Crypto news brief: Billions of XRP transferred, Stellar makes progress as Tron burns tokens
As the world realigns itself towards a more virtual, encryption-protected way of doing business, traditional financial platforms are slowly losing their grip being phased out in the financial sector. Only those conventional players who are willing to adjust themselves to a more efficient payment system that is both safer and faster will be able to survive the current wave of cryptocurrency.
Ripple XRP News
Ripple as a blockchain technology and its coin, XRP as a currency represents one of those innovative technologies that are currently making headlines in the financial space. Although being in existence since 2012, Ripple (XRP) still solidly supports financial institutions and banks in their mission to provide faster and secure transactions that can be beneficial to their customers and each other.
As a project, Ripple is based on small free software that follows the development of a credit network based on the end-to-end paradigm. Individual Ripple nodes function as a local exchange network, in such a way that makes the entire system form a decentralized mutual bank.
In simpler terms, the Ripple blockchain network is a distributed social service that is grounded on the trust and honor of existing individuals in the real-world social platforms making way for financial capital to be based on social capital.
To other news, just recently, the cryptocurrency community was met by shocking news of the movement of almost $2.3 billion worth of Ripple exchanging hands between wallets yesterday.
The whole figure, which represents about 13 percent of the total number of Ripple coins in circulation, occurred in just two transfers, going by the information released by Twitter bot @XRPL_Monitor.
The first transfer recorded the exchange of about 2.1 billion XRP while the second is attributed to the difference, happened around 9:20 pm yesterday. Here is the tweet containing all the information of the first and second transaction respectively.
“Transaction Type: Payment
Amount: 2,139,999,979 XRP
Fee: 12 drops (0.000012 XRP)
Sender Balance: 20.998428
Receiver Balance: 2,140,000,078,993
11:17 PM- Aug 28, 2018”
“Transaction Type: Payment
Amount: 4,668,132,964 XRP
Fees: 12 drops (0.000012 XRP)
Receiver Balance: 4,668,133,063,993
Ripple (XRP) loyalist was quick to notice the unusual change especially of the second transaction noting that the whole peer-to-peer transaction, however massive, cost less than a cent.
Stellar (XLM) and Ripple (XRP) News
Both Stellar (XLM) and Ripple (XRP) are remittance platforms and currency exchange that use a common ledger being supervised by an independent platform of validation servers that continuously look-out for transaction records.
The different exchanges do not rely on heavy computer energy and processing power like other cryptocurrencies such as Bitcoin use. Ripple (XRP) uses a HashTree network while Stellar (XLM) operates on the blockchain network. As such, they both have the individual potential to significantly improve some services such as the insurance, credit, Hedge funds, Forecasting, and Trading.
Apart from that, Stellar (XLM), recently announced that they had surpassed the 1 million active accounts mark, a major milestone for any cryptocurrency.
— OrbitLens (@orbitlens) August 27, 2018
Another news worth noting is, both XRP and XLM were left out of a major crypto fund, the Morgan Creek crypto fund due to concerns on their level of centralization. Morgan Creek Digital is a digital asset management firm that strives to give pensions, endowment, sovereign wealth, foundations and wealthy families funds exposure using their Digital Asset Index Fund that they released recently.
The fund was launched recently in partnership with their fund manager, Bitwise Asset Management.
On 27th August, the CEO and founder of Tron, Justin Sun was at it again, burning a total of $670 million ERC20 coins.
Announcing through his usual way, Justin tweeted:
“670,045,551.1449388 #TRX ERC20 token burnt by #TronFoundation”
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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