The power is in your hands…
We are fast approaching the end of Q4 which includes the planned One Million RPD Coin Burn.
On recent Announcement for this months AMA which included the live burn, members of the community voiced their opinion about cancelling the burn…
What is a Coin Burn?!
Coin burning happens when a cryptocurrency is intentionally sent to an unusable wallet address to remove it from circulation. The address, which is called a burn address or eater address, can’t be accessed or assigned to anyone. Coin burning reduces the supply, making of that cryptocurrency scarcer.
Why Would Community Members Not Want To Burn?!
A few ideas have been put forward in our Official Chat why not to carry out the burn. Such as;
“So my suggestion instead of burning 1 million, we can make it to work for the project by using it for farm and syrup pool in pancakes, and this will also make Rapids more popular or you can have AMA on PancakeSwap too, but all this is left to Rapids team” Alex Dav.
“To due less members this 1 million burn events is not effects in rpd market. Instead of burning coin company should have to list rpd in good exchange and sell rpd there and from this revenue company may develop rpd network in next level” Jon S.
These are nice examples of what could be done with the coins instead, but why do projects use platforms like this to expand their reach;
PancakeSwap is a popular decentralized cryptocurrency exchange with gamification features and a range of channels through which to earn crypto. The platform has hundreds of tokens, yield farming, liquidity pools, lotteries and more.
Initial Exchange Offering, commonly referred to as an IEO, is a fundraising event that is administered by an exchange. In contrast to an Initial Coin Offering (ICO) where the project team themselves conduct the fundraising, an Initial Exchange Offering means that the fundraising will be conducted on a well-known exchange’s, where users can purchase with funds directly from their own exchange wallet.
Meanwhile, what is RPDx?
You may be thinking not another token chain, BUT…
Rapids has a innovative approach to solving one of the biggest problems within the Crypto space. That is, of course the all important “Mass Adoption”. We seek to bring the power of Blockchain to those who now avoid it. Rapids intends go to market with a viable solution.
RPDx is a Layer built on top of RPD. With RPDx it’s simple to create tokens to represent custom assets or currencies and to transact, exchange, crowdfund and much more (like the above platforms) but all via the Rapids Blockchain giving users the full “Blockchain At Your FingerTips”
Rapids Blockchain is built using the Quark Algorithm, Quark is a flexible, scalable, and user-oriented blockchain infrastructure by applying Blockchain Sharding Technology.
**Sharding is a database partitioning technique used by blockchain companies with the purpose of scalability, enabling them to process more transactions per second. … Sharding can help reduce the latency or slowness of a network since it splits a blockchain network into separate shards**
Some Interesting Facts About Rapids Blockchain:
- Rapids Blockchain can deliver 100,000+ on-chain TPS (transactions per second).
- No ludicrous Gas Fees!
- RPD utilizes a two-tiered, energy efficient network that combines a Proof of Stake (PoS) protocol, for the creation of new blocks and the security of the network, and a Masternode network to enhance the stability.
- Blockchain Validators (Masternodes holders) and Stakers earn 80% of each new block created.
Lets Get Back On Track,
and why are we here writing to you today… We are launching a Testnet of RPDx to facilitate a vote for the up and coming RPD Coin Burn. This gives RPD users a taste of sending and receiving on the RPDx Layer.
Masternode holders will be sent a “BURN” Token to their Masternode address(es) which is deployed on their core wallet. This Token will be their Vote!
What Is A Masternode?!
Masternodes are considerably different in their functionality than normal nodes for example, like on the Bitcoin network. Apart from keeping a copy of the full blockchain in real-time and verifying blocks/transactions, Masternodes fulfill other functions as well:
- Increase the privacy of transactions
- Enables instant transactions across the network.
- Holders participate in governance/voting
Each Masternode will be given one vote (Yes or No) for the One Million RPD Burn.
To Vote “NO Burn” send your “BURN” Token to: RoBRFWLMCHbsCcFdtYQmLR21cgf5K6e4J3
To Vote “YES Burn” send your “BURN” Token to: RmTcjyEBmfK9XaxKqDbyxd8tFMBgRJGGnb
YOU WILL NEED TO UPDATE YOUR RAPIDS CORE WALLET TO THE LATEST VERSION AND HAVE AVAILABLE RPD ON YOUR MASTERNODE ADDRESS TO COVER THE FEE!
You can download the new 4.0.7 wallet here and directly replace with your current, for example: Windows QT .exe file. This will activate the RPDx Token Layer and will not have any affect your RPD holdings.
- Holders will receive their Vote Token sometime on Wednesday 1st Dec
- Deadline to send your Vote is Friday 3rd 17:00 UTC before the AMA
RPDx Layer within Rapids Desktop Wallet. In this case for the Burn vote, your Masternode address holds the token and if you have multiple Masternodes then choose the address accordingly to send your vote.
Thanks for taking the time to read the latest goings on and we hope to discuss in more detail with you in one of our community groups.
I'm currently under contract with Rapids Network, which gives me the right to publish, republish, on their behalf, articles first published on Rapids Network/Medium.
If you have any questions, or if you believe that there is copyright infringement, please contact Rapids directly at https://www.rapidsnetwork.io/contact/.
See you soon
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