Allvor to Become the First Cryptocurrency Powered by Ripple Technology

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by Polina Chernykh · 3 min read
Allvor to Become the First Cryptocurrency Powered by Ripple Technology

Ripple is making a big step forward as its XRP ledger’s underlying technology has been for the first time used to create the digital currency for e-commerce.

Allvor is the new project planning to launch the first cryptocurrency in the Ripple XRP Ledger with a focus on e-commerce. It suggested integrating XRP ledger superior technology into the protocols applied in e-commerce, what is expected to boost the new digital currency and make Ripple XRP a widely accepted digital currency.

Although the team is going to use Ripple’s technology, it is an independent project and is not sponsored or supported by Ripple. The Californian startup, however, has never been associated with virtual currency, as it mostly focused on providing its blockchain technology to big financial companies. But it can’t prohibit the application of its technology as it is totally open for developers.

“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 team said in a white-paper.

“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.”

Allvor has its own native token called ALV. It will allow users to buy and sell products and services all over the world using the Ripple wallet that is used to transfer payments and trade XRP currency.

The project aims to “encourage the creation of tools that enable the intercommunication between the real-time gross settlement possibilities available in the XRP Ledger with the technological resources used by merchants and payment solution providers for e-commerce.”

As opposed to other cryptocurrency projects, Allvor is not planning to launch any crowdsale to collect funding for the platform’s management.

“The initial circulation of ALV will be performed through the free distribution to Ripple accounts created until March 27, 2018,” the team said. “If your Ripple account was active on this date, you may receive ALV through this Program.”

All the 100,000,000,000 ALV tokens have already been issued and are will not be mined. According to the project predictions, the tokens will reach full circulation by 2030.

There have been different comments about Allvor, with some Internet users considering it a suspicious project due to a number of facts. In particular, there is not enough information about the team. “Who is behind Allvor? The page about the team provides just some names, but no LinkedIn profiles, no other social profiles, nothing,” reads a post on a Reddit website.

As Reddit users note, the project doesn’t look professional and seems “overly ambitious”. Moreover, they find it suspicious to tell a third anonymous party how much XRP they hold.

Ripple, meantime, is struggling to get registered on the two leading US crypto exchanges. As we previously reported, the company made a very hard-hitting attempt to get listed on Gemini and Coinbase, and even tried to pay a large sum of money to get their tokens listed on the platforms.

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Polina Chernykh

Polina is an undergraduate student at Belarusian State Economic University (BSEU) where she is studying at the faculty of International Business Communication for a degree specializing in Intercultural Communication. In her spare time she enjoys drawing, music and travelling.

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