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Allvor is a new and first cryptocurrency project in the ripple ledger

Allvor is a new and first cryptocurrency project in the ripple ledger

For the first time, Ripple or XRP ledger’s core technology is getting the attention for establishing the virtual currency, Allvor, for e-commerce. Interestingly, the move comes on the heels of Coinbase launching a fresh concept, i.e., Coinbase Commerce API. It is very important that digital tokens are used widely in e-commerce activities due to its nature. The latest effort is a step in the direction of promoting the virtual currency to be accepted widely. Ripple is the third biggest cryptocurrency in terms of market value.

Independent Project

According to a report in coinspeaker.com, though Ripple’s technology would be used by the new project team, it would be of an independent project. That meant the project was not either supported or sponsored by the virtual currency. In any case, the startup was not linked with digital currency since its objective was on offering its blockchain technology to large financial firms. As it is open for developers totally, it had limited role in curbing the application of its technology.

In a white-paper, the team believes that the blockchain technologies would transparently merge, as well as, operate with a number of layers and protocols needed to do any financial and business transactions. It was confident of achieving it in the upcoming years. Allvor is not ready to introduce the crowdsale project to collect funding for the platform’s management, unlike any other virtual currency projects.

The team indicated that “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.”

The new project will have its native token known as ALV enabling users to buy or sell products and services with the help of Ripple wallet throughout the world. The wallet is used for transferring payments, as well as, trades the virtual currency XRP. Incidentally, Ripple is struggling to get listed in the American crypto exchanges as its move to get listed on Coinbase and Gemini failed to see the light.

Free Distribution of Ripple Accounts

Allvor or ALV would be initially circulated to Ripple accounts established until March 27 for free. However, the account should be active on that date to get the token from the program. All the 100 billion tokens have been issued and would not be mined. Based on the estimations of the project, the digital currency would reach full circulation by the year 2030.

However, doubts have been raised about the project Allvor. Some of the users were not fully convinced and termed it as a suspicious one citing several facts to back up their arguments. For instance, enough information about the team was not provided. In a Reddit website post, there was a question as to who is behind the project. Though there were some names, there were no social profiles or LinkedIn profiles. As a result, the project earned an unprofessional tag and “overly ambitious” one.