The history of the project began back in 2004. Programmer Ryan Fugger developed the payment system RipplePay, its first working version appeared only in 2005. The company was doing quite well, it was gradually developing, but in 2011, they decided to create a decentralized network. That’s when the future director of Ripple Labs, Chris Larsen, joined the team
A year later, they created a subsidiary organization OpenCoins, which was to optimize the main payment system. The company existed for a year, then there was a rebranding, and the already familiar Ripple Labs appeared, and the project team was disbanded. The new director decided that now their main direction is to cooperate with the banking sector.
On the technical side, Ripple served as an unlimited instant payment platform that allowed sending and receiving transfers in any currency, anywhere in the world. For example, a U.S. resident wanted to send a transfer to China. With Ripple, he sends dollars, and a few seconds later the Chinese resident receives RMB. In fact, XRP is used to tokenize any asset.
The crypto platform has made sure that the first experience with cryptocurrencies is as simple and straightforward as possible.
That said, Ripple didn’t have a good relationship with U.S. regulators when it launched: in 2015, it was fined $700,000 for selling XRP tokens without proper approvals. Roughly speaking, the company’s token began to be attributed stock status back in 2015. Notably, XRP was launched in 2013, when the company had not yet rebranded. All tokens were issued at once and the number was 100 billion. In 2021, only 45 billion XRP are in circulation, the rest are owned by the company and are concentrated in escrow accounts (a special account in a bank in which money is stored until certain circumstances occur. – Editor’s note).
Still, it’s worth admitting that Ripple solves an important problem of the banking sector, so 38 of the world’s 100 largest banks signed a partnership with the company. The largest of them is Mitsubishi UFJ Financial Group, whose assets exceed $2.5 trillion. Besides it, HSBC Holdings PLC, Bank of America and Crédit Agricole, the largest financial conglomerates in their countries, cooperate with Ripple.
The most significant year for the company was 2016, when Ripple was able to attract about $55 million in investments. Interestingly, although it is a cryptocurrency company, it was mainly invested in by institutional investors who saw its future prospects.
Like most cryptocurrencies, XRP peaked between 2017 and 2018, when it was valued at $2.78. Now the value of the coin is $0.75. Yes, that’s relatively little, but half of its existence XRP was worth less than a cent.
The story of Dogecoin began in 2013, when it was invented by American programmer Billy Marcus and Australian marketer Jackson Palmer. At that time, a meme with a Shiba Inu dog was popular on the Internet, which then became the logo of the coin. Because the cryptocurrency did not seek high growth, Marcus and Palmer abandoned it. In 2015, Billy revealed that he had been forced to sell the coin because he was in a difficult situation and had been fired from his job.
For a long time, the developers were right – Dogecoin was really just a joke in the market. However, in late 2020 and early 2021, everything changed dramatically when Tesla CEO Elon Musk won more votes in a mock poll to choose a new CEO and solemnly became the new head of Dogecoin.
This was followed by a series of tweets on the part of Ilon about the meme coin. Needless to say, thanks to all this, the coin took off? In January 2021 it wasn’t worth a cent and on May 7 it renewed its historical maximum at $0.68. People have a rumor that you can’t make much money on investments. Can you find out If Is It Still Possible?
Musk’s antics with the meme coin really pissed off the cryptocurrency community. People even launched the token and promised to send Elon to the moon if they could attract investment. However, everyone observed a rather interesting spectacle: one person is able to greatly change the course of a coin that has no technical application, as its creators claimed.
When Dogecoin was created, its value was in the range of about $0.2. Therefore, such a price rally will be discussed in the cryptocurrency community for a long time to come.
Chainlink (LINK) is a decentralized oracle service, providers of information to the blockchain from an external network. The LINK token showed potential when the DeFi sector (financial instruments in the form of blockchain-based services) was just beginning to develop. – Editor’s note)
External information helps smart contracts (a set of digitally described promises that parties make. – Editor’s note) do the right thing. For example, you bet with another person that the French team will win the World Cup, but your opponent thinks Brazil will win. You make a bet, you put the terms in a smart contract. When the championship is over, the oracle collects information from the Internet, transforms it into a smart contract which automatically transfers the money to the winner of the bet. In essence, the oracle is an independent provider of information that transforms it into a smart contract, and the smart contract is a decentralized contract or judge.
Which Marketplace to Choose for Investments
All newly born coins have a chance to make it to the top of the cryptocurrency market. As in any field, it’s much harder to do so if you’re not at the origin. But even though there is huge competition among veteran digital assets, new cryptocurrencies can soar in value thanks to good strategy and advertising. The cryptocurrency market is becoming more and more popular, with more and more serious new players emerging. You may also read beginners guide – How to Buy Basic Attention Token in our website.
The only question that remains is what platform to choose to invest in cryptocurrencies? Currency.com, a crypto exchange for tokenized assets, can help with that. The site has over 2,000 tokenized assets, including: stocks, currencies, cryptocurrencies, ETFs, bonds, commodities. Assets are diverse, which allows you to form any investment portfolio.