These days, when most people hear about cryptocurrency, the first thing they think of is the price of Bitcoin. It’s a notoriously volatile asset which has, over the last two years, seen extreme peaks and valleys in terms of value. At one point, crypto’s flagship digital asset flew as high as $20,000, which turned out to be a bit too close to the sun as it deflated throughout 2018 to its current levels around the $5,000 mark.
Such volatility might give the impression that cryptocurrency is only good for speculation, but that couldn’t be further from the truth. Nestled behind the headlines about price, bull and bear markets, and sensational stories about fortunes made and lost, is real blockchain development being lead by startups like KRONN Ventures AG and Ripple.
While the media focuses on superfluous aspects of cryptocurrency, blockchain is making inroads across every major industry in existence. However, of all blockchain’s applications, it’s best and most disruptive characteristics are perfectly suited to financial technology use cases such as forex remittances.
The forex remittance market is the first and most aptly suited market for blockchain technology to make its mark. Based on the SWIFT network, forex remittance markets depend on outdated technology that is quickly being rendered obsolete by the natural advances made by blockchain.
Because of the internet, the world has become a united digital landscape in which messages, music, video, and other forms of data can be shared from one country to another with only a moment’s delay.
Sending money, on the other hand, still takes at least three to five business days and is subject to redundant forex remittances fees every time the money is snagged by an intermediary. In some cases, remittances exchange hands three times or more as banks route the transfer through circuitous networks while searching for partner banking institutions to complete the exchange.
Banks and other remittance institutions haven’t let the efficiency, speed, and security of blockchain-based remittances go unnoticed. Two blockchain FinTech companies, KRONN and Ripple, have caught the bulk of attention given to the sector. The forex remittance market sees over $5 billion in daily trading volume, so it’s easy to understand how much is at stake for up-and-coming projects in the space.
As such, it’s fair to pit the two leading startups, KRONN and Ripple, against each other to see who comes out on top.
KRONN and Ripple – Who Comes Out On Top?
KRONN Ventures AG is a Swiss FinTech company that has recently made waves for developing the first mass-adoptable, elegantly designed app for easy money transfers worldwide. Ripple, by contrast, is an American tech company founded primarily as a gross settlement system. Over time, it’s grown to include a currency exchange and remittance network but, unlike KRONN, has no retail user-level app or interface. Herein lies the first major difference between the two. Ripple is aimed primarily at enterprises, whereas KRONN services both enterprises and everyday users.
Despite not having a dedicated service for everyday users, Ripple has created a high circulating supply of its native token, XRP-to the tune of 100 billion coins. The strategy in circulating such a large amount of coins is to raise capital for Ripple Labs by having partner banks buy into the token, only for Ripple to subsequently sell its XRP holdings at higher prices. This has caused banks a great deal of second-guessing in their negotiations with Ripple, and to a large extent explains why many of the banking partnerships they’ve to establish, are partial at best.
Understanding the misstep of such a tactic, KRONN has issued only 980 million coins-all without holding an ICO to raise funds. The KRONN team has developed its mainnet to completion and is currently undergoing beta tests without having raised a single cent from the public.
Whereas Ripple is seeking adoption from enterprise-level organizations only, KRONN has made it clear from the outset that its main goal is to commercialize the use of blockchain technology and the expenditure of cryptocurrency on a global, mass-adoption scale. Rusy Jung, CMO of KRONN Ventures AG, announced that after going public with strategic listings on internationally recognized exchanges Bitsonic and Bitforex, KRONN has lined up listings on virtually all major exchanges for 2019.
On April 10th, KREX [KRONN’s native token] will kick-off its major exchange debut with a listing on Coineal, one of the top ten highest volume exchanges in the world. Exchanges are eager to list and strategically partner with KRONN owing to the fact that KRONN’s technology enables the swift and simple conversion of crypto to fiat currency without going through a bank.
