In today’s rapidly growing digital world, virtual payment solutions have become all the rage in the market. Governed by cryptography, the decentralized blockchain technology offers a number of prominent advantages over fiat currency. Representing the next generation of blockchain technology, Ripple specializes in all the significant attributes of a blockchain network, from faster transactions, great transparency to low transaction fees. With the aim to deliver a secure and integrated global payments system, Ripple combats the challenges of the existing blockchains.
Looking at today’s global payment systems, most of the enterprises lack a decent infrastructure, wherein the networks lack the necessary features, including effective inter-connectivity to cater to the demands of the international consumers. Simply put, the existing networks either lack proper regulations or are ineffective at handling the challenges that are involved in cross-border payments. This is why; most influential banks, enterprises, as well as consumers choose to opt out of the present system. Whether it is high processing fees or incompetent servicing facilities, the limitations of the present global networks are driving away brands and consumers at once from banks and centralized systems to FinTech providers that are adept at handling the issues at hand. Featuring among the top blockchain ecosystems, Ripple has become one of the viable digital investment options for local as well as cross-border transactions.
Reimagining Cross-border Payments with Ripple
As discussed in the previous section, Ripple strives to mitigate some of the inefficiencies in the current global payments systems. As one of the world’s leading global payments networks, RippleNet delivers a seamless user experience for global payments. Unlike many other institutions that are a product of several disparate technologies, unstandardized communications, and centralized systems, RippleNet is a single entity that is formed of a network of banks that execute transactions via Ripple’s distributed blockchain technology.
The rapidly growing ecosystem of RippleNet can be categorized into two sections, the network members or the payment providers and network users or the consumers. The network members, also known as the enablers, are formed of banks and centralized enterprises looking to process transactions for corporate companies and consumers. Apparently, the banks would capitalize on RippleNet to augment their servicing schemes. On the other hand, the network users, also known as the originators, include the budding businesses corporate treasury, alongside the consumers.
The decentralized system of RippleNet is based on the agreement made between the Ripple executives and other network participants, who deploy the same blockchain system, besides adhering to the standard set of payment regulations. The network’s participants, especially the banks, benefit greatly from the strong connectivity, standardized technology, and payment execution policies. At any rate, Ripple’s avant-garde financial technology outpaces its competitors in terms of effective down payments costs, processing fees, and transparency, ensuring expeditious transactions across the globe.
Developments in the Ripple Network
Considering the faltering state of the crypto market, Ripple’s performance has been impressive when compared to other prominent blockchain networks. Quite naturally, the developments on the Ripple blockchain have a far-reaching impact on the coin’s stability. As per the recent updates, there have several exciting developments in the system in terms of listings, partnerships, and upgrades. Speaking of Ripple’s current developments, Heir’s announcement of enabling support for Ripple within its ecosystem has grabbed the attention of the investors. Besides this, Ripple has been listed in renowned exchanges, including CoinSuper. While Ripple has been strongly criticised and deemed unsuitable for security trading, there has been good news in the form of interesting tie-ups. As per the latest news, as many as 10 new companies are testing Ripple’s xRapid to deploy XRP as their payment option.
Ripple and the Market: Will Ripple (XRP) Touch the $0.50 Price Level?
As evident from the charts, almost all top-performing coins are grappling with the bears in the aftermath of the price slump. With Bitcoin trading in the red for the greater part of the year, it has been a challenging year for many cryptocurrencies. After a temporary bear run, Ripple is finally seeing a silver lining. This means the bullish momentum is making a comeback.
As per the price charts, Ripple(XRP), the third largest currency by market capitalization, is vacillating between 50 and 100-SMA hourly chart, with the price climbing back to $0.4788 as of 26th June 2018. While Ripple has lost more than 76% within a span of 6 months, the coin is trading higher than its last year’s low. With the price showing signs of a reversal, the Ripple followers have a lot to look forward to, and the large-scale business projects, which have become the talking point in the market, are definitely something to watch out for. If one can ignore the day-to-day price volatility, amazing things are in the cards, and going by the response in the community, Ripple (XRP) might cross the milestone of $0.50 in the coming months.
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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.
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…