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The Recent Developments That Could Change Ripple (XRP) Future

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Ripple

Ripple (XRP) has been one of the most popular cryptocurrencies of the last few years. While the cryptocurrency market experiences massive fluctuation being predominantly dependent on big guns like Bitcoin, Ripple seems to be building a base lately. The digital currency that started its journey as a blockchain transaction protocol that offers fast transaction facility in exchange for a modest price now holds the third position after Bitcoin and Ethereum on Coinmarketcap.

The XRP holders have been eagerly waiting for the beginning of several very important projects that are currently in Ripple’s pipeline for a few months. Some of these projects include acceptance of XRP as a valid currency for cross-border payments by Western Union and MoneyGram, launching of mobile XRP by Santander Bank, and many more. Once these projects come to fruition, trading would become even more lucrative and convenient for XRP users.

One of the reasons that the aforementioned projects are still in the pipeline is two major recent developments. Here, those two updates and their positive impact on Ripple’s future would be discussed.

The Implementation of the Cobalt Algorithm:

The Cobalt algorithm was first introduced by Ethan MacBrough, a Ripple employee as well as a renowned crypto-architect. The sole purpose of designing this algorithm is to increase the transaction speed to a great extent. On 27th March 2018, the implementation of this ingenious algorithm was officially announced by Ripple’s development team. Once this project is complete, the XRP holders would be able to take advantage of the following nonpareil features:

a. Lightning Fast Cross-border Transaction: The Cobalt algorithm would mitigate the time for a cross-border transaction to nearly 1 second. Previously, Ripple’s cross-border transactions used to take three to four seconds. Therefore, this new implementation would increase Ripple’s speed by nearly 75% which means the number of overall transactions would also increase accordingly. With such a gargantuan boost in a daily transaction, Ripple’s popularity to the traders is very likely to escalate further.

b. Increasing Stability: According to Ethan MacBrough’s paper, the Cobalt algorithm would work in networks with no global agreement on the participants of a particular transaction as well as with non-uniform trust. This algorithm would also ensure forward progress even in case of arbitrary asynchrony. This will indubitably increase Ripple’s reliability as a decentralized transaction protocol and would make it even more stable.

c. Eliminating Transaction Stoppage: The implementation of Cobalt would eliminate the occurrence of any stoppage in a transaction. So, the transaction procedure would never stop even if there is a delay in transmission. In case of transmission delays due to lack of consensus voting, the process will simply slow down a bit rather than stopping completely. This implementation of Cobalt would also strengthen the financial security of Ripple for hackers and malware.

The Partnership with Hyperledger:    

Ripple began its partnership with the Hyperledger Consortium on 28th March 2018. Hyperledger is a blockchain consortium supported by Linux Foundation that helps in developing new distributive ledgers. Hyperledger has been contributing to the cryptocurrency market since 2015. By partnering with this consortium, Ripple has opened several new possibilities. Because of this partnership, the cryptocurrency developers all around the world would be able to access the Interledger Protocol or ILP. ILP was previously operable on the traditional JavaScript Algorithm which was retooled and modified by Ripple last year.

This partnership would not only boost Ripple’s price considerably but also accelerate the developmental process of blockchain application.

Ripple’s Current State and Speculation:

Because of the two updates mentioned above Ripple has exhibited a steady upward trend in its price for the past few days. As of this moment, 1 Ripple is equivalent to approximately $0.5 and its overall market capitalization is circa $19.6 Billion (According to the data of 5th April 2018).

With these two major events along with many other projects yet to begin, Ripple’s future seems veritably bright. Despite the fact that the entire crypto-market acts like a giant bubble sometimes, Ripple is likely to satisfy its users in future as well. The Cobalt algorithm implementation and Hyperledger partnership would only turn this reliable cryptocurrency even more reliable.

We will be updating our subscribers as soon as we know more. For the latest on XRP, sign up below!

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 Billy Wilson 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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