Ripple draws attention to an ICO using its technology

Ripple draws attention to an ICO using its technology

For the second time this week, Ripple or XRP’s main technology has drawn the attention of the crypto community. This time, a group, which is not at all associated with the firm, is seriously considering an initial coin offering (ICO) with the help of the digital currency’s ledger. The previous one was the establishment of Allvor, a virtual currency, for e-commerce. As the ICOs is not an intended use case, its success could put the XRP ledger into the territory of Ethereum.

Not Keen On Promoting ICOs

However, news.bitcoin.com reported that Ripple is not showing any interest in either supporting or promoting ICOs on its ledger. Significantly, the comment from a spokesperson came on the back of a Brazilian group unveiling an ambitious Allvor ICO that is focused on e-commerce. This could suggest that it was moving in the same way like Ethereum. The firm’s official indicated that XRP ledger is an open-source and decentralized platform. Therefore, its platform provides enough room for creating whatever the user wants.

There were already concerns from traditional bankers on the association of Ripple. Therefore, there is every possibility to assume that an ICO could have an association with the XRP, which is the bird biggest in terms of market value in the digital currency market. However, there were doubts that this kind of a situation would not help any ICOs to attract even a penny.

A commentator has reportedly reacted to the latest development stating that “telling an anonymous third party how much XRP you hold and what is/are your account(s). If you don’t use a proxy, you will reveal to Allvor your IP address too, because you will have to use their app to register, see their whitepaper. Maybe you will reveal, even more, so far we don’t know what the registration will exactly look like.”

The commentator has also pointed out that Ripple or XRP is already not in a position to get its digital currency listed on any of the American exchanges for trading. The company has even offered money or favors to get it listed on the exchanges and found to be isolated. It will be interesting to see if the new project involving XRP will list or not.

Ill-Fated Project

The current week’s efforts were not the only one to be tried for a Ripple ICO. For instance, Jon Holmquist unveiled an ill-fated project in summer of last year. Two days later, it was squashed by the concerns raised by the SEC. Holmquist also indicated that he was not ready to bid any of the PRX tokens in the auction since he was barred from doing so based on the American auctioneering laws.

Earlier this, there were doubts on the Allvor project as some of the users were not ready to endorse the project. In fact, some of them have even termed it as suspicious one citing a number of factors to support their views. One among them was the lack of information about the team and their profiles. As a result, it earned the tag of an unprofessional one besides being an over-ambitious project.

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About Sean Halverson 12441 Articles
Sean Halverson knows an emerging opportunity when he sees one. He's gone big into cryptocurrency. He has been contributing towards ICO Advisory and Start-Up since a couple of years. With his experience, he decided to study the cause and effects of fluctuations in the cryptocurrency market and to share his knowledge with the crypto enthusiasts.