Cryptocurrencies such as XRP, Ethereum (ETH), Bitcoin (BTC) and many more altcoins are rising numerous possibilities. Here are some reasons why we think these cryptocurrencies are rising.
Ripple’s XRP releases Hooks
Smart contract functionality is now live on the XRP blockchain via Hooks. Already in October “Hooks” was introduced in the alpha version for the XRPL. Hooks is one of the most anticipated integrations for the XRP ledger and provides the first proprietary smart contract functionality for the XRP ecosystem. The chief developer Wietse Wind announced on Twitter a few hours ago that the code is now freely available to everyone and all node operators can use Hooks.
Wind has shared the code as well as a set of different commands for Docker, an app used to execute software from code packages, with the community that are necessary to use smart contracts on the XRP ledger. The official entry on Github with detailed instructions can be found here. Put simply, developers must follow two basic steps.
First, one node must be operated to view the logs and another to implement the commands for executing the smart contracts. Wind further emphasizes that there will be further updates and adjustments, and that this will initially be a collection of basic smart contract functions. Hooks is one of the most anticipated releases for the XRPL in 2020, along with the banking app XUMM. A developer wrote on Twitter that he has already prepared the basic setup of the virtual machine and will test Hooks extensively in the next few days.
Joe Biden presidential election
In the midst of a possible election by Joe Biden, investors are preparing for the worse possible outcome.
Rejoining global climate accord
Biden has called climate change an existential threat, and says he will rally the rest of the world to act more quickly on curbing emissions by rejoining the Paris Climate Accord. The agreement, which Donald Trump withdrew from, committed the US to cutting greenhouse gases up to 28% by 2025, based on 2005 levels.
Though he does not embrace the Green New Deal – a climate and jobs package put forward by the left wing of his party – he is proposing a $1.7tn federal investment in green technologies research, some of which overlaps with the funding in his economics plan, to be spent over the next 10 years, and wants the US to reach net zero emissions by 2050 – a commitment that was made by more than 60 other countries last year. China and India, the two other biggest carbon emitters, have yet to join the pledge. The investments dovetail with his economic plan to create jobs in manufacturing “green energy” products.
Universal pre-school, expand free college
In a notable shift to the left, he has endorsed several big pieces of education policy that have become popular within the party – student loan debt forgiveness, expansion of tuition-free colleges, and universal preschool access. These would be paid using money gained back from withdrawing the Trump-era tax cuts.
Biden says he will expand the public health insurance scheme passed when he was President Barack Obama’s deputy, and implement a plan to insure an estimated 97% of Americans. Though he stops short of the universal health insurance proposal on the wish lists of the more left-wing members of his party, Biden promises to give all Americans the option to enroll in a public health insurance option similar to Medicare, which provides medical benefits to the elderly and to lower the age of eligibility for Medicare itself from 65 to 60 years old. The Committee for a Responsible Federal Budget, a non-partisan group, estimates that the total Biden plan would cost $2.25tn over 10 years.
Undo Trump’s policies
In his first 100 days in office, Biden promises to reverse Trump policies that separate parents from their children at the US-Mexican border, rescind limits on the number of applications for asylum and end the bans on travel from several majority-Muslim countries. He also promises to protect the “Dreamers” – people brought illegally to the US as children who were permitted to stay under an Obama-era policy – as well as ensure they are eligible for federal student aid.
Paves way for cryptocurrencies like Ripple’s XRP
Joe Biden’s supposed election is paving way for cryptocurrency adoption, especially with those tax hikes the prices of cryptocurrencies are expected to go higher. Investors, banks, institutional investors and all of the like are already preparing or are already invested into cryptocurrencies like XRP, Bitcoin and Ethereum.
Real cryptocurrency adoption is under way.
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