1EMMing5G1oTE3hU4j7FhmAnue7D5AzxX2
Subscribe by Email

Truthful News for Cryptocurrency

Your honest source for all things blockchain and cryptocurrency

Ripple doesn’t like its own platform

Ripple likes the fact that largely the cryptocurrency community insists it’s the enemy. They want people to think its a blockchain made for banks by banks. They don’t want people to get the impression they are like other cryptocurrency.

They want people to see them as a singluar platform whose sole usage is for banks and by banks to make transferring fiat currency easier and cheaper for banks and users of fiat currency.

The fact however, is ripple is just like other currencies, and according to some, has benefits no other platform does.

Despite ripples best efforts to steer clear of tokens, they are actually a great platform for it.

A small company based out of Brasil called Allvor is creating a token for streamlining digital payments and they plan to issue this tokenized currency on the Ripple platform.

The allvor white paper state:

Allvor proposes integrating the XRP Ledger’s superior technology with systems and protocols used in e-commerce as a way to boost the cryptocurrency use on a global scale. The XRP Ledger, which is developed by Ripple Company, is the best and most efficient distributed database technology ever made. In the next years, the best and most consistent blockchain technologies will transparently integrate and operate with the various layers and protocols required to conduct financial and business transactions. The Allvor Project will be focused on developing and encouraging the development of such integrations in order to promote 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.

Ripple however, is less than enthusiastic about the public using its platform in such ways. In fact, one gets the impression that whereas they won’t attempt to stop it, they also will not welcome it.

According to a press spokesperson for ripple:

XRP Ledger is open-source and a decentralized platform, so people can build whatever they want, but Ripple isn’t interested in promoting or supporting ICOs on the ledger.

The plans for allvon however, show almost no concern for ripples opinion on the subject, as they are not seeking approval.

They plat to partner with as many mainstream commerce platforms as possible. There goal is to create plugins that will integrate with eCommerce solutions such as Magento and WooCommerce, with payment processors such as stripe, and with cryptocurrency debit card issuers such as Wirex.

They also plat to have their own hybrid payment gateway that will run entirely off of the ripple XMR public ledger.

Because of the way that ripple’s platform is designed, trust channels must be setup between users who are using the platform. So in order to receive the Allvor tokens, users will have to “opt in”. Some believe this is a good thing as it gives users more control over the tokens.

Allvor is creating 100 billion tokens that they will call ALV. Those who wish to opt in will receive 5% based on the amount off XPR they were holding on March 27.

Despite ripple’s statement of not promoting or supporting ICOs, Allvon doesn’t actually have plans to launch an ICO. According to the Allvon white paper:

Allvor will not do an ICO or a crowdfunding to raise funds. Its initial distribution will be made directly to the XRP holders community under the terms of our Initial Distribution program.

It seems the Ripple platform is turning out to be something very different from what many in the cryptocurrency community seemed to believe it to be and if more projects like this take place, it may be great for the future of Ripple.

The only question left is, how long will it take before others use the ripple platform, and who will be the first to launch an actual ICO with the platform.

%d bloggers like this: