RTrade Technologies ltd. Officially Announces the Mainnet Launch of RTCoin

in #cryptocurrency3 years ago (edited)

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After months of rigorous development, testing, security audits and company safety protocol the RTrade team is excited to announce history has been made on September 1, 2018 the official deployment of RTCoin and several Smart Contracts:

You can find the smart contract source code, along with additional information on the RT-Contracts Repository. In order to ensure security, you'll want to ensure that the git commit you are browsing at is ab11a53dc96d5d8cc1281ac71c06a2d5b98c6bec along with it being a signed commit using the GPG key ID 4AEE18F83AFDEB23. As always when interacting with any smart contract, triple check the addresses. As of now although we link the contracts in this post, you will want to sure that you receive them from the aforementioned git commit that was signed with the correct key ID.

It is unfortunate in this space that the first thing people often think about, is exchanges so we want to get this out of the way now. RTrade Technologies will NEVER engage in public discussion about exchanges, potential exchange partnerhsips, or anything else related to the topic. If you engage in this discussion in ANY of our official channels, you will be warned once. The second time will result in a permanent ban from ALL of our channels without any chance for appeal.

What is RTCoin

RTCoin is an ERC20 compliant digital token, granting users access to services past, present and future, and as a low risk method of gaining our trust as a company. There was no ICO for RTC, as we believe in offering utility and value from day one with services such as TEMPORAL, staking, computing hardware colocation, and more. We deem RTC an mmPOS (merged-mined Proof of Stake) token as it allows minting via the staking of RTC in a smart contract, and through "merged mining" with the Ethereum mainnet. We understand the "merged-mined" and "Proof of Stake" usage here deviates slightly from the more formal definition, but we believe it to be the only concise method of describing the token. Please visit our website for more information about token allocations, vesting, etc. In order to focus on a smooth launch, the founders will be post-poning the start of the vesting of our allocation for about a week.

  • Initial/Total Supply: 61.6Million
  • Max Supply: uncapped
  • POS Coin Generation: 10%
  • Merged Mining Coin Generation: max of 3.15%

There are currently three methods of obtaining RTC, one of which is free:

  • Buy it from the RTCETH smart contract
  • Generate it from staking
  • Generate it through the Merged Miner Validator contract

We encourage users who are looking for a more in-depth explanation of the staking mechanics, gas uage, etc... to visit the repository README.

Security Steps Takes

  • All smart contracts are open source, and have been verified on etherscan
  • Extensive internal audits, along with an external audit was done
  • The owner for each smart contract is a copy of the Gnosis MultiSig wallet
  • All interactions with the multisig wallet requires 3 sign offs
  • Contract code was recompiled each time before being deployed, and manually vetted.
  • Hard coded addresses were double checked to ensure validity
  • Practice run of the deployment the night before

Interesting Transactions

Smart Contract Usage Instructions

Following are some guidelines on using the smart contracts. Within the coming weeks we will be releasing a web interface to make usage much easier.

Purchasing RTC

To purchase RTC you simply need to send any amount of ETH to our RTC-ETH smart contract, which will invoke the fallback function triggering a purchase of RTC, sending the tokens to your ethereum address. You can optionally invoke the buyRTC function. The smart contract uses a fluctuating eth price, which at the moment is updated once a day. We are currently exploring a secure solution to do this automatically, however this will take time to do properly, and securely. The smart contract is configured to sell 8 RTC for $1USD of ethereum, which equates to a token price of $0.125USD. In order to adequately utilize RTC to pay for our services, there needs to be some concrete fiat evaluation to it.

Staking

  1. Approve the staking contract to spend funds on your behalf, you should set this to no more, or less than the amount you want to stake. You can do this by invoking the approve function on the RTC contract.
  2. After the transaction has been mined, you'll want to deposit your stake into the smart contract by invoking the depositStake function, which will lock your initial stake up for a period of 2103840 blocks and 31557600 seconds.
  3. After your deposit transaction has been mined, and at least 1 block has passed, you may claim your stake by invoking the mint function.
  4. After 2103840 blocks, and 31557600 seconds have passed sicne your stake deposit, you may withdraw your initial stake via the withdrawInitialStake function.

Merged Mining

  1. In order for a miner to claim their reward, the block information (number+coinbase) for that block needs to be included in our smart contract. To do this, you may invoke the submitBlock function, which will store the information in the contract for the block at which it was included. This will mint RTC directly to your wallet.
  2. If you mined a block whose information has been submitted, you may claim your rewards (up to 20 at a time) via the bulkClaimReward function.

We have also written an experimental command line client to "mine" the submitBlock function. Please ensure that you read the entire README first.

Note about this contract: The current version doesn't make any special restrictions, and serves the block submission reward on a first come first serve basis. This means that if you submit a transaction, it is technically possible for someone to "snipe" your transaction by paying a higher gas price to be included in the block before your transaction. There are also no restrictions as to the order of transactions which the block miner decides to use. Please take this into consideration when using the smart contract.

Closing Words

The entire RTrade team has been working tirelessly this last year and we are pleased to be able to start introducing our hard work to the rest of the world. Devcon4 is also getting closer by the day, so we hope to some of our supporters there! If you want to join our official RTrade Technologies telegram chat, please message RTrade Admin for a link to our channel, this process is to avoid spamming.

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Hi There, Send anywhere between 1 SBD and 10 SBD to @smartresteem to get more upvotes and return on investment via getting high visibility to your post with resteem to whales and minnows!

Is there any airdrop happened in the future or plan for an airdrop?

The only airdrop we have planned is for attendees to Devcon4. If you are interested in acquiring RTC without having to pay us please use the merged Miner Contract all thats required is to pay the gas costs for the transaction. Otherwise you may purchase them from the RTCETH Contract

Thanks for the info.

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Thank you! We are very happy with all the work that has been done. Stay tuned for more great updates!

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Important news share for everyone thanks @rtrade

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