With the introduction of Bitcoin, the crypto world was plunged into a pool of new altcoins. This was because each crypto enthusiast wanted to perfect the Bitcoin protocol and in turn compete with it. The first generation of the crypto coins were focused on creating decentralized system while the second generation was focused on perfecting the flaws and successes of their predecessors. On the other hand, the third generation of cryptocurrencies are focused on providing new tech ideas that would make the coin work effectively for its users.
The competition in this world is quite high with the numbers of altcoins increasing day by day. However, the good thing with healthy competition is that the users get to benefit since each coin tries to deliver a new strategy to please its users. Even though crypto currency market still has a few glitches, we still hopeful some of the coins will be able to solve the major issues. For example, scalability.
In this article, we are going to discuss about the altcoins introduced in the aim of solving crypto wold problems; RChain (RHOC) cryptocurrency. In addition, we will look at its journey to present time, founders and any relevant information that will be aimed at giving you a better understanding of the cryptocurrency.
History of RChain Cryptocurrency
The main reason for the creation of this cryptocurrency was to deal with scalability issues. The crypto was designed to be scalable and still maintain uttermost efficiency in terms of transaction speeds. The crypto was created by Greg Meredith a developer with remarkable mathematics skills. He was able to develop Rho Calculus. He also served as CTO at Synereo Ltd in December 2016. Meredith is now the President of the RChain cooperative, company behind the RChain cryptocurrency. Greg also was an adviser of the Ethereum Foundation. Additionally, He collaborated on Casper’s Proof of Stake protocol alongside Vlad Zamfir and Vitalik Buterin.
Greg was able to design the general computation of the platform which is decentralized. Additionally, he was able to design the platform as a place where users can build secure applications that will aim at addressing the economic problems, social problems and political problems. Meredith is motivated by global problems and wanted to create a platform to tackle such issues with a more tractable capacity of coordinating human activity at a larger scale than that of a nation. Some of the problems he hopes to address include environmental stability, climatic change, poverty, trade policies among others.
The open source of the RChain is being developed by the RChain cooperative. Most of the applications in this platform will be developed by the RChain Holdings which is the profit entity of the project.
Benefits of RChain Cryptocurrency
Speed – the architecture behind this cryptocurrency is capable of easy accommodation of over ten thousand transactions per second. The team behind this cryptocurrency plans to launch a crypto with the capability of handling about forty thousand transactions per second
Trust – The RChain platform will be able to develop a space where developers worldwide can create tamper proof and safe solutions that are both fast and scalable
RChain cooperative – This is a public group that gives the RChain developers, users and investors an opportunity to interact. They are also able to access the platform’s open-source blockchain. This cooperative gives the users the chance to influence the future of the crypto coin.
Tools – currently, the developer’s tools in this platform are un-matched compared to the rest of the cryptos. The cryptocurrency will be able to offer a platform where developers of different worlds will be given the ability to code in any language they are comfortable with. This will allow easy connectivity of the developers and users while at the same time increase the effectiveness of this cryptocurrency.
Understanding RChain Cryptocurrency
The basics of this platform is designed from a branch of mathematics known as mobile process calculi which will help maximize the platform’s scalability. The platform will be able to support multiple blockchains both private and public even with the same nodes. The platform is secured through the POS (proof of Stake) consensus protocol.
Rho Virtual Machine
At the middle of this platform is the Rho virtual machine which allows applications to achieve remarkable speeds and scalability. The RVM (Rho Virtual Machine) execution environment is able to run multiple RVMs all at the same time. Whenever necessary, the environment creates a new RVM to handle the extra load.
In this platform, smart contracts will be written in Rholang. This is a reflective higher order coding language. It also supports internal programming. Moreover, the language makes the contracts versatile in design and incredibly fast.
Correction and security by construction of the smart contracts in this platform follows a formal verification method that will allow them to have high scalability levels.
The private token sale of this cryptocurrency started in August, 2017. It was completely sold out within 2 weeks. The RHOC tokens were sold at 20 cents per token.
The Future of RChain Cryptocurrency
The RChain company will be announcing it ICO very soon on its Mercury platform by the end of the year. The board of the Cooperative must first of all vote before the ICO happens. If the board decides to hold the ICO before the end of this year, it will start by the launch of it Mercury platform.
You will be able to store your RChain coins on MyEtherWallet since the crypto is compatible with any ERC-20 wallet. However, you should consider storing your coin in a hardware where it is safer for example you can use Ledger Nano S.
In conclusion, with the amazing team behind this cryptocurrency, the RChain will be able to solve one of the key problems in the crypto world; Scalability. Additionally, the RChain will be able to increase transaction speed as well as maintain a high levels of security. This will completely change the entire crypto world.