I've been describing it as ETH if you backed it like USDT and ran it like XRP.
It's not really a cryptocurrency in the way we think about them as alternative currencies. It's really a blockchain payments system.
I was reading the white paper and the technical paper this morning and although the node operators will be holding the interest for themselves, there will still be gas payments.
Also if anyone is interested, I have a longer writeup on my blog.