A new cryptocurrency will continue the Rubycoin legacy. This will be under a more professional brand to ensure its longevity and relevance in an industry evolving at incredible speeds.
The vision for this new cryptocurrency is centered around creating a pure proof-of-stake blockchain that can properly support and encourage decentralized applications.
The conversion process is structured in a way that existing holders cannot lose funds and will receive an equal amount on the new blockchain.
- Latest bitcoin code
Utilizing the latest Bitcoin code provides stability and security, while also allowing developers to use existing open source code for efficient integration into platforms, products, and services.
- Offline staking
Securely delegate staking responsibility to a node that does not contain any coins. Enabled through a smart contract and compatible with hardware wallets. Significantly improves network security by encouraging staking and reducing risk.
- Segregated witness
Helps maintain an efficient, scalable blockchain without compromising decentralization. Adds compatibility with lightning network and atomic swaps.
- No premine
A self-sufficient decentralized ecosystem is being built to drive growth and innovation. Rubycoin's premine and its stakes were never used, are not necessary, and will not be carried over.
- Reduced inflation
Stake reward reduced by 75% from 4 to 1. This is because of the improved risk and reward structure provided by offline staking.
- Anonymous transactions
Necessary to prevent transactions from being unfairly judged based on their history. The origin, destination, and amount of a transaction can be hidden.
- Decentralized marketplace, exchange, liquidity
Censorship-resistant financial technology empowers projects to thrive against political agendas and power structures that can be abused for personal gain, to suppress innovation, or to restrict access.
- Decentralized governance
Blockchain consensus can be used to decide how to allocate resources to achieve goals, even if participants have never met, or do not trust each other.
- Atomic swaps
Users can safely transact with each other between blockchains, without the need to trust a third-party.
- Lightning network
Allows an unlimited number of instant, low-fee transactions to safely occur off-chain.
Why is this happening?
The cryptocurrency space has become very competitive and these improvements are necessary. As a small project, one of the biggest advantages is the ability to innovate quickly, often times in a way that may not be possible with a large established project.
What happens now?
As a Rubycoin user or holder, no action needs to be taken at this time.
Further information will be released.