Over the past three years, inter-chain protocols that facilitate sharing of information and the execution of smart contracts across blockchains have emerged. The blockchain industry is also in dire need of middleware, tools, and frameworks that developers can plug into easily to build blockchains and decentralized applications more efficiently; then came RioDeFi.
RioDeFi is a Blockchain technology company developed to accelerate the mass adoption of digital assets by bridging traditional and decentralized finance. They develop solutions that connect businesses, Financial Institutions, and banks with distributed ledger systems. This is made possible with their next-generation blockchain infrastructure called Rio Chain which enables lower transaction fees, faster confirmations, more efficiency, and global reach.
They believe that new technologies and financial instruments need to be created for digital assets to reach mass adoption and will help bring the other 99% of the world into cryptocurrencies by providing software solutions that are scalable, interoperable, and upgradeable. RioDeFi is also partnering with trusted financial institutions to provide the traditional financial services that people have come to rely on. These services include secure storage, audited processes, good customer service, and account recovery options.
Rio Chain currently operates as a federated blockchain rather than a permissionless public blockchain. In the early phases of its development, the Rio network will only have a handful of nodes that are run by Rio DeFi and our founding partners.
The benefits of Federated Blockchains include faster speeds, scalability, low transaction costs, low energy consumption, strong security, and increased ability to provide data privacy features and work with regulated institutions.
For Rio Chain, this translates into 2-second block times, up to 3,000 transactions per second, and no risk of 51% attacks. There’s a known issue with blockchains known as the blockchain trilemma. Currently, every node maintaining either the Bitcoin or Ethereum network is working on the same public ledger.
Every node has to process every single transaction. Adding more computers to the network improves security, but it can decrease efficiency. So far, none of the blockchains have managed to achieve scalability, security, and decentralization at the same time. You generally have to pick 2 out of 3 to focus on.
Who are the founders of RioFuel (RFUEL)?
Calvin Ng is the president/co-founder. He developed major franchises such as Daytona USA and World of Warcraft in Asia and decided to join the Blockchain landscape in 2016. In addition to his involvement in Rio, Calvin is also managing director at PlutusVC, a $200 Million fund focused on internet and blockchain companies.
What is RioFuel (RFUEL) used for?
Rio Chain can be used to support a lending platform where Bitcoin owners can either lend or borrow from each other. Lenders can earn interest on their Bitcoin while borrowers can get an instant loan against their Bitcoin used as collateral.
Rio Chain can secure Bitcoin and other cryptocurrency deposits while providing much higher interest rates when compared to traditional, bank-based saving accounts, all while benefiting from price increases in the underlying cryptocurrency assets.
Rio Chain is very well suited to implement programs where users can obtain instant loans of up to 65% of the value of their Bitcoin and other digital assets. Such loans can be issued in the form of a stablecoin whose value is pegged 1:1 to the US dollar. This stablecoin would be fully backed by digital assets and its minting and burning controlled by Rio Chain.
80% of all transaction fees go to the Rio Chain Node Operators (those processing transactions and securing the network) and 20% are retained by the dApps. This 20% for dApps is a novel economic model that creates a huge incentive for developers to build on Rio Chain because they’ll get RFUEL for every on-chain transaction their dApp generates.
Rio Wallet users who share the Rio Wallet mobile app with their friends will receive 5 free RFUEL, and their friends who download the Rio Wallet mobile app via referral codes will also receive 5 free RFUEL (note: the refer-a-friend RFUEL will be distributed as promotional locked RFUEL subject to the same terms as the new user incentives above).
How is RioFuel ( RFUEL) unique?
RioDeFi is creating technological infrastructure for a new decentralized financial system powered by blockchains and smart contracts. At the heart of this technology, the stack is Rio Chain, which supports an ecosystem of decentralized financial applications. RioChain is an adaptive digital platform tailored for mass-scale adoption. It aims to bring blockchain technology to the masses by prioritizing adoption, performance, scalability, and ease of use.
RioDeFi takes very much the opposite view of chain maximalism. They believe the idea that one blockchain should prevail, to the detriment of all others, is a hindrance to innovation in the space and negatively impacts the broader adoption of distributed ledger technologies. On the other hand, they acknowledge that the coexistence of different blockchains requires developing mechanisms for those networks to interoperate.
