Archives for November 2020

Ripples Q3 Report: XRP volume shoots through the ceiling

For Ripple, things are looking up: according to the third quarterly report of FinTech, the daily trading volume of XRP has increased by more than 107 percent.

San Francisco-based FinTech Ripple has published its third quarterly report for 2020. In it, the decentralised protocol records a 107 percent growth in average daily XRP trading volume compared to the previous quarter. While in Q2 it was just under 96.28 million US dollars, in Q3 it was correspondingly around 403.58 million US dollars. The network is thus recording a significant increase in usage and growing interest in the On-Demand Liquidity (ODL) payment solution offered by Ripple.

XRP total revenue up 10 percent

Total XRP sales were $35.84 million, an increase of more than 10 percent since the second quarter. Ripple explains that the company has focused exclusively on over-the-counter sales and leases as part of providing sufficient liquidity to certain ODL customers.

Ripple’s best customer: Ripple

In total, Ripple has approved three billion XRP for sale in the third quarter. Of this amount, 2.4 billion XRP have been returned to the escrow account, which is related to a decision taken in 2017.

At that time, the company committed to freeze 55 billion XRP in an escrow account and to release one billion XRP for sale each month. This decision has been criticised by the community on several occasions in the past and is therefore more often suspected as a possible reason for the average performance of XRP. However, several Ripple representatives, including Brad Garlinghouse, argue that Ripple does not or cannot influence the price of XRP.

On-demand liquidity service receives positive response

As the quarterly report continues, Ripple recently introduced a new credit product, the „Line of Credit“, which enables on-demand liquidity customers to take out loans in the form of XRP. The service is still in a beta version and is initially targeted at selected Fintechs and small and medium-sized enterprises (SMEs).

Asheesh Birla, the recently appointed General Manager (GM) of RippleNet, said in a Twitter post of 8 October that limited access to working capital was one of the main obstacles to growth for many companies. Therefore, the product is targeted in particular at Fintechs and SMEs. They would thus be able to raise capital on demand to initiate large scale cross-border payments with the digital asset XRP. So far, the response to the results of the work has been entirely positive. Therefore, Ripple plans to soon extend this service to other markets and customers, the company stated in its quarterly report.

Further launches so far promising

As BTC-ECHO reported on Thursday, Ripples CTO David Schwartz announced an additional XRP ledger feature. He calls it the „absolute gamechanger“ on Twitter. In addition, every server in the XRPL has a so-called „Unique Node List“ (UNL). It lists faulty validators and is also available when the validators are offline. In addition, the announcement of the Spark Token Airdrop for XRP owners recently attracted a lot of attention. Since September, XRP holders have been able to register their claim for the new Flare Network token using a tool for XUMM and the XRPToolkit. The final distribution of Spark Tokens will take place on 12 December. This announcement also provided positive feedback from the XRP community.

XRP is ideal for arbitrage trading

The third quarterly report also shows that XRP is ideally suited for arbitrage trading. This is due to the fast transaction times and low currency fees compared to Bitcoin Fast Profit. As a result, XRP can be sent from one exchange to another in a short time. Consequently, the small price differences can be used for short-term profits.

Using XRP as a bridge currency between exchanges, for example, allows traders to significantly reduce the time required and, more importantly, the associated volatility risk compared to other digital assets such as BTC and ETH,

says the report.

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Since the last update, the price of Stellar Lumens has doubled

The launch of the new Stellar protocol has been welcomed by the crypto market: in the last 48 hours the price has increased by 100%.

The price of Stellar Lumens (XLM) has risen by 60% in the last 24 hours and exceeded the $0.2 threshold for the first time since September 2018. This growth came after an announcement by developers about the implementation of a new Crypto Engine version of the Stellar protocol by validators.

The update of Protocol 15 came into force at 16:00 UTC on 23 November and introduces two new features, which aim to reduce the complexity for users of applications and services based on the Stellar network.

Until 21 November Stellar Lumens had no particular price fluctuations, but on that date the trading volume started to grow. XLM has doubled in the last 48 hours and is at the top of the list of the first 100 currencies for weekly earnings: it has achieved a 125% growth! Some believe that it could be one of the tokens driving the long-awaited „alt season“.

