The price of cryptocurrencies has been on a low and stagnant for some time now. However, people who invest in cryptocurrencies like Bitcoin, Ethereum, Litecoin, Tron, Neo, etc. all believe they have the next big digital asset that is poised to breakout. But, for crypto like XRP, what makes this digital asset so unique and its investors very smart?
Lots of investors look for history books or excellent blockbuster news that will put Ripple on the front-line to only assure them that Ripple (XRP) will be successful. Well, in the crypto-market things doesn’t work that way; instead, you need to take a look at general principles and the basics to guide you on how to know if XRP will be successful.
Ripple meets with banking industry members in Dubai next week – What does that mean for XRP?
As we know, Ripple (XRP) is a blockchain platform that is dedicated to using its technology to solve problems that banking systems face daily. Ripple (XRP) is poised to make cross-border transactions easier and faster.
Ripple is said to meet with its banking industry members in Dubai next week to debate on the incorporation of RippleNet and xCurrent. It is important to note that RippleNet and xCurrent are already adopted in a network which comprises more than 100 banks globally.
We should also anticipate the meeting to discourse Ripple XRP since XRP is the company’s most important technology.
Ripple team published a post on their official blog, which features interesting facts:
“The decentralized network of banks across the world is over 100 strong. Next week in Dubai, members of the network will meet in Dubai, members of the network will meet to forge new connections and discuss how they use Ripple technology – sharing lessons learned and best practices”
Ripple, through its press release, made further emphasis on why such meetings are highly crucial for regional banks:
“For regional banks, events like these provide critical opportunity to create relationships that open new remittance corridors.”
Lots of rumors have emerged from crypto enthusiasts that the conference in Dubai will increase Ripple adoption on various businesses to make cross-border transactions more natural and faster.
Other supporters further said that the meeting would also facilitate the use of xRapid platform based on Ripple (XRP) cryptocurrency. Therefore, if that is true, Ripple should build a foundation for XRP to be implemented as a currency for inter-banking transactions.
Ripple lays off the “marginal improvement” of Swift GPI
Ripple recently lays off the improved technology of its rival, Swift GPI, saying that the improvement on GPI by Swift is,
“just a marginal improvement on a very old architecture.”
It is important to note that Swift GPI reduces the time in which payments can be made to less than thirty minutes in almost 50 percent of the times that it was used (100% of the times in 24 hours) – although, Swift GPI doesn’t make use of blockchain technology.
Over the years, Swift GPI has been used as the standard for payments in the Financial Industry; this week, Swift GPI announced that it would introduce more than 100,000 banks to its network to facilitate cross-border financial settlements.
Emi Yoshikawa, director of the Joint venture partnership of Ripple, disclosed that Swift’s invention, GPI, can’t match with the Fintech firm’s payments establishment.
At EmTech Hong Kong (an event fueled by MIT Technology Review ), Emi Yoshikawa stated,
“Swift was built 40 or 50 years ago. Before the internet was created. So their architecture is very old. They realize that this is a big problem and they consider us a big competitor. They’re also trying to make a big improvement based on the existing architecture, called Swift GPI. We consider it is just a marginal improvement of their existing architecture”
Although, Swift tried using blockchain earlier, in April 2017, by deploying proof of concept. The company made it clear that they weren’t entirely convinced by the outcome even though it was inspiring. With that, the head of developments and research at SWIFT made it clear to GTR that the technology is at its early stages, but his team is open to making use of the blockchain tech in the future.
However, with this in mind, it tells you two things: Swift knows that Ripple is a ‘big threat’ and xRapid is on course to take over the world. Secondly, that xRapid is vastly superior in the world today.
Ripple’s meeting with its banking members in Dubai will get Ripple the opportunity to partner with the likes of Bank of America, Standard Charter banks, and banks in Dubai and Saudi Arabia.
Also, with Ripple (XRP) partnering with these financial institutions, more banks and companies in the Financial Industry will opt for Ripple due to the high need for a more cost-effective system. When this is done, the volume will run; XRP will be favored; investors will make their money. Hopes and analysis both look good, let’s see what time brings for Ripple, though.
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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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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. One of the ways to have a successful trading…
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…