The digital ledger notion, also known as the blockchain, has been adopted at exponential rates over the last few years. It all started with Bitcoin, of course.
But Bitcoin has some limitations (purposeful ones), so other projects have created new blockchain networks that address those limitations and make the same technology more versatile, faster and more available.
Stellar (XLM) is one of those relatively new cryptocurrencies (it was released in 2014) that are changing the game for the crypto world, and they are very successful. Firms like Delloite Co. have adopted Stellar to do their work, and they’ve gained efficiency in their businesses in both time and bottom line.
Stellar (XLM) was conceived as a currency to make transactions quick, reliable and easy. But it’s built in a way that every purchase enhances the network’s security as well. You need a minimum 0.5 tokens in your account’s balance to be active in the network, that ensures that every active member is contributing. It also charges a small fee for every transaction which makes DoS attacks either impossible or just too expensive.
When you transact internationally, the risks inherent to foreign currency exchanges play a role and make things more expensive. Stellar (XLM) was designed precisely to reduce those risks thus reducing costs.
It’s a bridge between currencies that would otherwise be very difficult to exchange due to low international demand. XLM solves this problem as long as there is enough liquidity between each currency in question and XLM.
Stellar is also versatile. Stellar’s apps can be customized so that every customer gets what it needs from them and still gets benefits. This versatility eases the integration for businesses which, in turn, makes adoption more probable. These are some companies that have adopted Stellar just so you get an idea of how useful this network can be.
Mobile transfers are a reality now, and they’re here to stay. But transfers among different providers have been a problem from the start.
Parkway is solving this problem by using Stellar‘s tech to do transactions that were previously unsupported and keeping costs down for everybody. It now offers transfers between the country’s five major players, and it’s still cheap.
Delloite adopted Stellar so that it could manage retail payments (smaller ones) and it’s worked for them. Every transaction takes five seconds or less to be validated, and transaction costs have gone down by 40%. Adopting stellar and customizing it to meet every client’s requirements is relatively straightforward.
Making Stellar fit into the Delloite ecosystem took only a month’s time (if you have any experience in software development, you’ll know that’s nothing short of a miracle).
In Deloitte’s industry, this rather straightforward and short effort has reported meaningful increases in profitability, efficiency and potential customer base. It’s made them more competitive in an industry where competition is fierce.
Transactions across borders have a reputation for being both expensive and slow, which limits their appeal. Tempo’s specialty has been to make remittances available from Europe to the rest of the world.
Fees went from 4 to 150 euros, depending on the amount. Stellar has reduced those costs a lot. Now they can do 600,000 transfers at the cost of one single USD cent.
That expands their market significantly. But besides international transfers, this works for payments for health insurance and utility bills at the local level, so it makes things better for clients and Tempo Money at the same time.
For the latest cryptocurrency news, join our Telegram!
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.
Chart courtesy of Beboy Photographies via Flickr
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…