Meet Experience Points, a Unknown Cryptocurrency That Rose 13700000% in 53 Weeks

Go forward and marker up nonetheless another all-time high for the cryptocurrency marketplace as of Jan. 7, 2018. Having finished 2016 with a total market cap of just $17.7 billion, the scarcely 1,400 cryptocurrencies that are investable as of that date now mix for a market cap of almost $836 billion. What had once seemed like an unattainable symbol of $1 trillion in total market cap for digital coins is looking very much possible.

As you might have righteously guessed, the world’s most renouned cryptocurrency, bitcoin, has played a vicious purpose in pulling all practical currencies higher. Bitcoin is the digital silver that’s most expected to be supposed by merchants around the globe, and it’s mostly obliged for bringing blockchain technology into the mainstream. Blockchain is the digital, distributed, and decentralized bill that annals all sell but the need for a financial surrogate like a bank.

A earthy bullion bitcoin fibbing atop a disorderly raise of hundred dollar bills.

Image source: Getty Images.

Objects are closer than they seem in bitcoin’s rearview mirror

But notwithstanding attack a more than $300 billion market cap during Dec 2017, the excellence in new weeks and months really belongs to the other digital currencies in bitcoin’s rearview mirror. Potentially desiring that bitcoin has run the course, cryptocurrency investors are on the hunt for “the subsequent bitcoin.” This hunt has given arise to more than a handful of practical coins that have risen by over 10,000%, 100,000%, and, in very singular cases, beyond 1,000,000%.

Occasionally, these big moves make some clarity (I’m using the word “some” here very liberally). For instance, Ripple rocketed aloft by almost 50,000% over the trailing 53-week period, commencement on Jan. 1, 2017. Putting the swell of rumors about the now-foiled inventory on Coinbase aside for the moment, Ripple’s convene rests on the announced partnerships with vital tellurian banks.

Ripple announced that 7 tellurian banks were contrast out the blockchain record in Jun 2016, but didn’t get a ton of approval until American Express (NYSE: AXP) and Banco Santander (NYSE:SAN) were snagged in Nov 2017 by Ripple for a real-world cross-border remuneration test. For this partnership, American Express users in the U.S. promulgation noncard payments to U.K. Santander accounts will have those payments processed through Ripple’s blockchain. Purportedly, these payments will routine instantly, which would be a good alleviation over the multiple-day corroboration that infrequently takes place with cross-border payments. 

Then again, some moves aloft are finish head-scratchers.

Two very vast stacks of money being hold by a businessman.

Image source: Getty Images.

Meet the different cryptocurrency that incited $100 into $13.7 million in roughly one year

Take Experience Points and the silver (XP) as a ideal example. On Dec. 31, 2016, Experience Points had probably no trade volume, according to CoinMarketCap.com, and was valued at just $0.000000044. If you dull up every singular available XP coin, you might have had enough to buy a really imagination Apple MacBook.

However, things have altered in a big way over the past 53 weeks. On Jan. 5, 2018, following a staggering convene in December, Experience Points strike a high of $0.006031, promulgation the market cap (briefly) over $1 billion in the process. True, six-tenths of a penny doesn’t accurately sound like a lot — but it indeed is if your starting basement is $0.000000044. The pierce aloft in the XP silver over this 53-week widen was a conspicuous 13,706,718%.

You might be wondering what on earth would send a practical banking described as a rewards inducement for gamers, students, and athletes aloft by 13,700,000% in just over a year? The answer to that doubt is a bit vague.

In new weeks, there’s been fad over the listing, or intensity listing, of the XP silver on new exchanges. A New Year’s Day chatter announced the inventory of XP on New Zealand’s Cryptopia sell by the end of Jan 2018. The Experience Points Twitter page has also been strongly enlivening the supporters to opinion for XP’s inclusion on the Binance cryptocurrency exchange. Presumably, more bearing from being listed on new exchanges could drum up seductiveness in the XP story.

A chairman using a pin to cocktail a burble with a dollar pointer inside.

Image source: Getty Images.

This story might not supplement up

Beyond impending new sell listings, it’s tough to find much in the way of news and exclusive blockchain aspects that concede XP to mount out from scarcely 1,400 other cryptocurrencies and, more importantly, consequence a 13.7 million percent boost in value.

One aspect that is value observant is that XP implemented an ascent in the blockchain in the third entertain of 2017 that adored smaller stakeholders of the coin. Running on the proof-of-stake (PoS) model, which is distant reduction energy-intensive than the normal proof-of-work indication that has miners with high-powered computers competing to solve formidable math equations and countenance transactions, Experience Points mutated the PoS algorithm to preference smaller stakeholders over vast ones. That is indeed unique, and it might inspire crypto enthusiasts to buy in. 

However, over this intriguing proceed to stakeholder rewards, XP hasn’t accurately finished much as of yet. The XP Reward system is described as being the fortitude of this project. Rewarding gamers for unlocking achievements, students for their assemblage and good grades, and athletes for completing events sounds excellent and fine until we get into the tangible application. During the fourth quarter, Experience Points’ highway map had this to say: “[W]e behind growth in this area [XP Reward System] because there are going to be a lot of programmatical obstacles to overcome since this will not be a unchanging faucet. Further conceptualization is in progress.”

Though the group expects to launch an XP Reward System beta chronicle “at some point in the first entertain of 2018,” it’s not accurately enlivening that the core member of XP is so severe to the growth group and clearly being pushed over behind schedule.

I also can’t contend I’m a big fan of the way the Experience Points Twitter account, presumably managed by a member of the team, is perplexing to buy the votes of the followers. As you can see above, Experience Points is charity 2,500 XP for a opinion on Binance and a 50% reward if it’s the silver that’s selected to be listed. Personally, bribing your supporters to take movement doesn’t lay well with this investor. 

With an engaging story but little piece so distant to back it up, Experience Points’ implausible run aloft might infer passing over time.

Article source: https://www.fool.com/investing/2018/01/10/meet-experience-points-the-unknown-cryptocurrency.aspx