For only the second time in its history, an attempt at tokenizing Ripple’s XRP ledger through an initial coin offering (ICO) is being seriously offered by a group not formally associated with the company. It’s an interesting juxtaposition for a project widely believed to be actively separating itself from the messiness of the cryptocurrency world.
ICOs are an unintended use case, it turns out, for the legacy banking establishment’s favorite new settlement tech, and, if it proves successful, could push the XRP ledger into Ethereum territory. Also read: India Searches for Ethereum Over Bitcoin “XRP Ledger is open-source and a decentralized platform,” a Ripple spokesperson is reported to have commented, “so people can build whatever they want, but Ripple isn’t interested in promoting or supporting ICOs on the ledger.” The dismissive statement comes from the news that a Brazilian group of earnest XRP fans have launched Allvor, an ambitious ICO built on top of the tech, much in the way similar proposals happen on purpose with Ethereum.
ERC20 endeavours, however, come with considerable baggage, as less than honorable projects are associated with it. And in an increasingly competitive crowdfunding environment, entrepreneurs in this space are searching for inventive ways to present the idea.
Ripple has long been associated with traditional banking concerns, and boasts about that fact. It’s safe to assume an ICO touting even a loose association with the third largest crypto by market cap, and darling of the status quo, might be able to attract a pretty penny.
Allvor bills itself as “the first cryptocurrency issued in the XRP Ledger with a focus on e-commerce,” writes Cleyton Domingues, co-founder and Public Policy and Management Officer in Brazil’s Ministry of Economy, Planning and Development. Mr. Domingues, along with associates Syval Peres and Leandro Gonçalves, insists “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,” breathlessly describing XRP as “the best and most efficient distributed database technology ever made.” Complicating matters for Allvor are many-fold: for an ecommerce solution to work, it must have infrastructure, not just a claim to transaction speed, and that takes money; ALV, then, will be the token to help that process along. Read more from news.bitcoin.com…
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