When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency. It would be free from the bureaucracy of governments. And free from the tyranny of the old-world financial cartels. Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.
One of the biggest roadblocks for Bitcoin has been scalability. At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa. Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.
Libra Currency Announcement
One development that could help pave the way toward mass adoption is the launch of the Libra currency. Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement. According to Facebook, Libra will make sending money online cheaper and faster. It will also have a hand in improving access to financial services, especially for the unbanked. Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies. Additionally, it could provide the growth spark that cryptocurrency needs.
Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users. This application is extremely popular in most parts of the world as it helps friends and family to communicate with one another at no additional cost. And, it is through WhatsApp that the Libra currency should perform especially well.
Although the excitement is palpable, Libra doesn’t come without its fair share of critics. The critics point to a series of failings at the corporate level regarding the protection of sensitive consumer data. Facebook has been involved in quite a few incidents starting with the 2015-2016 period in which nefarious groups were able to exploit Facebook for political gain. There have also been a few hacks and data breaches which resulted in the theft of personal data.
Given those concerns, it certainly isn’t a guarantee that Libra will succeed. Facebook will have to prove that it is once again worthy of the public’s trust. And it will also face stiff competition as the race heats up to become the king of cross border payments.
Competitors to Libra Currency
Dash currency has already proven itself useful in economically plagued Venezuela. More than 17% of Venezuelans have fled the country since the economic collapse that began several years ago. The World Bank currently estimates that the country’s inflation rate will reach 10 million percent in 2019. That sort of inflation essentially renders the sovereign currency useless. And it makes it nearly impossible pay for goods as consumers would have to drag bags and bags of cash with them to buy a loaf of bread, or a pair of shoes.
Dash is a private digital currency designed to help consumers make payments for purchases made online or in-store anywhere in the world. Payment confirmations are done in less than three seconds while cryptographic security is guaranteed through a payment verification process that makes use of the mining power. Dash recognized that the citizens of Venezuela needed an alternative to the quickly sinking Bolivar. It has made significant inroads with brokers and merchants in order to allow citizens to use it for payment. Not only does it eliminate the need to carry bags of cash, it also helps Venezuelans maintain their wealth by minimizing inflation. And although cryptocurrency prices have been volatile over the past 18 months, it pales in comparison to the volatility in Bolivar.
In addition to Dash, SonicX (SOX) is another promising cryptocurrency global payments solution. SonicX created a blockchain platform that is based on Tron’s (TRX) architecture. In addition to all the great features that Tron has, SonicX boosted the number of transactions that the platform can handle and introduced a community structure that will give users a say in how things work. One of Bitcoin’s major failings is its lack of scalability. This became especially evident in late 2017/early 2018 when the network was constantly bogged down because of volume. Currently, Bitcoin is only capable of processing 7 transactions per second. Compare that to the Visa which is capable of 25,000 transactions per second. It’s not feasible.
The SonicX Consensus Mechanism (SXCM) digital governance system allows the Tron network to increase the number of transactions that are possible in a given period, and it adds an architecture that allows for Supernodes. Supernodes on SXCM are selected to generate new blocks, while regular nodes validate transactions. The end result is a network that is capable of processing approximately 5,000 transactions per second which would far surpass the capability of any other cryptocurrency.
July is an extremely busy month for SonicX. On July 15th, TRX holders received a SOX airdrop. Additionally, on July 30th, SonicEX (exchange) will launch. The company’s IEO (Initial Exchange Offering) will also begin on that same day. Details of the company’s IEO are as follows:
- 1st batch will be 500 million coins which is scheduled to begin on July 30th at 7am UTC
- 2nd batch will be 1.5 billion coins which is scheduled to begin on August 1st at 7am UTC
- The 3rd and final batch will be 2 billion coins which is scheduled to begin on August 3rd at 7am UTC
There is an incredible amount of excitement regarding the Libra announcement. Because of Facebook’s global reach and its brand name, there is a really strong chance that the Libra launch could spark the beginning of cryptocurrency mass adoption. But, while Facebook certainly has the brand name, it isn’t the only game in town when it comes to global payments. Dash and SonicX are just a few examples of smart, entrepreneurial companies aiming to do their part.
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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…