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Ripple (XRP) or SWIFT, which of the two should be the adopted solution?
is nothing but an archaic platform that is actually out of date. In fact, with all of the blockchain-based solutions in existence, we have the perfect example of how cross-border payments should look like and function. And this is particularly important considering the fact that we’re living in times where the need of transacting from one currency to another is more than evident, and so it is that the current ‘solution’ is no longer useful.
Society for Worldwide Interbank Financial Telecommunication (SWIFT)
was created back in 1973 in Brussels, Belgium with the intention of serving as a platform to assist cross-border transactions and the exchange of currencies between different banks.
Truth to be told, this is a method that used to function back then, but in lights of the present conditions, it is no longer the best, in fact, it hasn’t changed that much since 1973, and this undoubtedly represents a significant concern for those who need to transact in different currencies or
is one of the blockchain-based solutions that has sounded the most to be the perfect candidate to replace SWIFT. Let’s see the main issues that the current platform hasn’t been able to solve and how
During the last couple of years SWIFT processes have notably demonstrated to be highly inefficient, and proof of that is the costs and the slowness that their transactions can incur in. In fact, recent declarations of an international business owner asseverate that Swift hasn’t changed at all in the last 25 years.
Owen is a businessman who owns a company that imports fashion accessories from Australia and China and sell them to different countries around the world. He has been working for the last 25 years in the business and because of the movement that its merchandise has, he usually needs to either receive or make payments in foreign currencies to complete a sale, and this without taking into account his great enthusiasm for traveling and the relations he has with countries such as Austria where his daughter lives.
In a recent email, Owen decided to tell everything about his frustrations with the current conditions of cross-border transactions by enlisting 4 cases of his most disappointing experiences in a message he sent to the owner of a Youtube channel named “Esoteric Trading Solutions teaching Crypto markets.”
Like this, the influencer uploaded a video in which she speaks about the 4 cases and the way she thinks this may be resolved. The issues treated in the video and email, are the following:
Owen made a USD transfer from his HSBC account in the USA to another HSBC account in China, but even when the operation involved the same currency and bank, still transaction lasted four business days.
A transfer made from Australia to Switzerland with the same currency (AUD), besides lasting four days as well it also took 5% of commission for an exchange fee of conversion that the bank applied to transform AUD to CHF and then back to AUD in the Swiss account. After complaining Owen received his money back, but two weeks later.
A third experience involved a high amount of USD sent to China on an HSBC transfer. In this case, the platform didn’t allow to put the full name of the account holder because it was too long, but Owen sends it anyway because only a letter was missing at the end. As a result, the payment was rejected, and the funds were retained for 5 business days during which the bank used them as wanted. Transactions lasted then nine days (rejected transfer + accepted transfer).
A transfer from New Zealand to Australia from the same bank but different currencies took 7 days even to give Owen the possibility of making the online transaction, and then, 4 days more in order to make the transfer, and the worst of all is that they converted the funds with a very different rate than the actual.
and provide a solution for all of the current problems that the financial sector has proven to have. In fact, a transaction only takes 3 seconds to complete, no matter the destination of the funds or the origins; and additionally, it charges almost zero fees per transaction.
Labs has associated already with at least 100 bank institutions to collaborate with solutions that improve the current conditions. However, the sector is still a little bit reluctant about adopting
represents the best alternative remains a question, but as we all conclude, it’s for sure the best alternative to SWIFT right now.
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
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After cryptocurrencies became prominent in the last few years, so did their numbers, and we currently have almost 2000 different digital coins to choose our favorites from. While this is a good thing from one angle, it can also be a bad thing for another.
The rise in many cryptos shows that the interest in them is big. Different coins and blockchains are dedicated to solving different issues, which is seen by many as a step in the right direction.
However, this also makes it harder for investors to focus on a single coin, with so many others being there to distract them. Furthermore, it often happens that the true potential of one coin gets unnoticed due to the fact that the crypto is buried in the sea of other digital assets.
NEO is one such coin, and many believe that it is hugely undervalued. While
does have its own loving community, it would appear that the majority of investors are not aware of NEO coin true potential. Because of this, the investors are missing out on a great opportunity, while NEO’s way to greatness receives even more obstacles than the crypto would usually have to face.
With that in mind, we believe that NEO deserves more attention, Antshare Price Aud , and it just needs to be recognized as such.