„$XLM Stellar Lumens was the first altcoin he bought. I have never sold them and have accumulated them over the years.

I am delighted to have so many of them now that they are worth $0.7 on average. All the way to Valhalla!“

Initially created as a fork of the Ripple Labs protocol by Jed McCaleb and launched in July 2014, Stellar seeks to reduce the cost of cross-border payments using blockchain. The project is particularly focused on serving areas of the world where access to traditional financial services is non-existent or so expensive that it is prohibitive.

The update to Stellar’s Protocol 15 includes two new elements, designed to improve the user experience while maintaining a high level of protection against „farm attacks“ and other methods that could interfere with the network. A „farm attack“ occurs when multiple accounts are created by a single person, with the purpose of collecting the small amounts of money sent to those accounts by service providers, necessary to activate the account.

According to Stellar’s official blog, the features of Protocol 15 have been under development for over a year and address some of the „major hot keys“ for developers who build applications and services on Stellar:

„After the upgrade, developers can create simpler, better user experiences that reduce the complexity of the blockchain without losing any of the benefits of a fast, affordable, permissionless public registry.
Stellar also recently announced a partnership with East African B2B payment solution provider ClickPesa. According to the blog post, ClickPesa decided to use Stellar, recognising it as an „opportunity to reduce problems related to intra-African cross-border payments and P2P payment activity“.

In October, Stellar made it clear that the stablecoin USDC would migrate to its blockchain in the course of 2021 in order to pursue its goal of simplifying cross-border payments: Stellar Lumens‘ strengths include extremely low transaction fees and settlement times of just 4-5 seconds.

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Crypto-Art: the ecosystem that takes art to new heights

Crypto art exhibits a unique characteristic that makes it different from anything that came before it.

BeInCrypto spoke with crypto-artists Daniella Attfield and PR1MAL CYPHER.

Crypto-art attracts a wide variety of like-minded members

Imagine being an artist , for a moment. Whether your niche is digital art or creating a physical piece, you are creating amazing visuals that others can enjoy. One of the most important elements of artistic creation is the protection of your work against reproduction without your permission.

In the particular case of digital art , there is always the possibility that the image will be reproduced several times and distributed, which essentially decreases the value of the work and destroys this precious element of rarity. Indeed, what was once a single original work has been multiplied by others, thus making it common.

Crypto-art has recently appeared on the scene, with a pioneering aesthetic. It sets out to offer a solution to the threat artists face when their works are copied by unauthorized parties, resulting in a depreciation of their work. In a nutshell, crypto-art is the artistic version of Bitcoin Bank.

To dig deeper into this point, BeInCrypto spoke with crypto artists. Daniella Attfield, a young South African crypto artist, explained this new and growing phenomenon:

Crypto art is fundamentally art (usually, but not always, digital art), that is, it receives a unique signature on the blockchain that confirms it is original and limited in quantity – just like original artwork and photographic prints that have been signed. It is then sold or auctioned for cryptocurrency and then transferred to the buyer, so that they have a totally unique and verified original work of art.

It is no different from traditional art forms, in that you would pay an artist if you wanted to own their original work. Often there can be several editions of the same work, as with photographic prints, and sometimes 1/1 editions as with oil paintings. The only difference is the digital signature. This means that crypto-artists can now sell their works in a way they can control.

A unique feature

There are apparently some drawbacks to the pursuit of the traditional art market , especially for obscure or unknown artists. Creating artwork can be a slow and tedious process. Artists must also think about all the elements necessary for an exhibition, which takes time and resources, in collaboration with a gallery willing to present their work.

The disadvantages increase when the presentation is limited to the time slot of a gallery, for example its opening hours. Artists may never see the immediate results of their work, although it can take years for their work to hit the market.

Unlike conventional works of art, crypto art has a unique characteristic, which makes it different from anything that came before it. Each crypto work of art has an exclusive and indelible identifier – a digital signature, similar to a copyright or encoded watermark, which is not visible to the naked eye.

This exclusive signature is then used to identify, verify and track its history on the blockchain, allowing the artwork to be inalienably linked to its unique signature and engraved in the blockchain’s immutable digital public ledger. This is called “tokenization”, “minting” or even “issuance of currency”.

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