The various blockchain platforms out in the world today have done a great job at providing decentralized options and solutions in various industries. However, with how new blockchain technology and cryptocurrencies are, these options and solutions are far from perfect. Their designs are often full of speed, safety and scalability problems.
These architectural issues could slow down the adoption of blockchain technology in some industries, which is not a good sign for an emerging technology like blockchain. However, while this is a problem with blockchain technologies, a blockchain technology is hoping to provide the solution, which goes by the name RChain Cooperative.
What is RChain?
The RChain Cooperative is a group of individuals that came together back in 2016 to build a better architecture for blockchain technologies and applications, helping them scale and grow more successfully. The group is a one of a kind development and governance community for blockchain.
Based in Seattle, the members of RChain own, develop and control the open-source platform. This is very different from traditional offerings in the blockchain space as RChain Cooperative is an organized and rule-based community, something which many platforms or groups lack.
Another cool thing about RChain is that anyone can join the group. There is a one-time membership fee, but it is only $20 to allow people from all different walks of life to participate in the group. Joining the cooperative gives members benefits like access to the Discord channels, voting for project approvals and where the budget goes, the ability to elect Board members and more. Each member receives only a single vote, no matter how many tokens they own.
In addition to the Cooperative, there is also RChain Holdings, which is the for-profit entity that looks to grow the ecosystem around the platform by delivering services, creating products and forming partnerships.
What are the Advantages of RChain?
So why is RChain the better way? What sort of advantages and benefits do they have? Well, there are a couple. The first is the trust factor. RChain will allow people from all over the world create tamper-proof and decentralized solutions. These solutions will also be very scalable and work with lightning speed.
Secondly, the RChain architecture will easily allow for thousands and thousands of transactions every second, which will allow it to scale easily with an influx of users. They are working towards eventually reaching a goal of 100,000 transactions per second.
Another advantage of RChain is that the developer tools that come along with the platform are incredible and surpass most of the offerings of their competitors. No matter what your coding or development background is, their tools will allow you to connect your apps and products to the blockchain with ease.
Also, the existence of the RChain Cooperative itself is an advantage as it creates a community atmosphere and gives everyone a chance to feel involved and useful within the platform.
How Does it Work?
Originally, RChain was the culmination of a number of different innovations by founder Greg Meredith. The core behind RChain is based on something called mobile process calculi, which is a branch of mathematics that has been around for a few decades, that should help to increase the scalability of the platform.
The epicenter of the entire platform is the Rho Virtual Machine (also known as Rho-VM). Each instance of Rho-VM sparks an independent set of smart contracts on its own blockchain and networks as necessary. Because of this RChain is “sharded” by default, which then results in a network of coordinated blockchains. This multi-chain design has self-sufficiency in find and is unique to RChain.
This expansion and initialization of Rho-VM will allow RChain to handle scaling with ease, while also not negatively effecting consistency or performance. Also, while most blockchains use public keys to distinguish different addresses, RChain uses something called namespaces. Basically, these namespaces offer a semi-automated framework to execute sets of contracts based on features and other patterns.
The smart contracts that RChain use are also leading in the industry. They use a message-passing paradigm to lead to more efficient responses, which offers for a more sophisticated smart contract system.
If you want more (or more detailed) information about how RChain works and what is involved in the process, be sure to check out their whitepaper.
The RHOC Token
As mentioned earlier, RChain was originally founded back in 2016. Around a year later, on August 29th 2017, they had a private token sale. It lasted around two weeks before the team hit their hard cap of $15 million. The price of the token was originally $.20 USD, but is currently at nearly $1 USD. Since their token sale was private, there is a chance they will someday do a public ICO, but nothing has been announced or planned yet.
The Team at RChain
The team at RChain is led by President and Founder Greg Meredith, and Chief Operating Officer Kenny Rowe. Meredith is the President of the Cooperative and previously worked for Microsoft and has a ton of experience in development and many other types of projects.
Rowe is an entrepreneur who brings a unique focus on governance, collaboration and community building across the blockchain and crypto industry. He has worked in a variety of different management roles and brings a lot of experience and value to the team.
In addition to the leadership of the previous two men, the team is made up of several other experts in industries such as management, blockchain, development and more. Also, due to the community-focused nature of this team and platform, there are many other members of RChain from all over the world.
In conclusion, RChain is hoping to become a fundamentally new decentralized blockchain platform. They have a unique makeup and are hoping to be the solution for the scaling problems that often plague the blockchain industry as it exists today. RChain is still quite new, but they have a lot of potential if they can reach their goals and live up to their visions as a company, collective and platform.