'Fake' XRP Classic Token Surfaces, Most Likely a Scam, Ripple Supporters Claim

An Ethereum ERC-20 compliant token called “XRP Classic” (XRPC) has surfaced and it has recorded $526 in trading volume in the past 24 hours.

Looking at other details related to XRP Classic show that its total supply is around 645 billion XRPC, however CoinMarketCap’s market data tools have not been able to track its circulating supply. Notably, the Ethereum-based token uses the same logo as Ripple but in an orange color (instead of blue).

According to XRP Classic’s website, the XRPC token is based on a decentralized blockchain network. The site also claims that the XRP Classic platform allows all XRPC tokens to be traded via an automated system. Going through XRP Classic’s whitepaper reveals that it is also supposed to be a platform for creating marketplaces for freelancers.

A Decentralized Marketplace For Freelancers?

As noted in the whitepaper: "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.”

As described in the formal write-up, the XRP Classic platform aims to “serve as a state-of-the-art peer-to-peer (P2P) marketplace” for freelancers and the companies looking for professionals to complete various projects. Similar to how many other blockchain-based services operate, XRP Classic’s freelance network does not “involve a middleman and allows [freelancers] to create potential long-term collaborations ... getting a fair share for their efforts while buyer getting quality work at optimal rates.”

"Retweet" Warning Against Potential Scam 

However, XRP supporters have said that XRP Classic is clearly a scam. Expressing his frustration and disappointment regarding the new XRPC token, Twitter user AleXRP (@Alexcryptox) remarked: “WHAT SCAM IS XRP CLASSIC AND WHY IS COINMARKET CAP LISTING IT!!'

In order to spread awareness about the alleged scam, AleXRP asked his followers to “wildly” retweet his warning message. The corporate executive trainer also wrote that the crypto space needs a proper regulatory framework so that people are protected from fraudulent activities.

Some social media users suggested that XRP Classic might even be a harmless joke, however AleXRP insisted that XRP Classic was being promoted by “an active malicious group trying to get a fake coin on the market.” Meanwhile, Wendy Moon (@RippleyMoon), another XRP supporter, observed that XRP Classic’s Twitter account already had 4,000 followers - which she said was “disconcerting.”

Facebook’s Digital Wallet Subsidiary Calibra Rebrands to Novi

Facebook’s digital wallet subsidiary Calibra has rebranded to Novi, a name that was inspired on the Latin words “novus” and “via,” meaning new and way, respectively.

The rebrand came with a new design meant to represent the “fluid movement of digital currencies,” while maintaining the Libra icon on its logo. An announcement the firm published reads:

While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services.

The announcement details that users will be able to use the Novi wallet as a standalone app to send and receive Libra digital currencies, and that it will also be integrated into Facebook’s Messenger and WhatsApp applications.

Per the announcement the wallet will include “no hidden charges,” and transactions will be instant. To use Novi, customers will have to be verified using government-issued ID, and “fraud protections” will be built-in to prevent illicit uses.

It further added that Novi hopes to launch when the “Libra network is available.” An initial launch will only include a specific set of countries, and the firm will have a customer support team available 24/7 to help out its users.

In a FAQ section on Novi’s website,e the firm seems to imply there will be minimal to no transaction fees, as the answer starts with a “what you send is what they get,” before adding users won’t have to worry about hidden charges. It concludes Novi is “cutting fees to help people keep more of their money.”

On social media Kevin Weil,co-creator of Libra and Novi’s VP of Product explained the rebrand came as it could be confusing for people to have two different organizations, the Libra Association and Facebook’s Libra wallet subsidiary, with such similar names.

Featured image via Unsplash.