RChain Cryptocurrency Review
What is RChain?
RChain is a blockchain platform designed for a better performance of transactions, developer tools, and safety.
The problem
Nowadays, blockchain based organizations are getting prosperous gradually. But the blockchain technology itself is not free of drawbacks and has room for enormous development.
Blockchains usually face difficulties related to scalability, security and transaction speed which are enough to hamper the productivity of the organizations based on them. Taking this circumstance, this blockchain solution is present with suitable solutions and looks forward to ensuring fast safe and scalable blockchain.
What does RChain offer?
It is a 3rd generation platform constructed by Rchain Cooperative, a Seattle-based startup company.
The Co-op is the development and executive community that handles, improvises this open source platform. Lucius (Greg) Meredith, the founder of Rchain, thought about such a platform in order to implement it on a project named Synereo as he was acting as the CTO of that project.
With a view to resolving various political, economic, social problems and running secured applications, he outlined Rchain.
Global issues like environmental imbalance, unstable monetary protocols, poverty etc incentivized him to design such a decentralized platform. After a few controversies, Meredith left the share of the project Synereo and came out of the league and got even more inspired to design the blockchain.
Paying a $20 USD fee, anybody can earn membership and can join the Cooperative. The registered members enjoy following facilities:
- Access to every Discord channels of Rchain
- Ability to join in executive committees
- Right to participate in electing board members
- To have a say in the distribution of budget and project approval
Rchain Details
Rchain is designed with a view to transforming the shape of blockchain tech and creating a safe, scalable blockchain that can adopt concurrency. Unlike other renowned cryptocurrencies which have not been completely capable of achieving concurrency, Rchain will employ reflective higher-order language, shortly, RhoLang.
This language sustains internal concurrent programming which means that the smart contracts of this platform are concurrent and authorized on the blockchain.
A concurrent execution engine named Rho Virtual Machine is used to run the contracts written in RhoLang.
Rchain Token (RHOC)
On 29th August 2017, a private token sale took place and the desired volume of tokens was sold out promptly. At the end of that day, RHOC tokens worth $5 million were distributed pricing 20 cents per token. This ERC20 token has a maximum supply of 1 billion tokens. At present, each coin costs $1.80 USD. On 9th January 2018, the price of RHOC experienced an extreme north-shift and hit $2.83. The tokens are not mineable.
How to Buy and Where to Store RHOC
At present, four trading exchanges such as Kucoin, Token Store, ForkDelta, and ChaoEx provides RHOC token.
As RHOC is an ERC20 token, it can be stored in any ERC20 supporting wallet. Users’ community mostly uses MyEtherWallet (MEW) due to an easy procedure.
Hard wallets like The Ledger Nano S are recommended to ensure maximum security of the coins.
Conclusion
Rchain is secured by Casper Proof-of-Stake and powered by Rho Virtual Machine. Such a productive platform is exactly what is required to find the missing pieces of the puzzle, the probable solutions to the major shortcomings of the existing shape of blockchains.