Ripple Confirms xRapid Liftoff

Ripple News

xRapid, Ripple’s XRP-powered platform, is almost ready to be launched to the public.

xRapid Ready for Liftoff

Cory Johnson, Ripple’s Chief Marketing Strategist, commented on Ripple’s latest announcement stating that the company’s xRapid pilots have gone as planned.

Johnson said:

“We’ve seen several successful xRapid pilots already, and as we move the product from beta to production later this year, these exchange partners will allow us to provide financial institutions with the comfort and assurance that their payments will move seamlessly between different currencies.”

Last week, Ripple announced that it ...

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Valuation of Crypto Market Slightly Declines But Bitcoin Price Shows Stability

In the past 24 hours, the valuation of the crypto market has dropped slightly by $2 billion, from $215 billion to $213 billion, as the Bitcoin price and Ethereum price demonstrated stability. Most major cryptocurrencies including Bitcoin Cash, Ripple, EOS, and Ethereum recorded decent gains in the range of 1 to 5 percent. Tokens including

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Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

Of the top 100 cryptocurrencies listed by market capitalization, only 36 are actually what the authors term “working products” in a study recently published online. Newer ecosystem website, Invest in Blockchain, commissioned the study. It’s sure to be debated, and hotly, as to which coins made the cut to 36, but the authors attempt to assure readers certain standards were applied across the board in order to make their determination much of the cryptosphere is a giant dumpster fire.

Also read: Bitcoin Stickers Attract Unwanted Attention from Authorities

A Cold 36% Out of 100 Top Cryptocurrencies Have Working Products

In fact a cold 36% of the top 100 cryptos have what the writers define as “working products.” They agree that “it’s important to define what exactly constitutes a working product in the first place.” Simply taking into account a project being “open-source, building a basic blockchain and launching it isn’t a very high bar to set. We wanted to be a bit more rigorous with our criteria.”

“If you haven’t run into at least a handful of people who are cynical about the state of the blockchain industry and think it’s mostly scams and vaporware, well… you probably haven’t been into crypto for very long,” John Bardinelli and Daniel Frumkin wrote in the study, Cryptocurrencies In The Top 100 With Working Products That Are In-Use. “And the truth is, those cynics have a good point.”

Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

 

The study was put out by the site, Invest in Blockchain, founded in 2017. They claim to have “researched the top 100 cryptocurrencies (by market cap) in an effort to learn how many of them actually had working products that are providing real value. The same research done in 2017 may have yielded some truly discouraging results but, even now, the results aren’t exactly stellar.”

For the authors of the study, a “working product” is 1. “active and available to the public,” 2. “Its mainnet has likely been released for some time, bumping the version numbers well above 1.0,” and 3. “Businesses and individuals use it on a daily basis for dapps, smart contracts, or digital currency transactions.”

Dash Doesn’t Make the List

As they researched, the authors were sure to match project promises made to what has actually been delivered, the present state of the company, its roadmap, and release history. Still, there “are many projects in the top 100 that have launched their mainnet, and can claim to have a ‘working product’ by a loose definition,” the authors note.

“However, we have chosen not to include projects which aren’t actually being used by any significant measure, which means that most of the recently launched mainnets will not yet meet our criteria.” For example, “a dapp platform that has a mainnet but that doesn’t have any noteworthy dapps on top of it isn’t considered ‘working’ by this criteria,” they conclude.

Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims

Projects that made the cut are: “0x Protocol, Ardor, Augur, Bancor, basic attention token, bibox token, Binance Coin, Bitcoin, Bitcoin Cash, Bitshares, bytecoin, decred, ethereum, Golem, Huobi Token, komodo, Kucoin Shares, kyber network, litecoin, Loom Network, Monero, nano, NEO, PIVX, Polymath, Pundi X, QTUM, Ripple, Siacoin, Steem, stellar, tether, Wanchain, Waves, ZCash, and zencash.”

As noted, there is bound to be controversy with lists such as these. Commenter PertReader1 notes, “LOL you include PIVX a fork of Dash, but ignore Dash? You mention that PIVX ‘launched’ in 2016, yeah as a fork of Dash. How can you practice such yellow journalism?” One of the authors, John Bardinelli responded, “We left Dash out of the picture because of Dash Evolution. DE redefines the project’s focus.” To which yet another commenter, kanuuker1, fumed, “That’s a total load of crap. Evolution is only the next major update. Our goals haven’t changed in years. Dash has a fully working project and is much further along in its development than every other project.”

Do you think there are too many coins out there? Share your thoughts in the comments section below.


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

The post Over 60% of Top 100 Cryptocurrencies Have No Working Product, Study Claims appeared first on Bitcoin News.

Ripple (XRP) Signs Deal with Bittrex for xRapid Transactions

Ripple xRapid Partnerships

Ripple (XRP) has just announced that it has signed three major partnerships for xRapid, its product geared towards financial institutions. These Ripple xRapid partnerships will allow the XRP token to be exchanged to and from another currency efficiently.

