RIchCoin

The Coin of a Better Age [XRI]

About

When Bitcoin first launched in 2009, no one knew what it was, but 9 years later, it is a cryptocurrency synonymous with the words "future" and "rich". However, it has some flaws in its system. ASIC miners dedicated solely to hashing SHA-256 and mining Bitcoin now dominate a large part of the Bitcoin ecosystem, and the thousands of dollars each Bitcoin is worth aren't making it much more accessible either.

hi

RIchCoin started as (and still is) a project created by some students from RI in an attempt to fix some of the major flaws that we found in Bitcoin, as a concept coin that showcases some of the possible solutions to these problems.

can you see this?

Despite having the budget (and time management skills) of 15-year olds, we managed to create a coin with a dedicated Amazon EC2 server node, inflationary block rewards, and multi-algorithm support. We hope you enjoy it as much as we did creating it.

bet you think you're so smart, huh

Look below to see what makes RIchCoin so much better:

but this was MEANT TO BE SEEN

Our Whitepaper (Coming Soon)

Features

Multi-algorithm Support

With RIchCoin, you can mine with 5 algorithms: scrypt, x17, Lyra2rev2, myr-groestl, & blake2s. With 5 algorithms at play, it would need more than 50% of all computing power on the network to carry out a 51% attack, making such attacks theoretically impossible.

In addition, more GPU-optimized algorithms, giving them a more even playing ground against possible ASICs in the future, reducing competition with ASICs and chance of them overdominating the blockchain.

hi again

Stable Inflation

For the first 8 years, the block rewards will halve at certain checkpoints, giving the currency a deflationary curve. This is to stabilize the economy in its early stages, and carefully introduce currency into the ecosystem. However, we believe that this is not feasible as a long-term protocol, as it could cause overinflation and instability as seen with Bitcoin's sudden growths and dips.

Hence, after the 4,224,000th block, the network will shift to having gradually increasing block rewards, scaling with the average block difficulty and number of blocks created, allowing for stable, safe, and long-term inflation.

did you miss me?

Fast Transaction Times

Bitcoin's current protocol aims towards 10 minute transaction time, but only readjusts hash difficulty every 2016 blocks, creating noticeablely long transaction processing times, sometimes taking up to twice the time, or much more.

That is why we set the protocol to aim for 1 minute blocktimes, readjusting the difficulty EVERY block, ensuring efficiency in the RIchCoin network.

I sure didn't.

Dedicated 24/7 Server Node

We have also set up a dedicated server node using Amazon's EC2 services that you can connect to 24/7, meaning you can connect to the RIchCoin blockchain swiftly with no hassle.

Copyright RIchCoin Developers 2018