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Former FBI Director James Comey is so ashamed of the United States’ immigration policies, that he’s begun telling people he’s Canadian.
What’s the difference between Ripple the company and ripple (XRP) the cryptocurrency? Many people would assert “Not a lot” given that the former owns most of the latter and its founders were responsible for creating ripple in the first place. Ripple the company has other ideas though, and is on a mission to separate the two ripples – big and small – once and for all.
The Disambiguation of Ripple and XRP
For several months, Ripple has been on a mission to dispel the notion that it is responsible for the XRP currency it issues. Just as Prince once changed himself into a symbol, the project would like to turn its currency into a symbol and keep it that way. This is despite the fact that ‘XRP’ is simply a currency ticker derived from an abbreviation of the word ‘ripple’, just as XMR is an abbreviation of monero. To mark the distinction, a new logo has been proposed that is clean, minimalist and, tellingly, looks nothing like that of Ripple.
There’s even a community-run Twitter account for the new XRP symbol and Github which explains: “In order for XRP to be perceived as a ‘currency,’ it needs its own symbol. Just like the dollar sign ‘$ ,’ XRP needs a universal sign that denotes units of XRP. The current logo being used works great when referencing the company, and it should not be changed, but a character should be created to represent actual units of the digital asset.” The final logo has yet to be decided, but whatever version the community plumps for, it will look very different from the current shared logo of the company and coin.
Why the Rebrand?
It has been theorized that the company is seeking to distance itself from its eponymous currency in order to “desecuritize” it. The likelihood of XRP being a security, given the fact that Ripple has a majority holding, is strong. In the event of XRP being classified as such by the SEC it would have a major impact on XRP’s price and its availability on US exchanges. Given the foregoing, it makes sense for the company to emphasize the distinction between the company and XRP. It is likely to encounter significant difficulties, however, in convincing people that this is the case.
Semantics or Separate Things?
The case for why the company and XRP are separate entities, according to the company, revolves around the fact that the XRP ledger is open source, and thus any company can use it for their own purposes. While this is true, third party development has been few and far between, and the vast majority of XRP’s code commits have been performed by staffers. If the company can successfully separate itself from its currency, it is possible that the XRP ledger could become more attractive to companies wishing to utilize it for their own purposes. It seems unlikely, however, that the XRP ledger, for all its efficiencies, will become the Hyperledger of enterprise.
As cryptocurrency critic Preston Byrne has pointed out, the notion that “There’s not a direct connection between Ripple the company and XRP”, as stated by the company’s Director of Regulatory Regulations Ryan Zagone, simply doesn’t fly. The connections between the two are written all over the website, and every other third party news source. The Wikipedia page for Ripple (payment protocol) points out that “The network can operate without the Ripple company”, but evidence suggests that it would struggle to function if the company bowed out. For one thing, operating an XRP node requires obtaining permission from one of Ripple.com’s servers.
With 55 billion XRP locked in the company vaults, the simplest way for Ripple to rid itself of association with the cryptocurrency would be to burn the bulk of its supply of XRP. That wouldn’t look too good on its balance sheet though, and thus the campaign to rebrand ripple as XRP intensifies.
Do you think Ripple and XRP should be regarded as separate entities? Let us know in the comments section below.
Images courtesy of Shutterstock, Ripple, and XRP Symbol Twitter.
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The post Ripple Wants People to Stop Calling Its Coin ‘Ripple’ appeared first on Bitcoin News.
Judge approves a $142-million settlement over the Wells Fargo accounts scandal, calling it ‘rough justice’May 30, 2018 | dailybusinessnews
Wells Fargo & Co. customers who didn’t consent to having 3.5 million accounts created by bankers trying to hit sales quotas are finally getting what amounts to an “imperfect solution.”
U.S. District Judge Vince Chhabria agreed Wednesday to issue final approval for a $ 142-million class-action accord…
A golf club in Pennsylvania has apologized for calling police on a group of black women after the co-owner and his father said they were playing too slowly and refused requests to leave the course, the AP reports. “I felt we were discriminated against,” one of the women, Myneca Ojo,…
A top AT&T Inc. executive was questioned Thursday about past emails critical of content providers selling programming to online distributors as the government argued that the telecommunications giant should not be allowed to purchase Time Warner Inc.
In the third week of an antitrust suit to stop…
President Trump lit into Amazon.com Inc. for the second time in three days with a pair of Twitter messages that said the U.S. Postal Service was losing money shipping packaging for the online retailer — “This Postal Scam must stop. Amazon must pay real costs (and taxes) now!” he said.
Nordstrom Inc. spurned a takeover offer from the department-store chain’s founding family, including several of its highest-ranking executives, saying the cash bid of $ 50 a share was too low.
A group of Nordstrom family members informed the board that they intended to acquire the company’s remaining…
An aide to a Republican lawmaker in Florida was fired Tuesday for spreading a bizarre conspiracy theory about survivors of the Parkland school shooting. Benjamin Kelly, a staffer to state Rep. Shawn Harrison, used a government email account to email the Tampa Bay Times , claiming that two students filmed speaking…
“Politicians who sit in their gilded House and Senate seats funded by the NRA telling us nothing could have ever been done to prevent this, we call BS,” Emma Gonzalez said Saturday at a gun-control rally in Florida. “They say that tougher gun laws do not decrease gun violence. We…
Stone Brewing is suing MillerCoors, alleging that the beer giant’s recent rebrand of its Keystone line is too close to the San Diego brewery’s name.
MillerCoors’ Keystone line of light beers was rebranded to emphasize the “Stone” in the Keystone name, putting it in a large font on the line’s cans…