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XRP Classic is a cryptocurrency project that surfaced online earlier this month. Find out everything you need to know about XRP Classic (XRPC) in our review.
What Is XRP Classic?
XRP Classic is a new digital token based on the Ethereum blockchain. Unlike XRP, which has its own blockchain, XRP Classic is an ERC20 token on Ethereumâs blockchain. Although the name suggests that itâs a hard fork of Ripple, this does not appear to be the case. In fact, everything about this token seems to be a scam.
The token appeared online in early January. Itâs listed under the symbol XRPC. Although originally listed on CoinMarketCap, the coinâs listing page has since been removed.
The official website of XRP Classic appears to be XRPClassic.io.
Overall, XRP Classic is an obvious scam. The projectâs official website mentions things like an âautomatic trading systemâ that connects to forex brokers and makes trades automatically based on an âalgorithmâ. A whitepaper, meanwhile, is listed on the website but appears to have been entirely plagiarized from a separate project.
Thereâs limited information about the project online. Thereâs no reason to believe the project has any realistic goals. We know nothing about the team behind XRP Classic.
Letâs take a closer look at everything we do know about XRP Classic.
How Does XRP Classic Work?
XRP Classic is an ERC20 token on the Ethereum blockchain. Thereâs limited information about the project online. However, the official website mentions three core features of the project that aim to differentiate it from the crowd:
Automatic Trading System
XRP Classic describes its automated trading system as being âcompatible with main crypto exchanges and forex brokers to connect the algorithm with your account without need to move your funds.â Seriously â thatâs the word-for-word description on the official website. We assume the XRP Classic team is trying to convince you that thereâs some magical automatic trading system in place that will generate profits using your account.
Streaming Ecosystem
âXRP Classic work as a long-term sustainable incentive mechanism to motivate all stakeholders to participate in the DSN,â explains the official website. Itâs unclear how this streaming ecosystem would work or what exactly is being streamed by the network.
Decentralized
The website mentions that XRP Classic is decentralized. However, underneath the word âdecentralizedâ, the XRP Classic team explains features of its automated trading system. âReceive alerts of exclusive and high-quality trading signals with +85% of accuracy to trade it yourself on any broker or exchange.â
It doesnât take much reading to determine that XRP Classic is a scam. The website is filled with broken English and unusual claims. The team appears to be clumsily trying to convince you that they have built automated trading software capable of generating accurate trading signals 85% of the time or more.
XRP Classic Technical Capabilities
The XRP Classic website features very little information about the technical capabilities of the XRPC token. However, here is what we do know about the token at this point:
- Total Token Supply: 645 billion
- Total Circulating Supply: 545 billion
- Token Decimals: 8
- Symbol: XRPC
Today, XRP Classic is an ERC20 token on the Ethereum blockchain. However, itâs unclear if the projectâs team wants to launch on its own blockchain in the future.
Hereâs how the website explains the technical features of XRP Classic:
âXRP Classic presents a decentralized accessible blockchain and cryptocurrency infrastructure; it is absolutely open source content management system. XRP Classic is promoting a smart contract platform, the main goal of which is to provide the most progressive properties no other platform is able to offer right now.â
This is complete gibberish. Itâs unclear what XRP Classic is talking about, or how they plan to achieve any of their technical goals.
Nevertheless, the XRP Classic website claims that âa huge international team of highly-qualified engineers and scientistsâ is actively working on the project to make XRP Classic the best cryptocurrency it can be.
The XRP Classic website does feature a whitepaper, by the way. However, the whitepaper appears to be copied directly from other blockchain projects â including a project for a decentralized freelancing platform. The creators of XRP Classic appear to have replaced all mentions of the other platform with the word, âXRP Classicâ to make the whitepaper their own.
The whitepaper also frequently mentions smart contracts, and claims that XRP Classic will use smart contracts to reinvent the gig economy. XRP, of course, does not support smart contracts. This information appears to be largely copied and pasted from another project.
As other news outlets have pointed out, XRP is a hard blockchain to fork. XRP Classic, however, appears to be totally unrelated to XRP aside from its name. Itâs an Ethereum-based ERC20 token with no relation to XRP â although the scammers running the website want to convince you that itâs all a hard fork of XRP.
How To Buy XRP Classic
As far as w can tell, XRP Classic (XRPC) is only available for trading on two exchanges: Token Store and MercatoX.
Various other exchanges are listed as âcoming soonâ on the official website, although it seems unlikely that any major exchange will list a token that seems to be a scam.
Whoâs Behind XRP Classic?
The XRP Classic official website features no information about the founding team or anyone involved with the XRPC project.
There is contact information listed on the official website but this contact information goes to the person who created the WordPress theme that the website is using. We have no further information about who is behind XRP Classic, where the projectâs team is located, or anything else you might want to know before investing in a project.
XRP Classic Conclusion
Based on everything we can see online, XRP Classic is an obvious scam that should be avoided. The official website is a mess of random information about the project. Thereâs no information about the founding team or headquarters. Thereâs no information about the future goals of the project.
As far as we can tell, XRP Classic is a scam ERC20 token on the Ethereum blockchain with no future goals or development plans. The website vaguely mentions automated trading algorithms and other systems, although it seems unlikely these algorithms will deliver an â85% accuracy rateâ when trading cryptocurrencies and fiat currencies.
For all of these reasons, XRP Classic (XRPC) is one cryptocurrency project you should absolutely avoid.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.