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Stellar is Aiming at Overtaking Ripple: Here’s How
Stellar payment infrastructure eyes to make the cross-border remittances better through partnering with Keybase company – and ultimately overtake the Ripple.
Stellar is the open-source, XLM (distributed payments infrastructure) that is, in fact, aspiring to outstrip Ripple (XRP); the goal is through partnering with the company Keybase to accomplish cross-border transaction improvements.
The payments infrastructure recently stated they are teaming up with the company Keybase who is well-known for its free mobile and computer security apps. Both companies are aiming to enhance cross-border deals with the purpose of connecting people with financial services costing lower than what users pay now, and this way, fight against poverty by developing the potential of each individual.
The previously detailed service is actually offered by Ripple, who through its blockchain platform (Rippkenet) counts with a pool of allies of over a hundred member financial institutions and banks. That makes the Stellar purpose not so easy to get, but the company is definitely committed to succeeding on its path.
To make this possible, both Keybase and Stellar are expecting that asset holders and investors have the possibility of making cross-border operations without the usually-required lengthy string of the digits. Instead, they want to create a platform that allows access only with a username readable by a human easily. In this particular matter, Stellar declared:
“In short, I can interact with her financially in the same way I interact with her socially.”
Overall expectations are to have an end product like a decentralized global Venmo, which means an application that enables users to transfer currencies by using a mobile app or the web. The idea is to be able to send not only one type of cryptocurrency but instead, all crypto assets.
Mt Gox exchange created by Jed McCaleb, who also founded the real-time reimbursement system Ripple, made a very consolidated system; and from the point of view, both altcoins are very similar one to the other; both were conceived with the idea to be functional on commercial establishments.
Nevertheless; in spite of the similarities, Stellar is conceived as a non-profit organization and on the other hand Ripple is, in fact, a firm operating for profit. Besides, Ripple is developed as a centralized operator, while Stellar is actually considered decentralized on its operations.
As a matter of fact, Ripple is the number three cryptocurrency when it comes to the value of market cap — and shows up as a solid competitor for Stellar. Nonetheless, this is actually not stopping the company from improving its services with the hope climbing up from the seventh place.
Related to the previously exposed, the expectations are that after the alliance with Keybase, Stellar could improve their services and provide better attention to their customers; meaning, of course, increasing customer satisfaction and the possibility of overtaking Ripple on the field.
In conclusion, Stellar may overtake Ripple as the go-to platform for cross-border payments, it all seems to take us there as all the foresight are being made. Nonetheless, it’s only a matter time to see what can happen; we never know what Ripple may have to fight back this strategy.
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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.
Image courtesy of Derrick Noh via Flickr
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…
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…
Altcoins
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…
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