The crypto markets are back to their usual ways of decline ahead of a major decision. At the moment of writing this, the SEC has 2 days to rule on two Bitcoin (BTC) ETFs filed by the ProShares firm. This means on or before the 23rd of August, we will either get another rejection from the SEC or an acceptance of the rule change. In this case, the SEC cannot delay on a decision. Perhaps this is why the crypto markets have suddenly started showing all red as crypto traders capitulate on their positions given the history of the crypto market reaction after an SEC announcement. XRP is down 2% in the last 24 hours and currently trading at $0.32 at the moment of writing this.
It is also during periods of uncertainty that we are reminded of how great some of these projects and coins are. We start focusing more on the technological advancements as well as real-life use cases of our favorite digital assets, rather than just market performance.
So why is XRP Pure Perfection on the Blockchain?
Firstly, let us remind ourselves of how fast and efficient the XRP digital asset is on its ledger. Transactions on the ledger take an average of 3.3 seconds and cost $0.0004. None of the other digital assets on the crypto-verse can claim such efficiency. It is no wonder xRapid is being slated as saving remittance service providers 40 – 70 percentage in forex fees as well as speeding up a 2 – 3-day transaction, to as little as 2 minutes. Deducting 3.3 seconds from that time, we find that the 1 minute and 56.7 seconds delay is on the side of the user’s internal system (remittance service provider); not that of XRP.
It is also this speed and low cost of XRP transactions, that the Weiss Ratings recently ranked it first in terms of being the preferred crypto by traders to use when transferring funds between exchanges. Think of wanting to catch on a pump of ETC on Binance and you are on a different exchange. Simply shoot some XRP over to Binance and you are in the middle of the action.
Secondly, there are chances of increasing on this efficiency of the XRP ledger to make it possible to settle transactions in just 1 second through the use of the Cobalt algorithm. This new implementation would increase the efficiency of transactions by almost 75%. The same Cobalt algorithm will bring stability onto the XRP ledger as well as facilitating a smooth running platform without a delay. How amazing is that!
Thirdly, the Ripple company is constantly working on further decentralizing the Unique Node List of Validators on the XRP ledger. Ripple currently controls 48% of this number and it looks like they will live up to their word of total decentralization with time. Total decentralization means less scrutiny by the SEC.
Fourthly, and not the last reason XRP is an example of pure perfection, is that it is hard to find fault in the vision of the Ripple company to further ease cross-border payments through their products of xRapid, xCurrent and xVia. Imagine a world where sending funds to a loved one across the globe only takes 3 minutes as was seen with the xRapid pilot tests. This, in turn, means that financing education for loved ones abroad or even sending a belated birthday present in cash will no longer be a waiting game for the transaction to complete using SWIFT and other traditional ways of settling cross-border payments.
In conclusion, XRP continues to display that it is eons ahead of the competition in terms of utility and efficiency. Once the crypto-markets stabilize, it will not be surprising to see the digital asset rise to its full potential once again in the markets.
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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
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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…