After community contribution and rounds of voting, the XRP community decided on a logo for the XRP cryptocurrency. This marks the end of an almost month-long campaign for the XRP Logo.
Ripple Labs Inc., the company, only utilizes the XRP Ledger and XRP cryptocurrency. Owning XRP does not mean that one has a claim over profits of the Ripple company, or that they have a claim of resources, which would lead one to believe that it is not a security. However, as multiple lawsuits can attest, the masses find it difficult to make this distinction.
Moreover, using Ripple’s name does not capture the depth of the XRP ecosystem completely as Ripple’s products are just one of the many applications. This also means that their for-profit logo was not open to the community, as the XRP Ledger itself is community-based.
This led to the beginning of the grassroots movement of sorts within the community, which in turn led to the community submission and voting processes. The site where the voting took place, xrpsymbol.com, had this to say about the symbol:
“XRP, unlike other cryptocurrencies, does not have a symbol that represents units of the asset. In order to distinguish XRP and better define it, a symbol will be created to use it when writing the amount of XRP, this symbol will also be used to represent the asset in place of Ripple’s trademark, mainly the 3 connecting circles triskelion.”
The community voted for their choice for the symbol that best represented the XRP ecosystem and characteristics of the currency. The voting started on June 1st, with the first round ending on June 8th. The 3 final logos chosen were:
The 3 logos again underwent a final round of voting to determine the one to be chosen. The final round was on June 12th, with the winner being chosen as the first symbol, beating out the other two by a comfortable margin of nearly 2000 votes.
The symbol was quickly adopted, first as a flair on the Ripple subreddit, and then as a display on the ‘XRP’ part of Ripple’s website. It was quickly updated on CoinMarketCap with the 3rd largest cryptocurrency showing the new logo instead of the old Ripple logo.
Exchange platform Uphold also said:
“Interesting new design!! We’ll share with the team — hopefully @Ripple team will list Uphold as a wallet/exchange soon!”
Twitter user Leo said:
“Ripple please update the exchanges and rename to XRP as apposed to Ripple not They I don’t like Ripple I’m a big fan but let’s make the definition clear ripple the company XRP the utility”
User Edwin said:
“Well arranged, and with the amount of votes a better success than I actually first expected.”
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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