Current cryptocurrency projects often face competition from their clones, and even Bitcoin has many “versions”. It seems that now the XRP lineup has come, as a digital asset has recently been introduced under the name “XRP Classic”.
Yes, the title seems to be a problem. And most importantly, it is unclear what the XRP Classic asset itself is, and how it differs from the well-known Ripple XRP.
Of course, reusing the XRP logo in the future can lead to discussions and controversies. This new project is unlikely to have been approved by Ripple or the XRP developers, which makes it appear rather suspicious.
As stated on the project website, XRP Classic should be an industrial decentralized solution. Although the asset information contains quite a few industry-specific buzzwords, the achievement of an “industrial decentralized solution” seems to be problematic. It also does not explain why the project is trying to leave on the shoulders of XRP, at least considering that it seems to be aimed at a completely different market.
According to information from the Internet, the XRP Classic team intends to create an automated trading system that will be compatible with all major cryptocurrency exchanges and forex brokers. The main advantage of the project, presumably, will be the mechanism that encourages participation in this automated trading system, and high-quality trading signals are promised to users.
The XRP Classic ecosystem also promises access to smart contracts, which does not necessarily mean legitimate digital assets. This is another way to entice investors who will invest “in something called XRP.”
It is also mentioned that trading XRP Classic (XRPC) will be available on numerous sites. For example, the exchange has already launched Mercatox XRPC trading in pairs with Bitcoin, Ethereum and TUSD. Perhaps such a decision will have negative consequences for this exchange in the future.
References to the XRP Classic “partners” do not lead anywhere on the website. This, apparently, suggests that this project has no active partners to talk about.
It is also unclear who is behind the XRP Classic project, since the official team members are not listed on the site. The domain is registered through Namecheap at the end of October 2018, and the phone number on the website seems to belong to a landline subscriber in Bangladesh.