'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.”

Dubai-Based Real Estate Giant Aiming to Launch Token on JPMorgan’s Quorum

Siamak Masnavi

Dubai-based real estate developer Emaar Properties says that it plans to launch this year a blockchain-based referral and loyalty platform called EMR that is being built on Quorum, JPMorgan Chase's enterprise-focused fork of Ethereum.

Emmar Properties is one of the world's leading real estate development companies. Its best-known project is Burj Khalifa, which is the world's tallest building. This is a skyscraper in Dubai, United Arab Emirates (UAE) that has a roof height (i.e. total height - the height of the antenna) of 828 m (2,716 ft ).

According to a report published on October 17 by local media outlet ArabianBusiness.com, the EMR platform rewards Emmar's customers with EMR tokens. Emmar says that these tokens "will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users."

Emmar Chairman Mohamed Alabbar had this to say:

We didn’t become Emaar by standing still, or by thinking small. By launching the EMR utility token ecosystem, Emaar is expanding the concept of connection. We aren’t just looking into the future — we are building it.

It will be possible for customers to use a mobile app (available for iOS and Android) to "access the referral and loyalty system and earn or redeem EMR tokens."

Hadi Kabalan, director of tokenisation at Emaar, stated:

We have an existing ecosystem and a large customer base, as well as millions of further potential users globally who have yet to discover Emaar. Our blockchain token platform positions us to grow our user engagement with today’s digital-native, mobile-first generation who expect a fairer internet and want to be part of the conversation.

For those of you who have not come across Quorum before, here is how a member of the Quorum team described the project in a reply to a Reddit post in November 2018:

"Quorum is a fork of the go-ethereum (geth) client with a few updates that add enterprise level features such as supporting private txns, node permissioning, fast consensus algorithms, block finality, and some others. It was originally created through a joint effort by JPMorgan and core engineers from the Ethereum Foundation. Beyond that, it has advanced to keep up with geth releases and has a full time team dedicated to it and its sub projects... Quorum does not have a mainnet, and the expectation is that users of it set up their own network, be it private or otherwise (we are aware of several that are public)."

Featured Image Credit: Photo via Pixabay