Introduction

Hello guys,

It's a great pleasure on my part to be a part of the week 6 lecture delivered in the crypto academy community by my very own respected professor @besticofinder. I have read and understood all that has been discussed and it's on that note that I will be carrying out the homework task.

Before investing in Any Currency We must have a Little knowledge About its IDEA, Concept, Future Plans and most importantly the site offering any coins must be trustworthy. And the process of gathering information about the particular coin is called fundamental analysis to see if the coin would worth investing in.

You need to do your fundamental analysis and select the cryptocurrency to invest in in 2021. ( coinmarketcap.com: Token Rank Should be between 100 - 400 range | ( Excluding Steemit) )

In the year 2021, I have been making research as to which currency I can invest in. I have seen a whole lot of cryptocurrency but I still have to search for the one that will give me an optimal reward. With the knowledge gotten from the professor's explanation, I have decided to invest in Ripple XRP. The reason why I chose these Coin will be discussed in details subsequently.

Source

Prepare an article explaining the factors you considered for your selection considering the followings

Factors considered for my selection are as follows:-

• Price/Cost: By making it Decentralized there would be hundreds or even thousands of users who would be taking part in this project, they would rent their unused storage to buyers.

• Project concept: This encompasses the vision of the crypto in question and it can be found in the crypto's whitepaper.

• Economically Efficient: XRP helps us to minimise our spending when it comes to making a new storage.

• The Use: It is important to understand the use of the crypto you are trying to invest in and this will equip you with the required knowledge of why you are investing in such crypto and what benefits it would be to you.

• Competitors: It is also important to consider the crypto's competitors to know what are the likely challenges your investment would face.

• Security:- One of the main reason I selected XRP is because of the security feature, these is because since it is a decentralised token, the hackers won't be hacking all through hitting one place, but on the other hand as in cryptocurrency if you lose anything there would be no one for the claim of your property so be sure to be cautious.

• Trading volume and Exchanges: This is another great factor to consider before investing in crypto knowing the total volume in circulation and its availability for trading on exchanges.

Read the project whitepaper and explain the project concept

The project's concept aims from the onset is that XRP is a blockchain-based decentralized protocol to allows users to instruct a worldwide free content entertainment system with the blockchain and distributed storage technology. XRP was initially built on the Ethereum blockchain as a way to finance the project. With the foundation raising over $70 million through an initial coin offering.

Screenshot on the XRP whitepaper file

Discuss the social reach, project purpose, team, response from the market for the particular project.

• Social reach: XRP gained the attraction of many investors around the year 2018 which allowed it to be used for different smart contracts and the most important part of it is the P2P (Peer-Peer) feature enabled on the XRP network whereby users can make trades with each other without the involvement of third parties, this is indeed a very great feature which enhances the wide adoption of this cryptocurrency.

• Purpose of the Project: XRP as the blockchain-based decentralized platform comes with the purpose by which one can create decentralised applications (DApps), and share media content while the token XRP is used to gain access to certain features of the operating system.

• Team: The teamwork on the XRP network encompasses; Core system: just like every other blockchain network, XRP uses Virtual Machine (VM) where computers send instructions written in Java or Solidity to the VM which are further simplified into bytecode which can effectively run on any system, Application layer; which is a place where applications and smart contracts interact with the blockchain and thereby allow companies to easily add new services, Storage; this is a section that stores information directly written on the blockchain by users and smart contracts.

Discuss the factors supporting your decision and explain why the particular project will be a good investment.

• Competitors: XRP is doing great in its class as not many cryptos of its class have been widely adopted for smart contracts. Its feature of P2P definitely will give it more edge over other cryptos in its category.

• Market Capitalization: Having XRP at that number 7 gives more assurance that the future of the crypto is bright. And as such, it is regarded as Mid capital assets categorized with less risk of investment and reasonable profits on investment.

XRP rank on the market capitalization - coinmarketcap.com

• The Social Reach: The special feature of interaction of XRP network with smart contracts is a good factor to be put into consideration, with this the continuous adoption of XRP progresses and this is a good indication that the crypto will have a better market price in the nearest future and become more valuable.

Conclusion

Thanks to the crypto in the person of professor @besticofinder for this great lecture as he opened my sight to the latent aspect of fundamental analysis. I have learnt a whole lot.

Best regards
Cc: @trafalgar
Cc: @steemcurator01
Cc: @steemcurator02
Cc: @steemitblog
Cc: @besticofinder