RChain’s mission is to offer a scalable public blockchain for the enterprise especially to compare with Ethereum and NEO. As of now, it is working to deliver a blockchain that can scale to more than 10,000 TPS thereafter it can compete with giants like Visa for transactions and Facebook for content delivery.
At present blockchains are not scalable and so they are unfit for enterprise organizations to fully utilize. RChain explores to change this by creating a scalable blockchain which is publicly owned and will consolidate businesses to work together at scale.
Further speaking to the matter, Greg Meredith elaborated that “To become a blockchain solution with industrial-scale utility, RChain must provide content delivery at the scale of Facebook and support transactions at the speed of Visa.” Meredith erstwhile worked as both the Principal Architect of BizTech Process Orchestration and its Highwire offering.
While working with Microsoft, he found that he and his team could not create a decentralized solution and decided to search for his own solution. It was at Microsoft, Meredith initiated to develop the concept namely, Rholang language through which he later developed RChain.
The entire team consists of Vlad Zamfir, a key researcher at the Ethereum Foundation since 2014 as well as a developer of Casper who sits on the Board of Directors, and Kenny Rowe, the current COO, also works as the Head of Operations at MakerDAO and is the senior consultant at CoinFund. With this, Zamfir further said to the subject matter, “The main issue with blockchains today is that they are not scalable because every node has to process every transaction, as opposed to nodes sharing the load and processing transactions in parallel.”
With an open-sourced project in place, RChain designed its business as a cooperative, constituting the RChain Cooperative in January 2017. The cooperative structure is poised to ensure that RChain remains publicly owned and operated. Amid this, RChain is actively working with a sister company in Berlin to create tools for decentralized governance.
The private members at RChain Cooperative have started working for top corporations such as Google, Amazon, Dropbox, Facebook, and IBM. Additionally, the Cooperative officially announced that it would create the strategic partnership with Pyrofex, a company specialized in large-scale distributed computing and two venture firms namely Pithia and Reflective Ventures.
On the organization structure front, it offers greater freedom for its members where the members can vote directly for the board members. Besides this, they can vote on projects and budget allocations by allowing them to directly support the way the cooperative operates.
In order to have certain scalability, RChain has unique features in place in order to compare with Bitcoin and Ethereum through a variety of parameters like block size, contract size, transaction throughput, protocol token, privacy.
On the technical aspect front, the mainstream of RChain’s technology is the Rho Virtual Machine consists of various VMs all are running smart contracts at the same time. This will let multiple blockchains remain connected for each node.
The storage layer is a key component of the VM and allows messages to be delivered between processes. A modular layer, it sends patterns using Rholang to enter data in the database. It receives data by examining it. All continued data is applied to new data coming in.
Further elaborating on the concept, RChain smart contracts are written in the Rholang language (Reflective Higher-Order Language) which is one of the user-friendly versions of rho-calculus derived from Pi calculus. The Rholang language is Turing-complete, Byzantine-fault tolerant, and replicated. In other words, this language is quite appropriate for a synchronicity where different processes will be allowed to work in parallel besides concurrent programming in place. Let us not forget that each node doesn’t need its own blockchain, and so the system is scalable.
Rholang was developed by Meredith and is based on a version of Pi calculus namely Roh calculus which is one of the model of computation for concurrent systems. The only thing in Pi calculus which can be interchanged are names, whereas in Roh calculus you can send processes.
Additionally, the platform allows for greater scalability with the help of LADL = Logic as a Distributive Law, that allows for the development of type systems for un-typed languages. With this, LADL consolidates greater trust and fosters the development of decentralized solutions as it allows for fewer resources than other blockchain solutions. A namespace is considered as a set of named channels. They are often resources that are striving against other resources. Namespaces let execute transparent contracts, as well as consolidating the improvement of their security. RChain runs on a Proof-of-Stake (PoS) consensus mechanism.
On the funding and pricing front, RChain raised $29.7 million through private sales of its RChain Cooperative. It introduced its token in October 2017 with the initial price of $0.17. While token soared high of $2.99 in early January 2018 after falling with the general cryptocurrency market in the year. The price stands today around $0.30.
On the Token related activities, RHOCs are an ERC-20 token issued by the RChain Cooperative. The 861,185,194 RHOCs now will be converted to REV utility tokens at the introduction of the platform at a ratio of 1:1. Once RChain formally introduces its mainnet launch, there is a chance it will organize a public ICO. This will be discussed further regarding the matter by the RChain Cooperative when the right time comes.
In order to execute Token purchase, the main exchange for purchasing RHOC is on Kucoin that has the largest volume of the currency around $200K. RHOC can be traded on Kucoin for BTC and ETH.
RHOC is also available on the following exchanges to execute purchase:
ChaoEX [Trade RHOC with BTC on ChaoEx] AirSwap [Trade RHOC with BTC on AirSwap] OOOBTC [Trade RHOC with BTC on OOOBTC] BitMart [Trade RHOC with ETH on BitMart] BitMart [Trade RHOC with BTC on BitMart]
In order to store RHOC, it can be stored in any wallet that assists ERC-20 tokens such as MetaMask, Coinomi, and Myetherwallet. You are advised to store your RHOC on hardware wallets such as Ledger Nano S and Trezor, especially for maximum security.
However, RChain has not approved that it can hit 10,000 TPS as of now, once it does it will have numerous real-world applications in place namely, wallets, DAOs, exchanges, smart properties and contracts, custom protocols, oracles and external adopters, social networks and marketplaces.
In a nutshell, RChain has created a roadmap to success and may expect to officially release it soon. Let us not forget that it has three basic goals in place naming, the launch of its testnet which it recently introduced, the launch of its name registry; and the launch of its RChain main net, which it intends to release in Q1 of 2019!!