NEO Coin was founded back in 2014 and was created by Da Hongfei under the name of Antshares. After a while, it changed its name to NEO, and it upgraded its smart contracts to a much better quality. Its goal is to create a fully-functional smart economy which would integrate digital assets, smart contracts, digital identities, and more. This smart economy would be functioning as a P2P network, with no need for a middleman in any sort of transactions.
has gathered an excellent team, great technology, numerous unique features, and has become very developer-friendly. Its community of programmers has grown a lot over the years, and the coin has supporters all around the world.
Now that we know the basics, let’s take a look at some aspects of NEO that actually make it a potential moonshot. In the end, you may start sharing this opinion as well, especially after reviewing some of this project’s best features.
Most blockchains are developed with the creation of dApps in mind, and NEO is no different. Its dApps cover many different sectors such as gaming, IoT, music, WiFi sharing, advertising, and more.
And while the launch of a smart contract is a bit more expensive on NEO than on Ethereum, this will likely help maintain only the best-quality projects on the network. Ethereum has far more dApps developed so far, but a lot of them are not of high quality and are only clogging the system.
It should be noted that NEO has a special domain NEO.Game, which is an exceptional platform from game development on the blockchain. So far, the coin’s team has assigned more than $30,000 in rewards for gamers on the blockchain. Right now, there are more than 30 games that NEO blockchain is creating.
We should make a point that blockchain gaming is not the same as gaming as most of us know it since it mostly focuses on earning virtual assets. These assets can then be sold or traded, and many believe that gaming is the easiest way for cryptos to enter the mainstream.
Smart contracts are one of the biggest aspects of any blockchain, and as such, they need to be as easy to make as possible. Otherwise, they will not be available to a lot of people, and the blockchain will lose in terms of popularity. This is something that NEO understands, and its blockchain supports several programming languages, like Java, C#, F#, Kotlin, and VB.Net. The team is even planning on introducing more languages, which will make NEO smart contracts even easier to create.
that is focusing so hard on development, as well as on creating excellent and easy-to-use development tools, it is not surprising that its developer community is so vast and supportive. NEO organizes meetups, creates new tools all the time, and even provides tutorials for aspiring developers.
It is all done with a goal of creating the best open-source community out there. This is one of NEO’s ultimate goals, and so far, it has done pretty well in this field.
Cross-chain interoperability is a very much desired function in the blockchain. This is, basically, Antshare Price Aud , the feature was brought by NeoX protocol.
This protocol also makes NEO compatible with numerous other blockchains, with the only condition being that they support a simple smart contract functionality. For now, the feature is still in development, with the release date still pending.
NeoFS is a distributed storage protocol for NEO, and it utilizes
. This technology is allowing smart contracts to break up data files into smaller groups, and store it in the network’s nodes. When the user proves their identity, they can access these files with no issues.
Next, we have governance, which is one of the most significant aspects for a cryptocurrency, since it shows whether or not it is decentralized. NEO has received some criticism that claims that its nodes are centralized, especially since the project’s developers control the majority of them. NEO has, however, made efforts to decentralize them since.
With nodes being decentralized, the coin holders will be in charge of the blockchain, with decisions being brought via voting.
The speed of transactions is yet another big thing in the world of the blockchain, and NEO can reach between 1,000 and 10,000 Transactions Per Second (TPS). This makes it much, much faster than Ethereum, which can only handle around 15 TPS.
Because NEO does pretty much the same things as Ethereum, only much better, many have speculated that it is only a matter of time before NEO replaces
. However, this has yet to happen, and even though NEO is stronger and more modern, ETH manages to stay relevant.
Next, we have NEO VM or NEO Virtual Machine. It is similar to Java VM, as well as Windows .NET Runtime. It can use smart contracts in several programming languages and port them to different systems, even those with no connection to a blockchain.
Finally, there is the matter of partnerships. NEO coin has done pretty well for itself even here, partnering up with large venture capital funds, like its own NEO Global Capital, or Fenbushi Capital.
Most recently, NEO has been looking for partners in the gaming industry, which has le it to Parasec Frontiers. This is a company that is creating MMO games on the blockchain, and NEO has decided to join in on this project.
It also entered an agreement with a firm called Elastos. The deal is to explore common apps and technologies so that the smart economy can be developed even better.
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
3 days to go for Tron (TRX) Virtual Machine launch: What you need to know
The launch of Tron Virtual Machine (TVM) is a big project that all Tron users have been waiting for. As the launch gets closer, Tron aims to make its network scalable and efficient.
is a decentralized network that aims to create a decentralized world. It has also attracted lots of big companies all over the world today and achieved much success. Additionally, Tron has been consistent and has launched many projects in due time.
