Connect with us

Altcoins

Who owns Ripple?

Published

on

What is interesting to note here is that Ripple or XRP is supposed to be a decentralized digital currency platform however Ripple itself is privately owned.

Who owns Ripple?

Ripple Labs has made quite a mark for itself in the digital market and has quite been the talk of the fintech town. People have been getting quite excited about this platform, which is a digital currency exchange, real time gross settlement system, and payment protocol. Ripple was created by the Ripple Company. They claim to offer a medium to send money globally and ensuring that it is done so by giving its customers a frictionless experience. Ripple is majorly a distributed open source protocol with a shared distributed ledger and it also offers the decentralized digital asset or digital currency called XRP. It is this which is being popularised under the name of Ripple and is owned by Ripple Labs.

The company Ripple was founded in 2012 with its headquarters in San Francisco, California, United States. It majorly falls under the computer software industry and was renamed in 2015 to Ripple Labs. It serves a worldwide user base and is quite popular amongst several traders, investors, digital currency enthusiasts and many more people.

 

Key people in Ripple

The key people that have been involved with Ripple Labs are Alan Safahi, Advisory Board, Ryan Fugger, and Concept Originator. Joining these people are also, David Schwartz, Chief Cryptographer, Ken Kurson, Advisory Board, and Brad Garlinghouse, Chief Executive Officer. The major products that the Ripple Labs provide to its users and clients is Ripple payment and an exchange network.

As of 3 July, 2018, the exchange rate for the Ripple currency is $0.05 and the market cap for the same is $39.134 billion. Moreover, it boasts of a great circulation supply of 39,009,215,838 XRP. However, this is a limited quantity digital currency just like Bitcoin and has a circulation supply limit of 100,000,000,000 XRP.

It can handle about 1500 transactions per second which is quite a remarkable job in itself. This is one of the reasons why it has become so popular amongst the world population interested in this kind of a product or service.

If the company researches and makes further developments to scale the entire Ripple network, it could offer to its users and clients the same throughput as of the one provided by Visa. Visa has been handling about 50000 transactions per second. (Throughput is defined as the amount of transactions passing through a process or a system in a stipulated amount of time).

 

Ripple Labs

The founders of Ripple Labs, who own Ripple, are Chris Larsen and Jed McCaleb. On paper, Chris Larsen is now worth almost $59.9 billion which is way more than what the founders of Google are worth, on paper. This major event has come up resulting to the recent digital currency market price surge in the digital market and has brought about quite a stunning change of events.

 

Ripple is not Decentralized

What is interesting to note here is that Ripple or XRP is supposed to be a decentralized digital currency platform however Ripple itself is privately owned by Ripple Labs. By standard definitions of a digital currency, Ripple does not even exactly qualify to be a decentralized virtual currency because it is privately owned. Ripple is a big major player in the entire digital currency market and is a strong contender. The current valuation of Ripple, when compared to other privately owned companies like Airbnb and Uber.

So after all, when other digital currency platforms like Bitcoin, Bitcoin Cash, Ethereum, etc are not owned privately by anyone and is a completely decentralized platform. So like we say that the creator of Bitcoin is Satoshi Nakamoto, but he does not own it, moreover people do not even know who he exactly is. Contrary to this, going against the norms of a standard digital currency, Ripple is actually privately owned by Ripple Labs. It is not of the people or for the people and is not managed by these developers or volunteers like in Bitcoin and other virtual currencies, Ripple is managed and operated by Ripple Labs.

Although many say that the XRP protocol can run without the Ripple company supporting it, it is still managed by them and they continue to make herculean profits off this digital currency. So much so that they currently stand at the second position in the digital market capitalisation and thus puts it in a very major and dominating position in this fintech world.

Altcoins

Best Tools to track Cryptocurrency Markets: CryptoCompare, CoinMarketApp, CoinGecko

Published

on

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these.

The cryptocurrency market includes the prices and market capitalizations of different Cryptocurrencies like Bitcoin, Ethereum, Stellar and many others. Currently, there are thousands of cryptocurrencies, markets are 16084 and market capitalization is about $124,123,711,224.

 

There are different websites and mobile applications designed to keep the track of cryptocurrency market, we cover the Top 3 of these:

 

CryptoCompare.com

Known for its high-end API and real-time tick data, CryptoCompare has been serving the cryptocurrency space from 2014.

Founders: Charles Hayter & Vlad Cealicu

CryptoCompare shows real-time data for more than 5300 Coins and 240k trading pairs, enough for an entire overview of the market. Users can see live Order books, historical data, reports, social data and reviews on all cryptocurrencies. The website is very easy to use and is free for everyone.

