RChain has been one of the more predictable performers of the month. It reached its monthly high of 14099 satoshi on July 1st and has since experienced a slow but determined bleed. As a result, the coin is currently valued at 9285 satoshi, which is a 4,98% improvement in the last 24 hours. Its USD value is somewhat closer to the monthly highs, which sat around $0,90. One RHOC is currently priced at $0,75, recording a rise of 4,19% in the last 24 hours. All of these suggest that Rchain isn’t exactly the trader’s darling at the moment, and its current daily volume of 44 BTC confirms that. Still, it commands a somewhat respectable market cap of $272,249,783 which is enough to make it the 48th most valuable cryptocurrency on the market, sitting just below Waves and above IOST.
RChain is a project that’s looking to alleviate some of the major pain points that are hurting the blockchain platforms of today. Issues of transaction speeds, scalability, security and commercial application are still alive and well, as projects struggle to provide a functional, usable solution that will be reliable. Started by Greg Meredith and Mike Stay, the platform will function on top of Greg’s rho calculus, a computational model which drives the concurrency necessary for RChain to provide a fast, secure, and scalable blockchain infrastructure solution.
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RChain will apparently support multiple blockchains at once (both public and private), even on the same node. These blockchains will be secured by a proof-of-stake protocol which enables these blockchains to interact in a secure manner. Smart contract verification will be done on Rchain with said contracts being written in RhoLang. Said contracts will run on the Rho Virtual Machine. You can check out this detailed summary of the coin, if you would like to know more.
The project is currently making strong progress on integration tests, bug resolving and node testing. There are currently several teams working on Rchain infrastructure, including Pithia, Reflective Ventures, RChain Europe, RChain Asia etc. Their efforts and progress can be followed through their weekly community debriefs which are posted on RChain’s official YouTube channel. These debriefs take place every Wednesday at 11am Pacific Time and the latest one, Rchain Community Debrief 87 can be seen here.
Some of the biggest project updates as of lately include the project releasing an instruction manual on how to perform RHOC/REV token swap once the RChain mainnet goes live in Q4 of 2018. RHOC tokens are ERC-20 tokens that will need to be migrated into the new REV native blockchain tokens, once the mainnet goes live. They will also organize a Seattle Deal Day on July 27th in cooperation with Reflective Ventures. This will be a great opportunity to network with a variety of blockchain-savvy industry leaders. 6 blockchain dApps and start-ups will get to present their ideas in front of a large audience and a panel which will include Greg Meredith of RChain, Alex Ortiz of LifeID, and Kevin Valentine of Reflective Ventures. The full event will be live-streamed here.
RChain promises to “outtech” Ethereum or Bitcoin, not much is known about their actual capabilities to do so. Detractors point out most of the development appears to be outsourced and we’ve yet to see a working product. According to their roadmap, the testnet is scheduled for launch in Q4 (September) of 2018 and this will give us a better insight into what the future holds for RChain. As it looks right now, it is more of a pump coin rather than a legit project.