Announced today: Bittrex is the U.S. preferred digital asset exchange for xRapid transactions using #XRP. https://t.co/jqtYG3OeX4

— Bittrex (@BittrexExchange) August 16, 2018

Bittrex & Ripple xRapid Partnerships

The popular US-based cryptocurrency exchange Bittrex has just become the ‘preferred’ crypto exchange for xRapid transactions that move through the US Dollar.

“Bittrex is one ...

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Ripple Exec Says Company is Targeting the Large Financial Market in China

Ripple Targets China

Ripple, the third largest cryptocurrency project by its total market cap, confirmed that it is targeting the large Chinese market with its cross-border blockchain payment technology, CNBC reported this morning. Ripple targets China despite China’s anti-cryptocurrency reputation? Here’s why.

Ripple Targets China

Jeremy Light, VP of European Union Strategic accounts at Ripple, had a phone interview with CNBC and said, “China is definitely of interest, it is definitely a target.“

Earlier this year, Ripple signed a deal with the Hangzhou-based financial institution LianLian International. This partnership is aimed at improving the cross-border transactions between ...

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Ripple Price Sees Bullish Movement after Judge Denies Lawsuit – Connected?

Ripple Price

Yesterday, Ripple Labs scored a small victory, winning one of its many ongoing legal suits. Fast forward twenty-four hours, and the Ripple price has corrected. But why? Is XRP’s activity Wednesday linked to the Ripple lawsuit? Or is there another catalyst that’s helping the price?

Suit Denied, Ripple Price Correcting: August 15, 2018

Ripple Labs has been slapped over and over again with lawsuits this year. In fact, the last one came on August 9. For these reasons, the Tuesday win is likely a breath of fresh air for Ripple Labs and the XRP community. 

...

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Bitcoin Illegal: Saudi Arabia Monetary Authority

Bitcoin Ilegal: Saudi Arabia Monetary Authority

Kingdom of Saudi Arabia (المملكة العربية السعودية) regulators issued a statement this week through its monetary authority. Cryptocurrencies such as bitcoin are illegal in the country. Citing “negative consequences” and “high risk,” the government believes it must protect subjects from themselves.  

Also read: Report: 15,000 Twitter Crypto Scam Giveaway Bots

Saudi Arabian Monetary Authority Pronounces Bitcoin Illegal

Dated 8 August 2018, مؤسسة النقد العربي السعودي, the Saudi Arabian Monetary Authority (SAMA) began, “The standing committee warns against trading in the digital currencies or what is known as virtual currency for their negative consequences and high risks on traders as they are out of government supervision.”

Bitcoin Ilegal: Saudi Arabia Monetary Authority

SAMA functions as the kingdom’s central bank. It issues the Riyal, oversees banks and foreign exchanges, and the traditional aspects of price and exchange rate stability, crediting itself with ensuring the growth and soundness of the domestic financial system.

“The committee assured that virtual currency including,” SAMA continued, “for example, but not limited to, the Bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices. The committee warns all citizens and residents about drifting after such illusion and get-rich scheme due to the high regulatory, security and market risks involved, not to mention signing of fictitious contracts and the transfer of funds to unknown recipients/entities/parties.”

Saudi Royals Do Crypto, Sometimes

Popularly, the Kingdom is said to be in something of a modernizing period. Its ascended Crown Prince, First Deputy Prime Minister under King Salman, Mohammad bin Salman bin Abdulaziz Al Saud, who will turn a tender 33 years old in a manner of days, is known as a reformer of sorts. As one of the youngest monarchical office holders in the world, he is particularly lauded for making strides in his country for women.

Bitcoin Ilegal: Saudi Arabia Monetary Authority
Mohammad bin Salman bin Abdulaziz Al Saud

Women, under his dictates, are slowly being reintroduced into society as drivers, singers, and sporting enthusiasts. His view on cryptocurrency isn’t well known. Fall of last year, Saudi Prince Al-Waleed bin Talal called bitcoin a “fraud” on American television (he would later run into his own legal problems involving fraud), but that is the closest Royal Family pronouncements have come with regard to crypto, until now.  

Perhaps another hint comes from a more conciliatory side of SAMA, and its reported usage of Ripple settlement tech or its effort at building a state-backed regional cryptocurrency in conjunction with United Arab Emirates. Whatever the ultimate case, cryptos without state backing, such as bitcoin, are illegal for now.

Will Saudi Arabia eventually given in on bitcoin? Let us know in the comments section below. 


Images via Pixabay.


Be sure to check out the podcast, Blockchain 2025; latest episode here. Want to create your own secure cold storage paper wallet? Check our tools section.

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Ripple Labs Slapped With Yet Another XRP Lawsuit: Round 4

Ripple lawsuit

Ripple is no stranger to being slapped with lawsuits. Based on yesterday’s announcement, it appears a fourth Ripple lawsuit is underway as well.

Why? And is the coin suffering on the market because of it?

Ripple Lawsuit #4

On Wednesday, Rosen Law Firm announced that it is investigating Ripple Labs.

Similar to the other lawsuits, the New York-based firm announced that it is looking into whether Ripple violated federal securities laws, specifically in connection with its sale of XRP coins.

Moreover, Rosen Law Firm disclosed that it is preparing a ...

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