How many RioFuel (RFUEL) coins are in circulation?
1 billion Rio Fuel (RFUEL) tokens will be created through a token generation event (TGE): 70% of these tokens are being distributed as rewards based on the model below, 20% will be sold via community crowdsales and private sales, and 10% will be maintained as reserves that will slowly release over 5 years.
Promotional (locked) RFUEL will be distributed as follows: New User Incentives: 50 million RFUEL (5%) will be distributed for free to new Rio Wallets at a rate of 10 RFUEL per wallet for the first 5 million unique mobile wallets (based on device IDs).
Unlocked RFUEL will be distributed as follows: Staking Rewards: 350 million RFUEL (35%) will be distributed to those staking RFUEL and validating transactions on the network. The APR generated through staking will vary depending on the staking year and the total % of staked RFUEL.
Referrals, Promotions, and Bounties: 50 million RFUEL (5%) will be released for Rio Wallet Mobile App referrals, exchange & community promotions, and bounty programs.
Team & Advisors: 150 million RFUEL (15%) will be distributed to the Rio DeFi team & advisors. There is a 2-year vesting schedule with a 6-month cliff, meaning that the team & advisors will receive no tokens for 6 months and then will receive 1/18 of the total amount per month over the following 18 months.
Rio Ecosystem Fund: 100 million RFUEL (10%) will be distributed as grants to fund projects built within the Rio Chain ecosystem. Grant proposals will be submitted to Rio Technologies Foundation and voted on by its counselors. These grants will be for dApps, chain runtime modules, templatized smart contracts, etc. All Rio Ecosystem Fund tokens will be locked until grant approval.
Reserves: 100 million RFUEL (10%) will be maintained as reserves. 10 million (10%) of these reserve RFUEL tokens will be used for market liquidity provisions at the outset of TGE and are expected to remain with Rio Technologies Foundation for future re-allocation. The remaining 90% will be unlocked on a rolling basis at a linear release rate starting day 366 since TGE such that 100% of reserve tokens will be unlocked by the end of the 5th year since TGE (roughly 1,826 days since TGE).
Community Crowdsales: 50 million RFUEL (5%) will be distributed to those who purchase RFUEL during the community crowdsales. Private Sales: 150 million RFUEL (15%) will be distributed to Private Sale purchasers. The majority of these RFUEL tokens will vest over 151 days, with 1/6 of the tokens being distributed at the Token Generation Event (TGE) and on days 31, 61, 91, 121, and 151 after TGE. The remainder of these tokens will be unlocked at TGE.
How is the RioFuel Network secured?
At its current stage of development, Rio Chain uses Proof-of-Authority (PoA) for establishing consensus, adopting Substrate’s Aura (Authority Round) + GRANDPA (GHOST-based Recursive ANcestor Deriving Prefix Agreement) consensus algorithms.
Aura is mainly in charge of handling block data, while GRANDPA is mainly used to verify the finality of the blockchain. Splitting the block data writing and finality verification processes in this way makes the whole network a greater degree of flexibility. Finality brings greater certainty to online payments, which are the basis of financial services on the chain.
In its next stage of development, Rio Chain will switch from PoA to Proof-of-Stake (PoS). At this point, the consensus algorithm will be switched from Aura to BABE (Blind Assignment for Blockchain Extension) to better support the PoS requirements.
To agree on the resulting state after the transition, all operations in the blockchain’s state transition function must be deterministic. Blockchains batch transactions into blocks and use methods to select which participants have the right to commit a block. Rio Chain selected the AURA consensus algorithm as the engine to produce the block and GRANDPA to validate and confirm the block.
AURA Slot-based consistency algorithms must have a known set of validators that allow block generation. Time is divided into discrete slots in which only a few validators may produce a block. In AURA, a set of known blockchain nodes are authorized to represent authoritative validators, and blocks of the blockchain are generated by these authorized nodes.
How do I buy RioFuel (RFUEL)?
The RFUEL token can be used for a wide range of uses like staking and governance.
RFUEL tokens can be easily purchased by the following steps.
* Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy RFUEL through your trading account.
Which Cryptocurrency Wallet Supports RioFuel (RFUEL)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as RioDeFi (RFUEL). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their RFUEL wallet because it offers a simple interactive interface, making it easy for people to navigate.