Allvor will be the second to try launching token on Ripple network after last year’s attempt by John Holmquist. The startup said projects can take advantage of the situation at Ripple, namely a huge network and a large amount of XRPs being not utilized.
Allvor to launch a new project onto Ripple
Allvor is cryptocurrency but a project that also provides a plugin for Magento. The plugin for integrating WooCommerce with online payment, debit card, and hybrid payment gateway. It also provides desktop wallet and exchange.
Ripple’s high transaction speeds and a design was their attraction to the project and the company hopes that the platform will become a good option for e-commerce.
Allvor co-founder Cleyton Domingues said the ideal for merchants would be to install software and plugin that makes payments possible within 10 minutes. However, he said their challenge was to make software that achieves integration.
Allvor crypto is launching with an opt-in model where 5 percent of tokens will go to those opting in. This will depend on the number of tokens they held on March 27.
Domingues said Ripple is largely an untapped platform. He said the community is very strong and a project can tap into the network that has investors sitting on XRP and having nothing to do with it.
Allvor’s action is the second since an entrepreneur John Holmquist tried launching his token onto Ripple mid-last year. However, the project halted due to regulatory trouble. He refunded money amounting to $1,500 worth of XRP to the investors.
Other platforms in competition
One of the criticisms for Ripple XRP is that many sits on the tokens doing nothing with it yet stirring demand could lead to price rise. Therefore, one of the ways of spiking this demand is to launch a token on its platform.
In comparison, Ethereum already attracts so many projects and is a popular option for many launching tokens and building new projects. However, other platforms with similar features include Stellar and NEO.
A Ripple spokesman indicated that there would be no problem with having people build projects on it.