We already know that Tron’s TestNet was launched on the 31
of March this year. The blockchain firm also launched its MainNet two months later. The two projects have propelled
to greatness and led to its mass adoption so far. Not only have these led to a serious mass adoption, they positively affected its market value during recent times.
Tron has created its own Virtual Machine, but it is still in its testing phase. The main version will be officially launched on August 30th, 2018. Meanwhile, as the date draws nearer, Tron has also decided to upgrade its MainNet for better reliability. Justin SUN, in an open letter, explained all that’s there to know on the company’s recent actions.
is a custom-built blockchain network that will make Tron very scalable and proficient. The test version was launched on June 25, and the digital asset had a high number of transaction on July 30 – more than a million. At that period, the number of daily transaction grew to 49,518 daily, according to an announcement made by Justin SUN.
Sun also stated during the announcement that TVM will be congruent with Ethereum VM for Ethereum Dapps developers. He further confirmed that after the launch of TVM, Tron will attain a high transaction speed – 4x greater than that of Ethereum. As said earlier, TVM will be a big feat for Tron users due to the fact that Tron will be more scalable and efficient.
Additionally, the concept of bandwidth will also be used on TVM; there will be no charges on daily transactions performed by Tron users.
Lucien Chen, the CTO of Tron Foundation, made it known regarding the launching of TVM that it will have 3 developmental tools: Development, Engine, and Third-party. Once the main version of TVM is launched in a few days’ time, these developmental tools will be useful to create Dapps (decentralized apps).
virtual machine launch event. 📡Blockchain the global ecosystem,
to the future.📹Please wait for the live stream on 9:30am, August 30 (SGT), there will also be a lottery draw, see you there. 👇
, there will be a live coverage of the TVM launch on August 30
and there will also be a lottery draw for all Tron users a the very same day.
It is important to know that after the launch of TVM, Tron users are anticipating to see new projects centered on
. Also, if there are more activities on Tron’s network, it is likely that the value of TRX will increase. Indeed, lots of Tron users are also hopeful that the launch of TVM and other upcoming projects will increase the value of TRX.
With the launch of TVM and the upgrade of Tron MainNet, we hope to see a positive change in the value of TRX in the coming weeks.
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
Stellar (XLM) may take over the Ripple’s XRP place in the market dominance
are compared very often because of the solutions they offer in the crypto world. In fact, both companies envision to conquer the financial world by offering the best solutions for cross-border transactions, specifically speaking regarding costs and speed.
Like this, the XRP/XLM dilemma has been a common topic in the crypto sector for a long period now, and as it seems, it may be concluded very soon as Ripple continues to struggle with both the lawsuits and the ‘security’ issues, and this may give the perfect spot for
to shine and show the world how ready is their platform.
At the time of writing XRP trades at a price of $0.32832 according to Coinmarketcap, and the same way XLM trades at $0.21874. Both cryptocurrencies appear in the green with increases of 1.16% in the case of XRP, and 3.39% if you talk about XLM. However, it is XLM the one that has had the biggest increase considering the jump in the price that Bitcoin had last Monday, the same that shot the price of certain coins in the market, being XLM one of them.
In contrast to the mentioned above, it is notable that is not a matter of price anymore. In fact, Ripple has had the toughest times in the last couple of months by facing several lawsuits in which it is claimed that the XRP token should be treated as a security, and on the other hand, by having the
chasing after them with great possibilities of declaring the cryptocurrency as a security, and not as a digital asset.
With relation to this, Ripple has made great efforts to dispel the rumors, but truth be told, it doesn’t seem to be working that good. It all started with the differentiation between the company and the token, so now we have two different terms which are Ripple Labs (the company), and XRP (the token).
That was later followed by a special rule that disables Ripple Labs to control what happens with the
, so with that centralization was off the table. However, the assumptions persist; and that is precisely one of the things that have helped XLM to come out to light.
We all know how Ripple has been fighting to get the right to appear listed in the acclaimed exchange
, but sadly this is something very unlikely to occur unless Ripple solves the lawsuits and the centralization problems quickly. In contrast to that, it was known that Coinbase is actually considering XLM as their next crypto accepted, and this may actually occur once Stellar releases its promising project, the blockchain 3.0.
might hit the moon, but the most important thing is that the token will finally get the validation that it deserves. So the way to go XLM! Oh, and sorry XRP… Keep trying! But yeah, if Ripple somehow manages to tackle the discussed issues, Stellar (XLM) might not be able to come close to it (
is a cryptocurrency with massive potential if you put its problems aside).
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
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