Posted on by Norah Amboko

RubyCoin

What Is RubyCoin?

Use of cryptocurrencies has grown steadily after the launch of Bitcoin in 2009 by Satoshi Nakamoto. Between 2009 and 2018, over 1600 coins had entered the market. The main goal of most cryptocurrencies is to facilitate the progress of the blockchain niche by improving the technology.

One cryptocurrency that has been performing relatively well in the market is Rubycoin (RBY). This is digital money that is used for online transactions in the entire globe. The cryptocurrency network uses blockchain network to provide users with total control over their coins.

  • A closer look at Rubycoin

Rubycoin was created in 2014 by Jim Nguyen. However, the process had started earlier in 2009 after Bitcoin launch. Jim saw the Bitcoin platform and started thinking about how he could create a more robust platform. Therefore, he registered a company referred to as RubyCoin in 2009 and started working on concepts such as economic independence and financial data protection.

The company progressively reviewed the Bitcoin core code with the primary goal of understanding how the blockchain system works and targeting to launch their own platform. In 2014, they made the breakthrough by launching the Rubycoin complete with its own blockchain.

  • The Rubycoin price performance in the markets

Rubycoin is one of the coins that have been performing well in the market. Between April 2014 and October 2018, the price of RBC grew by more than 19,000% from $0.001 to $0.2. Unlike other coins, the RBC price has been relatively steady.

When the coin entered the market in March 2014, the price was $0.001. The price remained around $0.001 until August 2015 when it started rising progressively. In January 2016, the value had reached $0.1 and advanced further to $0.2 in January 2017.

Between the August 2017 and October 2015, the value grew sharply and broke through the one USD mark to reach $1.06. Then, it dropped sharply to $0.6 in mid-November 2017 before shooting up again to $1.9 in 12th January. This was the highest mark in the RBC price.

The top performance of the Rubycoin did not last long. By February 2018, the value had dropped to $0.68. It continued with the bearish trend culminating to $0.1 in mid-October 2018. The community expects the price to take an upward trend and deliver returns on its investment in the coming months.

What is the problem that RubyCoin Solves?

The Rubycoin platform was created at a time that the blockchain niche was experiencing major issues related to security. For example, the case of Mt. Gox attack that happened in 2011 saw over 600,000 BTC getting stolen and the exchange filing for bankruptcy. The following are the main problems that Rubycoin solves.

  • The problem of centralized financial services

The conventional financial services offered through banks and credit cards are highly centralized. The user data is held in the centralized servers which imply that it can easily be lost in the case of a cyber attack or even fire. But this is not the only problem with the centralized services.

As centralized networks, it means that the companies are bound by regulations of the jurisdictions hosting them. For example, banks scrutinize every money transfer transaction to ensure that the sender and recipient are not involved in ponzi schemes or terror.

In addition to the lengthy processing times, the centralized operators are also profit based. This implies that they have to charge their additional fee to meet the cost of paying staff, rent, and profit. These are the main issues that Rubycoin seeks to address.

  • Centralized mining

When Bitcoin was created, the main idea was to promote decentralization so that nodes spread in the network can help to secure the platform. But the technology introduced the ASIC mining equipment that helps to generate high hashing power to optimize mining returns. This sounds like the ultimate technology, but it is not.

The ASIC equipment cost a lot of money which implies that only the well to do in the society can afford to buy and use them. I

t also indicates that more coins are likely to fall in the hands of a few individuals and raise the danger of 51% attack. Rubycoin targets to address the issue through a different mining algorithm.

  • Poor adoption of cryptocurrencies

If you take a closer look at the cryptocurrencies in the market, the impression is that they are advancing at a very fast rate. However, the rate of penetration into society is relatively poor.

This problem is caused by the complex procedures involved when one wants to own the native coins. The community is also getting influenced by warnings from the governments that cryptos are risky.

  • Lack of privacy in the financial system

One of the reasons for the development of cryptocurrencies is to enhance transactions’ anonymity. However, it has not been an easy thing for many networks.