Put simply – Ripple is a settlement system trying to replace SWIFT, whereas KRONN is becoming the de facto currency exchange network for crypto markets and is capturing global audiences with its international money transfer app. While each company has its place, the market may find favor with KREX because of it’s much lower circulating supply [1/100th of XRP’s circulating total], broader aims, and promising partnerships.
Author: Cosimo Piovasco
About the Author
Cosimo is a long time blockchain believer, advocate, and consultant. Having worked with several top 100 cryptocurrency projects, Cosimo has seen first-hand how disruptive the nascent technology is, and how well that bodes for the future of the industry.
Ripple has been mired in controversy for a long time regarding its practices surrounding high XRP circulation. Banks are wary about buying into the XRP currency which they deem unnecessary and beneficial only to Ripple Labs. KRONN’s lower circulating supply, populist aim, and plan to rapid mainstream adoption put it in a prime position to compete within Ripple’s market and it’s own. With KREX going live on global mainstream exchanges, the partnerships are starting to roll in as promised by the team.
Are Blockchain Casinos on the rise?
Over the years, the online casino industry has gone through many changes with new technology allowing for better payment methods and software on the sites. One of the newer additions to online casino sites is blockchain and sites that use this.
Here, we are going to discuss whether we think that blockchain casinos are on the rise or not. Keep reading if you’d like to find out more about these casino sites.
What Is A Blockchain Casino?
Blockchain technology is essentially a system that allows digital information not to be copied when it is being distributed. This technology originally started out as a method for Bitcoin which is a cryptocurrency and now is present in many online casinos. Blockchain was first invented in 1992 and since then it has come a long way.
A blockchain casino is a safe and secure casino that uses this special technology to pass the information on. There are many new casino sites that are already using blockchain technology but is the number of these still rising?
Why A Blockchain Casino?
You might be wondering about the advantages of blockchain casinos and why many casino operators are making the switch to this technology. The main reason for this is that there are many advantages to using this technology. Firstly, there is more transparency and trust and there is also a reduced risk of fraud.
This is something which is very important to many players at online casinos as they want to make sure that they are not passing their details onto a company that is going to sell it on.
When a casino uses blockchain technology, they can also allow players to make payments with cryptocurrencies like Bitcoin which are becoming even more popular in recent years. Of course, there are many other advantages of using a blockchain casino both for the player and the operator. For this reason, we have seen a rise in the number of blockchain casinos online right now.
Issues With Blockchain
There are some minor issues with blockchain casinos that operators are working hard to resolve as soon as possible. The fact that it is new means that there are some general infrastructure issues and the transactions can go through a lot slower than some players would like. Of course, these issues are set to be resolved sooner rather than later.
The Rise Of Blockchain Casinos
From the research done by companies interested in blockchain casinos, it is clear that these casinos are on the rise. In the first quarter of 2019 alone, there was $1 billion of TRON cryptocurrency gambled online. This is a lot of cash and it shows that players are not afraid to try out this new type of casino when it comes to spending their own cash.
Research also suggests that this income came from over 432,000 users which are a lot more people than it would have been in the past when this technology was first invented.
Of course, it is also important to note that the online casino industry is growing at the same time as the popularity of blockchain casinos. It is expected that the online casino industry will earn more than $50 billion this year which is a lot of cash.
With more people playing online in general and the technology improving so much – it is expected that blockchain casinos will become even more popular as time goes on.
It is clear that blockchain casinos have been on the rise for a while now and they don’t plan on stopping any time soon. As the technology gets more advanced and players can be sure that their details are going to be kept safe, these casinos are set to become even more popular.
On top of this, online casino regulators can rely on technology when it comes to ensuring casino operators are sticking to the regulations. Look out for the rise of blockchain casinos as time goes on and more casino operators start to make the switch to this technology.
We expect more payments being allowed in Bitcoin form as well as the other cryptocurrencies that are gaining a bit of momentum right now.
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