Ripple, which has concentrated on using the XRP token it helped create to provide back-end services for banks and other financial institutions, will soon have another cryptocurrency using its ledger tech.
Allvor is the first proposed crypto to want to make use of the Ripple XRP Ledger and will, we’re told, aim to provide an e-commerce solution. It will be an independent entity from the Ripple company and the Ripple token it created (XRP) – both of which, while simultaneously being lauded as promising applications of blockchain technology, have come under scrutiny since their launch. The spotlight has generally been shone on Ripple – the company – and its policy of holding on to such a large cache of Ripple coins (XRP), causing many to wonder whether that renders the latter a security.
Although Allvor intends to use Ripple’s technology, it too is touting itself as an independent project that will utilise the open source nature of the XRP code.
“The Allvor Project,” its whitepaper says, “will be focused on developing and encouraging… the widespread use of the ALV token along with the systems that support the trade of products and services, ranging from small virtual stores to large e-commerce players.”
This ALV token, the company hopes, will allow the buying or selling of products using Ripple wallets that already handle XRP currency. Strangely, there will be no ICO for Allvor, though. Instead it will manifest in a very similar way to the hard-fork of a currency – with XRP accounts active on March 27th this year able to receive ALV if they establish a trust line to their XRP wallet via the Allvor.org site. According to this thread, this action should not put Ripple-owner’s XRP at risk.
Apparently, all of the 100,000,000,000 ALV tokens have been issued, and no mining will take place. The project expects all of those tokens to be in circulation by 2030.
Reddit, and other social platforms, have seen a certain amount of scepticism regarding Allvor, related around the relative anonymity of is creators and the overly ambitious nature of its proposal. Should you be interested, however, its Whitepaper can be found here.