Businesses can use IOTA and Ripple to develop blockchain solution and can improve the current gloomy situation of cryptocurrency layoffs.
Layoffs are evident when profits are not encouraging. The cryptocurrency industry appears to be experiencing a similar trend lately. The industry needs to concentrate on providing the space to get out of this situation by developing blockchain solutions.
Steemit, a top cryptocurrency firm laying off 70% of its employees is waving a red flag. While ConsenSys, the Blockchain Social Media is ready to get rid of 13% of its workforce, confirming the alert. Steemit put it straightforward citing the continuous bear market of more than 9 months as the reason.
And, ConcenSys is “restructuring” itself. This situation implicates a strong drift.
Know More About Steem Cryptocurrency.
IOTA and Ripple are two different use cases of blockchain technology. However, they are both evolving to transform as distributed ledger technologies. DLT is gradually turning into the next stage of blockchain app development.
It is easier to develop solutions by leveraging the technology as a distributed or decentralized ledger rather than just blockchains. Blockchain can be understood as a type of decentralized ledger technology that can store data only in the form of a chain. Meanwhile, DLT encompasses a broad range of architectures including Directed Acyclic Graphs and Hybrids.
Entities like IOTA, Ripple, Hyperledger, and such technologies with strong market positions must steer stronger in technologies like DLT and use cases of blockchain to take the lead.
Explore More | About Positive Prospects of Ripple XRP
IOTA is among the most popular cryptocurrencies. Although is no better growth prospect for this currency as well, its substantial applications in the IoT landscape will make it a preferred technology.
IOTA, catching the trend to develop blockchain solutions, is expected to gain strong adoption soon being the blockchain technology for IoT. It is set to grow as a blockchain application, rather than a cryptocurrency.
At the beginning of this year, IOTA faced backlash from experts for not upgrading itself in the tech vertical. Now, after less than a year, it grew as a technology; aggressively foraying into the Internet of Things ecosystem as a “zero-fee” transaction mechanism.
Its recent endeavor to remove the Coordinator is a critical step towards aligning itself with Decentralized Ledger Technology. As IOTA is growing as a technology, it will impact positively MIOTA's price in the future.
Check It Out | How IOTA Technology Secures the Internet of Things Ecosystem
The price of XRP is following the same pattern as other currencies, even if it catches slight bullish trends in times. As IOTA is focussing on technology upgrades, Ripple is transforming to develop blockchain solutions as its mainstream business. However, it is following a different approach.
Ripple is entering new markets intending to standardize the blockchain ecosystem in terms of both currencies as well as technology use cases. Recently, Ripple, NEM, and a few notable tech companies created the European Blockchain Association which aims to regulate the cryptocurrency industry.
Ripple, being a payment solution, is trying to scale up as a standard payment authority using decentralized ledger technology. It has successfully created strong partnerships with authorities around the globe while entering their markets.
Thus, following the trend, Ripple XRP has strong prospects as a currency. Although it might be not a bullish investment option, XRP is here to stay relevant for a long time.
Suggested Post | Ripple: For Making Swift and Fast Cross-Border Payments
Instead of solely relying on blockchain as a currency, IOTA and Ripple should actively invest in research and development to develop blockchain solution that can address real-world challenges. These technologies should explore innovative use cases of blockchain and transform the technology to fit into the requirements.
If you are interested in developing a blockchain-based project, then connect with our blockchain developers.
Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's...
How to Build a DAO | A Quick...
Redefining The Gaming Industry with Play-to-Own...
What Makes Solana Blockchain Development Stand...
Why Develop an Over-The-Counter (OTC) Crypto Trading...
NFT Loyalty Program: The Ultimate Guide for...
Exploring Crypto Arbitrage Trading Bot and...
A Quick Guide to Understanding Semi-Fungible...
Developing a Ride-Sharing App like Uber with...
Developing a Food Delivery App like UberEats with...
How useful was this post?
Click on a star to rate it!
No votes so far! Be the first to rate this post.
Name is required
Please Enter a valid E-mail address
Email is required
Comment is required
Recaptcha is required.
No Comments Yet.
More From Oodles
Saudi Arabia is Ready to Embrace Web3 and Gaming
Saudi Arabia launched Vision 2030, an initiative to diversify its economy. This...
Vitalik Buterin Co-authors Paper Introducing Privacy Pools
In a noteworthy collaboration, Ethereum founder Vitalik Buterin recently teamed...
DeFi Auditing and Security Best Practices
Decentralized Finance (DeFi) has disrupted traditional financial systems by...
DeFi Asset Tokenization | A Beginner's Guide
In the ever-evolving landscape of decentralized finance (DeFi), asset...
Name is required
Enter a valid Name
Enter a valid Email address
Email is required
Comment is required
delete or block them, please read our cookie notice.
Blockchain Development Company | Innovate with Confidence
Please enter a valid Name
Please enter a valid Phone Number
Please enter a valid Email address
Please remove URL from text