 

CoinGecko.com

We love CoinGecko because it focuses on tracking community growth, events hosted by teams and open-source code development apart from the usual price tracking, market capitalization and volume traded. It was also founded in 2014.

Founders: TM Lee, Bobby Ong & others

CoinGecko’s team is very dynamic and is very active on social media like Twitter, Telegram & Facebook. They cover more than 260 exchanges with live data and have more than 3300 cryptocurrencies. They are free for everyone to use.

 

CoinMarketApp (Mobile Application)

When it comes to easily track the live prices and your portfolio on your mobile, CoinMarketApp is the preferred choice for most. With live alerts on more than 1400 Cryptocurrencies, the app saves your time and alerts you on every move.

Download on Android

Download on iOS

Apart from cryptocurrency prices, the app lets you manage your portfolio, mining pools, new contracts and the latest news from the crypto industry.

Continue Reading

Altcoins

Cryptocurrency Market Updates: Bitcoin May fall further

Published

on

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400.

The cryptocurrency market is still facing the same bullish trend today, yet again. Bitcoin price recovered a little with trading around $4300 to $4400. Yesterday the price of bitcoin fell up to $4190. Ethereum is still trading at a year and a half low of $125. Apart from ethereum, most altcoins are showing small corrections. Bitcoin Cash moved 3% upwards while Monero has moved 4% upwards in the last 24 hours. Bitcoin Gold and Bitcoin Diamond have had good gains for the day with 8% and 16% rise. IOTA is trading at around $0.32 which shows a 6% improvement from yesterday’s price. NEO is up by 5%. However, the small gains are nothing in front of the massive downtrend these altcoins went through in the past couple of days.

 

Cryptocurrency Market Capitalization Improved

The total cryptocurrency market cap yesterday came down up to $136 billion which was the lowest of 2018. In the last 24 hours, cryptocurrency market has managed to add $4 billion in the market capitalization adding to $140 billion. Over the last week, the cryptocurrency market had lost over $40 billion and over the last month, around $70 billion have been erased from the cryptocurrency market capitalization which is yet to be recovered.

 

Bearish predictions for bitcoin

While the market cap is trying to recover the price predictions for bitcoin still remain bearish as many cryptocurrency analysts have predicted that the only support after the current significant support of $4000 is at $3000. So if the price drops below $4000, it will definitely reach down to $3000 after which the price is expected to recover.

 

The overall situation of the market is still harsh as there is no major recovery from the massive losses that occurred in the past few days. What do you think about the bitcoin predictions being made by crypto analysts? Tell us in the comments section below.

Continue Reading

#Bitcoin

Bitcoin Cash Hard fork screwed the whole cryptocurrency market

Published

on

Whole cryptocurrency market is suffering because of the continues wars going on between ABC and SV which has created a bad reputation of the crypto space.

The original Bitcoin Cash split into Bitcoin ABC and Bitcoin SV during the hard fork but no one is sure to weather BCHSV or BCHABC will survive in the market as the hash wars still continue. The hard fork has lead to an uncertain future of Bitcoin Cash and also screwed the whole cryptocurrency market. The Price of both the new coins is on a continues decrease where Bitcoin Cash ABC values at around $226 and Bitcoin Cash SV values at around $76.

 

Cryptocurrency Market Crash

The whole cryptocurrency market is suffering because of the continues wars going on between the two teams which have created a bad reputation of the crypto space to the newbies. At this time when more and more institutional investors were entering into the cryptocurrency space, the hard fork has created a feeling of Fear, Uncertainty and Doubt amongst them.

 

BTCUSD yearly chart

BTCUSD yearly chart

 

As the hard fork started, the entire cryptocurrency market faced a downfall where all major cryptos are on a 6 month low with bitcoin trading around $5200 that is a yearly low for the most dominant cryptocurrency. The decline is the price has created fear in the minds of investors who are now talking about capitulation.

 

Should Craig Wright be blamed?

Craig Wright who claims to be the real Satoshi Nakamoto and the founder of the original bitcoin has been funding his side of the war using BTC. Cryptocurrency enthusiasts around the world are criticizing Craig Wright and also calling him a lier.

 

 

The local media’s role

The real reason behind the rise of cryptocurrency and blockchain was the mass adoption by people who heard about it through local media. At that time, the local media described bitcoin and other cryptocurrencies as the future of money explaining the decentralized nature of such currencies, but now due to the wars within the cryptocurrency ecosystem, the local media has started to criticize cryptos and people have started to lose faith in the crypto market.

If the amount of money being used in such hash wars would have instead been used for the development of the crypto ecosystem with advancements such as lightning network, the market could still be flourishing rather than being on the verge of getting sunk.

Continue Reading

Trending