every blockchain and cryptocurrency project, and Ripple’s XRP is precisely among such. Not only in crypto, BitTorrent (which is now running over Tron’s blockchain network) was also created to be decentralized, so the idea is not exclusive to digital assets but for every internet project that looks to guarantee freedom for users.

And this is why Ripple and its native token (XRP) has been so controversial. XRP is not your standard cryptocurrency. It’s was all pre-mined by Ripple Labs before it went online. On top of that Ripple’s goal has been to help the traditional financial system (think banks, and remittance systems) to eliminate friction in settling payments across borders. This, in particular, has not been that popular among crypto enthusiasts because the whole point in Bitcoin (as stated by the mythical Satoshi himself) is to get rid of banks, fiat currencies, and the global financial system.

And wait, have you been following the recent Ver/Wright hash power show? We believe it has cleared the FUD about Ripple’s XRP being centralized (of course, only for the people who can think neutrally). We all have been facing FUD that XRP is centralized (somehow) and isn’t a ‘real’ cryptocurrency like Bitcoin. Now, what is this? We all have seen how only a couple of individuals have tanked things completely. We think this has worked nothing short of vindication for Ripple’s XRP.

Also, Ripple Labs is a private company. It aims to make profits, as any company should. This has created suspicion about the Ripple’s network level of centralization.

Ripple’s David Schwartz has gone out of his way to explain to everybody who will listen that Ripple’s network is, indeed, decentralized, as well as XRP.

And Mr. Schwartz has a point. At least 70% of all Bitcoin’s mining is done in China, despite the Chinese government’s hostility to Bitcoin (but not to alt-coins in general). So while every node in Bitcoin’s network is, in principle, independent, the whole system could be brought down if the Chinese government should decide to block the network from the rest of the world, which is precisely what it did to Google.

Some other blockchain projects are in similar situations as they are mainly based in China, and they’ve not been accused of being centralized as XRP has.

So, compared to Bitcoin, or Ethereum or many other blockchains and cryptocurrencies, Ripple is quite decentralized despite the controversy it’s created.

Another thing to take into account is that XRP was last year’s most profitable coin. It outperformed Bitcoin, and there’s every sign that it will do the deed again this year. While XRP has been fluctuating, it’s been trading on green numbers for most of the last 30 days (it’s at $0.4737 as we write this) and it’s also been gaining ground in the XRP/BTC pairing.

The crypto market will have to decouple from BTC sooner or later (the sooner, the better) and it seems that Ripple’s XRP is leading the way.

There are reasons for that. XRP is proving itself to be useful in the real world. It was initially meant to be a mediating coin for banks to settle international payments. And it’s succeeding. But now you can have a debit card that allows you to use your XRP tokens to pay for goods and services as if it was your standard savings account, and the options keep growing.

So how worried should you be about XRP? We think you could be optimistic. Centralization has never been a real issue for Ripple or XRP, and the token has been profitable and growing consistently. And it’s still very cheap, so it remains a good option.

Just keep this in mind: the market has been going down for 11 months now, but XRP has been going up (despite fluctuations). There is no safe bet in crypto, of course. We know that, and so should you. But as these things go, XRP is not the worst you could do.

Do your homework and research. You’ll find that Ripple’s XRP is very underrated.

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

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 Geralt/PixaBay

Featured news

Can Sharding Fix the Limitations of Blockchain or is the Network Doomed?

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Performance and scalability issues have bottlenecked the future development and real-life application of popular mainchains, such as Bitcoin and Ethereum. Many methods have been employed to solve this problem, but all of them have their own pros and cons.

The Impossible Trinity – safety, decentralization and scalability, coined by the blockchain world, bars the way to the future and the industry has fought hard to figure out an optimized solution. Sharding, proposed by Ethereum, has been viewed as one such candidate.

What is sharding?

Sharding technology splits a network into smaller partitions called shards, which contain an independent state and transaction history. The idea behind this is to divide a huge amount of workload into smaller pieces to make life easier for every participating node.

If sharding were to be adopted, each node will only need to keep a part of the network’s information, instead of downloading the whole ledger, which can lead to a large data file. Subsets of nodes grouped into one shard will only process transactions specific to that shard. By doing this, the network will be able to process many transactions in parallel, and the performance will continue to increase with more nodes joining in, thus making the network highly scalable.

Continue Reading

Altcoins

Encrypgen’s New HODLING Incentive Program May Send DNA Token Soaring

Published

on

Encrypgen
READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency traders have enjoyed a Bitcoin moon shot during the past few months.  Those gains have created a much more enjoyable environment for crypto bulls.  Whether it’s a temporary or permanent increase remains to be seen but hitting the 10,000 level has put everyone in a better mood.  Unfortunately, altcoins have not had experienced the same type of gains and are lagging significantly behind Bitcoin.

I’ve written articles in the past year that there is at least a decent chance that many altcoins won’t survive the current environment.  The ones that do will do so because they created a platform that has real world usage.  After spending countless hours researching many of the existing altcoins, I’ve yet to see a company that is more promising than Encrypgen (DNA).

Encrypgen Background Information

Encrypgen is a genomic blockchain network that provides customers and partners with best-in-class, next generation, blockchain security for protecting, sharing and re-marketing genomic data. This creates a fair marketplace for a person’s DNA that can be stored privately and sold (if a person wishes to do that). A person’s DNA can also be shared privately and securely with their physician for their personalized care.

Typically, people can send their DNA off to a lab to find out who they are and where they come from. As fun as that might sound, there is a significant security problem…

Continue Reading

Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

Published

on

Bitcoin crash
READ LATER - DOWNLOAD THIS POST AS PDF

The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

Continue Reading

Elite