Ripple based ICO Coming Up Soon

First ICO based on Ripple

Few people are aware that Ripple has provision for smart contract. It seems despite the fact that the foundation has not made a habit of promoting that aspect of the platform, a group of coders have made up their minds to host an ICO on it.

Ethereum has been the well-known platform as far as smart contracts are concerned. Although lately, some teams have been trying out alternatives even as complaint about scaling have abound with Ethereum. Allvor is a Brazilian startup that is contemplating streamlining digital payments. The company has found the XRP platform an attractive alternative to Ethereum to host its initial coin offering.

The Allvor white paper is full of praises for the XRP platform which it described as the “best distributed database technology ever developed”. The company’s excitement at being among the first to use the platform for smart contract cannot be missed perusing the road map. They particularly highlighted the Ripple transaction speed as one of the benefits of using the platform among other advantages.

Allvor praises ripple

On their own part, Ripple announced that due to its open-sourced nature, the company would not prevent teams and other developers from using their platform for what they described as “exotic activities“. The spokesperson said, “Due to the open sourced code, Ripple would not hinder the use of its decentralized ledger. People can build whatever they want on it, although Ripple has never been interested in promoting ICOs”

Some analysts are saying that there could be challenges for the Allvor project judging from Ripple’s lack of enthusiasm in hosting and promoting ICOs. One of such issues they could face is integration with other applications. Although good coders would be able to build inter-connectivity needed to be a truly global payment solution, Allvor will do more than confirm transaction.