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Stellar vs. Ripple: Is XLM a safer bet than the XRP?

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Stellar vs Ripple

Stellar Lumens and Ripple are two powerhouses in the new world of digital currencies. As we all know the two digital currencies share many similarities as both of them were created by the same person, the founder of Edonkey, Jed McCaleb.

Ripple (XRP) was born from OpenCoin corporation, while Stellar XLM was born from a non-profit organization known as the Stellar Development Foundation that is based on Ripple Protocol. The creation of Ripple was based on the attempt to resolve issues concerning international payments by providing with lower costs and faster transactions; while the invention of Stellar was done to fix Ripple’s problems. XLM was primarily grounded on XRP’s system and was aimed at redesigning the global economy for more inclusivity. But with the system’s complexity, Stellar later decided to redesign itself to be a brand in itself.

Ripple is preferred by multinational corporations and banks to make international payments via XRP coins’ transfer through its (Ripple) network. The result is considered as liquidity on demand. Ripple at the moment is being tested as an option for international money transfer. On the other hand, Stellar allows individuals to trade money directly with one another using XLM as the medium of exchange, and ‘anchors’ to handle the aspects of fiat currency.

Critics argue that with Ripple (XRP) reaching out to large corporations and financial institutions, people might get tired of it just as they did with the bureaucracy and control of financial institutions that lead to cryptocurrency in the first place.

The argument is that individuals could opt out of Ripple at some point when they do not want anything to do with financial institutions and banks and instead turn towards one on one dealings without the need for intermediaries.

In an aspect, the peer to peer economic model that allows a safe peer to peer transaction is taunted to be the most significant need by most crypto experts. The third-largest digital money is also finding problems for getting listed in two of the top American cryptocurrency exchanges, Gemini and Coinbase despite their endless appeals and persistence.

With all the hype Ripple is generating, its absence in these markets is eye-catching. Recently U.S officials warned unlicensed exchanges not to list tokens that could be deemed securities. A single company controlling Ripple is fueling speculations that it could fall under that designation. Earlier this year, Brian Armstrong, the CEO of Coinbase also added his sentiments into the pool stating he is not a supporter of Ripple.

Nagging court battles with R3 HOLDCo, who in the past have already won one court case against XRP complicates the image of the company. Despite persistence and zeal from Team XRP, constant legal issues and court cases are tainting its image of being a favorable mode of transaction.

Ripple’s great large supply of digital coins also is not doing good for investor confidence. Its dropping prices could be attributed to negative news in the market. Meanwhile, XLM has managed to capture support from its community with investor confidence peaking in anticipation of future developments as the currency wants to facilitate cross-border remittances for mostly the unbanked. Moreover, the major partner IBM will promote this in several countries in Oceania region.

Nevertheless, even though Ripple seems to be running into some issues at the moment, one should never forget that Ripple has got brilliant people on its team and the crypto has never-ever failed to surprise thus far. Consequently, deciding on either of the two looks like a tough decision to make. In fact, as it stands now, these two cryptos are not of the same market or design. Yes, both work in the same business and banking community, but yet both coins’ markets are emphatically different.

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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 Mark Brooks via Flickr

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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