Ethereum-Based ‘XRP Classic’ Copies Ripple Logo, Begins Trading on Crypto Exchanges
An Ethereum-based token called “XRP Classic” has surfaced and is now listed on crypto exchanges Mercatox and EtherFlyer, trading under the symbol XRPC.
XRP Classic is also on the crypto price tracker CoinMarketCap with extremely low volume, although it does not appear in CMC’s search results. The coin first appeared on Twitter on December 24th, where it was quickly labeled a scam by XRP supporters.
WHAT SCAM IS XRPCLASSIC AND WHY IS COINMARKET CAP LISTING IT!!!
This is a prime example of why we need regulation to save people from this! pic.twitter.com/psgFXPeFe7
— AleXRP [GIVING AWAY XRP AND FINANCIAL ADVICE] (@Alexcryptox) January 14, 2019
The ERC20 token uses Ripple’s logo in an orange color, and has a website that describes XRP Classic as a “decentralized accessible blockchain and cryptocurrency infrastructure” that will offer crypto investors an automated trading system.
However, the white paper describes something completely different, and says XRP Classic is a platform designed to create a new marketplace for freelancers.
“XRP Classic is a modern age freelance marketplace created with the aim to resolve all such issues faced by traditional freelance industry and enable seamless, risk-free connectivity between freelancers and buyers at minimal costs. It serves as a state-of-the-art peer-to-peer marketplace for offering and hiring services without involving a middleman and allow them to create potential long-term collaborations with freelancers getting a fair share for their efforts while buyer getting quality work at optimal rates.”
The white paper also includes a section on how XRP Classic will serve the emerging Internet of Things industry.
“As the next generation IoT network technical architecture based on Internet of Value, XRP Classic applies a unique XRP Classic algorithm to meet the requirements of the blossoming IoT industry. The inspiration for the XRP Classic algorithm comes from the formation of ions. In inorganic chemistry, when salt is ionized, it produces anions and cations, which can be combined again to produce new substances. Similarly, the XRP Classic algorithm separates two core functions of value creation and value transfer on the blockchain.”
The coin’s website features a partners section with three images that lead to nowhere. The site does not have a list of official team members, and lists a phone number located in Bangladesh.