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Ripple (XRP) is Becoming a Go-To Crypto for Banks Around the World

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XRP

Thanks to its nature and various products, the cryptocurrency Ripple (XRP) is quickly becoming the number one desired crypto for many banks around the world. However, there is also a certain controversy regarding its nature, and many believe that XRP is actually a security.

Banks choose Ripple

Ripple has had a lot of success recently, and most of its achievements include its adoption by various banks and other financial institutions. Its CEO, Brad Garlinghouse, has stated recently that this crypto has a very bright future, and that a lot of banks will be using its ledger in the near future. This is hardly surprising, considering that this ledger is an open-source codebase and that it is capable of performing over 1500 transactions per second.

Ripple’s team is working hard on improving the coin, which includes a large project that is expected to provide better liquidity solutions. That way, sending the payments cross-border will be much faster, cheaper, and more transparent, especially when compared to traditional methods of sending the funds. All the money that is being sent first gets converted to XRP, and then to any other crypto that the receiver prefers. Obviously, scalability and speed are of great importance here, and Ripple is perfectly capable of handling both.

With that in mind, it is no wonder that the banks are jumping on the opportunity to start using this cryptocurrency, and are adopting it at a massive rate. But, there is still a certain controversy, with the main question being – is Ripple a cryptocurrency at all?

Is Ripple (XRP) a cryptocurrency?

When people talk about Ripple, the large majority is considering it to be a crypto. However, there are those who believe that its design doesn’t allow it to be. These are the same critics who claim that XRP doesn’t serve the original purpose of cryptos.

Let’s take Bitcoin as an example. It was designed to create an alternative to fiat and to be decentralized. While it did achieve decentralization, Bitcoin has not managed to completely fulfill its purpose as a digital currency. However, this was only to be expected. It came as the first of its kind, and it was bound to make some mistakes along the way. This is why altcoins have developed so that they could fix what Bitcoin cannot change, and deliver the digital coin that Bitcoin was supposed to be.

However, Ripple doesn’t do that either. It is completely different than Bitcoin, which has its justifications. After all, you do not fix technological mistakes by doing the same thing that led to those mistakes being made. However, Ripple has gone a step too far in differentiating itself from Bitcoin, and along the way, it lost one of the biggest attributes of cryptocurrencies – decentralization.

XRP is fully owned by Ripple the company. This has its pros and cons, but the main question is – is cryptocurrency a cryptocurrency if it has an owner and a governing entity behind it?

The matter of decentralization

The first thing to consider here is that even the company behind XRP doesn’t call it a cryptocurrency. The term they are using for it is ‘digital asset’.

Ripple is not decentralized, which is a fact. Decentralization is also a necessity for a crypto to be considered crypto, which is something that XRP has not managed to achieve as of yet. However, it is still a digital coin. The fact that it is centralized simply means that it has a governing system that can influence its price. And while decentralized coins have the crypto market dictating their future, Ripple doesn’t take that chance. Decentralization brings transparency, but also uncertainty, which is something that XRP has been trying to avoid so far.

The value of Ripple and its products to the world of business and economy has already been discussed previously, but the point remains – its nature is of great use to the modern way of sending payments.

However, Ripple is a coin that is constantly working on making itself better. This is why its development team has announced that Ripple will achieve decentralization in the future. The plans to do so are already set in motion, and the platform is even expected to launch ICOs sometime in the future.

Some skeptics believe that this is an empty promise, but XRP has proven to fulfill its promises. After all, it did become an open-source platform, which is also something that not many people believed it will happen.

So, in the end, is Ripple a cryptocurrency? Not exactly, or rather – not completely. However, has proven its worth. It has also proven that it is working on fixing its mistakes, which means that it might as well be considered a crypto since it will achieve the full status sooner or later.

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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.

NFTs are already being actively traded in markets globally. For…

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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 been…

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