Describing itself as the cryptocurrency for e-commerce powered by the XRP ledger, Allvor seeks to become the first cryptocurrency to use the XRP ledger to provide cryptocurrency solutions to the multi-billion dollar e-commerce industry. The startup aims to integrate protocols used in e-commerce with the XRP ledger’s technology to boost the use of cryptocurrencies on a global scale in e-commerce.
In its whitepaper, Allvor describes the current protocol used in internet connections, the TCP/IP protocol as unfit to handle money transfer. TCP/IP distributes thousands of copies of the same file to users globally which when applied to finance and money transfer creates the danger of double spending. Payment providers solved this problem and led to the e-commerce boom, but by today’s standards, they have become quite costly and their settlement times are longer. This necessitates the development of blockchain systems that solve these challenges and Ripple’s vision of an internet of value is ideal, the whitepaper states.
Allvor aims to become the first cryptocurrency utilizing the XRP ledger and will focus on the creation of intercommunication tools between real-time gross settlements offered by the XRP ledger and payment gateways used by e-commerce sites.
“The scale use of cryptocurrencies to purchase products and services will only occur when the protocols and tools used to support digital currency transactions start to operate in parallel and exchange information with the systems that support the other steps/processes involved in businesses,” reads part of the whitepaper.
To pioneer this interoperability and integration of both systems, Allvor outlines six salient features of its network as: having the best blockchain through the use of the best technology, the XRP ledger; dissemination of the internet of value to lower operation costs; integration with protocols and systems that underpin the e-commerce market; a simple and prompt platform that aims to improve usability of cryptos for transactions; a strong and cohesive user community and a flexible network that is futuristic.
Allvor has a native digital token known as ALV whose use it will encourage in the purchase and sale of products and services. The token can be stored in a Ripple account just like XRP and users can send, receive and trade in ALV through the same wallets they use for XRP.
Allvor has developed plugins for Magento and WooCommerce and will readily integrate with online payment providers such as Stripe and cryptocurrency debit card providers such as Wirex.