Does anyone else feel like we’re really living in the future right now?
Maybe I’m getting old, or maybe I’m actually right for once…To start, I have multiple robots living in my home. Alexa, Cortana, Roomba, some other weird dragon creatures and shit that belong to my children. We actually have money that people use that is called “XRP”. That’s some futuristic sounding shit. I like to think that “Back to the Future 2” helped shaped an image of what the majority of my generation envisioned for our current day. I’m still kind of bummed out about the pathetic attempts at these technologies trying to pass off as “hover-boards”. Nobody will ever be more fly than Marty McFly on that pink hoverboard.There are always non-believers when new technologies are introduced. Some of those non-believers may be correct at times, and the technology will fail. Other times, the non-believers are wrong, and the technology prevails. The CEO of JPMorgan, Jamie Dimon, admitted he was wrong after calling Bitcoin a fraud. So maybe these crypto-thingies are here to stay? If that is the case, what does this mean for the average joe? Do I have to convert my 401k to DogeCoin? Will they still accept my Benji’s at the Purple Church? Is it possible that Ripple is Skynet? I can’t answer these questions.
A question we can try to answer, though, is this: “If Cryptocurrencies are here to stay, which one(s) will prevail?” If you can guess the answer to this, you may in fact have chosen your next Microsoft in the pony race. What most people don’t understand, is that BITCOIN, and other alt-COINS are just the face behind the real technology driving this huge movement we are all seeing. Most of you have heard the term by know –dramatic pause- Blockchain Technology. So what makes Blockchain Tech so special? Why is there constantly new coins, companies, etc. popping up? Is George Jetson my neighbor? Blockchain technology brings a lot to the table. Because it is basically combining computing power and assets, the possibilities are limitless. Bitcoin was the first real impressive use of this technology, and I think it was best said by Marc Andreessen – “"The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate."
Now that Bitcoin has been around for some time, there have been over 1300 other alt-coins established. Although many people just see these as “Bitcoin Spin-offs”, most of them are unique in their own way. Whether it be a shitcoin that will never have any real use or useful trait, or a new kind of advertising technology that utilizes web user’s cache assets for block-space. Many of these alt-coins and organizations have some great features and qualities, which offer real value to their consumers. There are some alt-coins that have very interesting stories. For example, Ethereum which was created by Vitalik Buterin when he was only 19 years old. This kid is sitting pretty now. So…again, I think the big questions is…”Who’s going to be the Google of Crypto?” Because well, Google isn’t in this race, and the race ain’t over. In fact, it just started.
Alright, so at the starting line of the Crypto-Race, (according to CoinMarketCap 1/10/2018) is Bitcoin, Ripple, and Ethereum. If these coins are in fact rivaling each other (assuming only one can reign supreme and the others don’t have unique value), then I would be curious to know their strengths and weaknesses; especially if I were investing money in any of them. Bitcoin was the first, and has also intern had the longest lifespan. BTC has served its purpose. Being that it is the original, and has not been updated, the technology is cumbersome when it comes to speed and fees. The creator of BTC is still unknown. Satoshi Nakamoto is the signed creator, and still remains anonymous. I’m not sure how Bitcoin adds any unique value anymore, besides being the original. There are plenty of alt-coins out there that do the same thing, only better.
Ranking 2nd in Market cap rank is Ethereum or ETH. Ethereum offers a different value, and really has quite a bit to offer. It is essentially a single computer, operated by a network of users featuring smart contract functionality. Really, Ethereum targets a different market than both Bitcoin and Ripple.
Before conducting much research, we decided that we wanted to pick our pony in the Crypto-Race. After much research, we are beginning to realize that there may not be a race at all. There are many cryptocurrencies out there with many different unique traits. Some of these cryptos may fail, and some may prevail. Some of these emerging block-chain projects have been crowd-funded, or are open-sourced, and are actually aimed to provide a greater good. There are several alt-coins out there that are being backed by a good cause. There are also coins out there have little-to-no backing at all. Then..drum roll…There is Ripple.
Ripple is currently led by CEO Brad Garlinghouse, Harvard Alumni and former SVP of AOL and Yahoo. I’ve looked at a few Resumes in my day, and this guy’s is more than impressive. Brad is a born and bred businessman. Behind the businessman, is Ripple Chief Cryptographer David Schwartz aka Joel Katz.
This guy is mocked by redditors as a “level 82 dungeon master”, but comes equipped with the smarts to match the stereotype. If you have the patience to watch his interview on ripple.com, take the chance and seize it. It wasn’t until after watching this interview that I had felt 100% confident in the technology. Joel Katz is extremely intelligent, one of the original creators of XRP, and has some really great things to say. Schwartz goes explains in depth the functionality of XRP ecosystem, the security architecture, and its practical use in our world today.
It was rumoured that during the creation of XRP, there were several “Easter Eggs” hidden within the XRP ecosystem. Our particular favorite is the Zelda Pool Easter egg. Any user can deposit any amount into any wallet address, right? XRP is known to have hidden features and smart contracts built in, right? (yes) SO…What if you were to make a deposit to a certain wallet address, which triggered a smart contract to perform a hidden action?
That strange tweet that…you know who deleted just hours after, said: If user throws XXX XRP to address rp2j2tMUteRGNbtJNExaLiD89M6mnmvGdx user will receive XXXxXXX
We tried three different amounts. 1.11 XRP, 1.23 XRP, and 99 XRP. We did not win. Maybe we can start a tally and split the winnings. Maybe it’s a scam. Either way, we are excited about XRP, and think that Ripple has created something awesome. We also think that the company is put together extremely well, and has a very bright future. We hope to see good things in the future from all Cryptos. Good luck and HODL!
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