Ripple(XRP) – Another feather to the cap of Ripple has surfaced with Allvor branding itself as the first cryptocurrency powered by XRP Ledger with a distinct functionality and a focus on e-commerce. Allvor proposed integration, using XRP ledger superior technology, if widely accepted, it will go a long way in boosting the cryptocurrency use on a global scale.
The team behind the idea says the Allvor Project is an independent initiative, which has no support or sponsorship from Ripple Company, but will use the XRP Ledger which is a development of the Ripple Company, the best and most efficient distributed database technology ever made.
“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 has said.
“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.”
In their whitepaper, Allvor team says, it
“will create and encourage the creation of tools that enable the intercommunication between the real-time gross settlement possibilities available in the XRP Ledger”
Allvor has its cryptocurrency represented as ALV. The platform hopes that the coin would be widely accepted in the purchase and sale of products and services all over the world.
Allvor and Ripple’s Internet of Values
Going by Ripple’s co-founder’s assertion on the Internet of Values that XRP Ledger represents, the beginning of the Internet of Value, in such a way that it becomes as simple to send money over the Internet as we send an email, Allvor is designed to reduce the cost of payment on the internet as well.
Does Allvor Plan Initial Coin Offering?
On like other cryptocurrencies, Allvor does not plan any form of ICO or a crowdfunding to gain funds for managing the system like other coins have been doing. The platform says its initial distribution will be made directly to the XRP holders’ community using the Initial Distribution program as a yardstick.
“The initial circulation of ALV will be performed through the free distribution to Ripple accounts created until March 27, 2018,” the team informs.
“If your Ripple account was active on this date, you may receive ALV through this Program.”
However, the amount of ALV that a Ripple account holder can receive will correspond with amount of XRP available in the user’s Ripple account at 1:00 (GMT 00) on March 28, 2018, (Ledger 37539810), with an increase of 30%, added to the standard amount of 5,000 ALV.
In this regard, users should note that “the maximum payment limit of the Program is 1,000,000 ALV,” the team has said.
The Team Behind Allvor
Allvor is a five-man team. Cleyton Domingues, is the Creator of the idea, Syval Peres, Leandro Gonçalves are Co-founder and Developer. Alessandra Sena, is the Designer and Luciano Oliveira is the UI/UX Developer. As at now, information of what the members of the team are up to has not been officially announced.
Allvor’s Payment Solutions
Allvors is designing the state of the earth payment solution. While many say the idea may not be reasonable going by little information available on the platform, the team highlights 5 main actions for a start:
- Plugin for the Magento platform
Allvor says has designed a plugin for Magneto, an open source e-commerce platform with thousands of virtual stores around the universe. The plugin will give room to merchant to “receive, in a simple and prompt way, ALV payments in their virtual stores.”
- Plugin for the WooCommerce platform
Allvor has designed a plugin to be used on WooCommerce, an extension of WordPress. The plugin will give opportunity to merchants to receive proceedings from sold products.
- Integration with Online Payment Providers
Allvor has a specialized system payment providers to include ALV as a payment method in their solutions.
ALV says it is the perfect currency for deposits of any amount in prepaid cards due to its low transaction rate.
- Hybrid Payment Gateway
Allvor is developing innovations that enable the operation of Hybrid Payment Gateways – HPG. HPGs are payment gateways that can receive ALV payments and process payments to sellers in both ALV and local currency in the location (country) where the HPG operates.
Ripple is winning it big this days. The altcoin is receiving big boosts from different spheres and walks of life. It is interesting seeing Ripple become the future of savings, payment and other banking transaction as time goes on.
Analysts say Ripple has high potential to unseat Bitcoin, Ethereum, Litecoin, and notable financial firms, going by the firm’s collaborations with banks, and financial companies over the world. The firm says it is aiming to partner with at least half of world’s top banks.