For example, Bitcoin is not anonymous network because it only uses pseudonyms that can be followed to unmask users.

Rubycoin targets to enhance anonymity by ensuring that all users can operate without worrying about third-party seizures. The focus is on strengthening the models used in the first two main cryptocurrencies, Bitcoin and Litecoin.   

How Does RubyCoin Solve The Problem

  • Proof of Stake consensus algorithm model

One of the early solutions proposed to address the problem of centralized mining is the adoption of proof of stake (PoS) protocol.

At Rubycoin, this protocol is used to redefine how the platform’s governance managed. Instead of relying on the computing power of a computer, the PoS system relies on the stake that one has in the system.

The Rubycoin system also uses scrypt mining algorithm which is ASIC resistant. Scrypt is a memory hard-key derivative function which means that the standard ASIC chips used to solve SHA-256 proof of work would be less effective. This implies that people could mine Rubycoin with CPU and GPU to reduce the danger of 51% attack.

Note: Though Scrypt was very effective when it was first discovered, the technology advanced further resulting in the generation of Scrypt ASIC chips. Though Rubycoin used it effectively at the beginning, it is no longer effective.

  • A completely decentralized blockchain platform

Rubycoin’s main method of addressing the above issues is adopting a completely decentralized blockchain. The system relies on a set of nodes spread in the network across the globe. After releasing the Rubycoin  core code, Nguyen ceased being the owner.

The system now relies on the nodes in its network to confirm transactions, maintain the records, and keep the system secure. This implies that there is no single point of failure and the system is more secure than the centralized systems.

What makes RubyCoin better than it’s competitors?

The cryptocurrency niche has become highly competitive. By mid-2018, over 1600 cryptocurrencies had entered the market. Here are the things that make Rubycoin better than competitors.

  • It operates as a completely decentralized network. This implies that it does not have a centralized point of failure because the records are distributed in the network across the globe. This makes it better than most conventional banking systems.
  • Rubycoin has been performing relatively well in the market. Though the price movement was bearish for the better part of 2018, it has performed better than many coins in the market. Indeed, the bearish trend has been characteristic of most networks such as Ripple and Litecoin.
  • The Rubycoin development team is led by a highly aggressive team. If you want to know the strength and effectiveness of a cryptocurrency network, take a look at the development team. The Rubycoin development team is led by some of the top minds in the blockchain industry including the founder, Jim Nguyen.
  • The platform has been in the market for long and its system proved effective. When a new cryptocurrency platform hits the market, its features are considered unstable until they have taken a couple of years. Because Rubycoin has been in operation since 2014, most of its features have been tested and proved to be stable. Therefore, you can buy the coins or use them for saving funds without worrying that the system will become a pump and dump system.
  • The Rubycoin provides a cheaper way of sending value across the globe. As a decentralized network, the Rubycoin platform provides users with a reliable method of sending value on a peer2peer basis. This means that you can look for a reliable management where all

How can RubyCoin be categorized

Rubycoin can be categorized as a truly decentralized cryptocurrency created with the target to help grow the blockchain niche. As one of the early networks, the coin reflects a growing enthusiasm of the community to understand the technologies and immediately joining to help take the industry to the next level.

The preference for proof of stake consensus algorithm was a great breakthrough for the coin especially in the early years of establishment. This commitment to progressively grow the system has progressively won the network a large community and high value.

To maintain the appeal, it is crucial that the development team rethinks its strategy to beat the fast emerging competition. For example, other networks such as Ethereum and Rchain are targeting to provide cryptocurrency ecosystems where developers can create decentralized applications. Rubycoin has to start competing with them.

What’s RubyCoin’s vision on Security?

The Rubycoin’s vision on security is to provide users with a completely decentralized and secure network of sending funds. The cryptocurrency uses advanced encryption to prevent unauthorized access to user accounts. Even when miners follow back to confirm transactions, they can only check the public address balances as opposed to pulling out personal details.

Other methods used to keep the platform secure include complete decentralization, use of proof of stake protocol, and regular update of the network to keep the platform secure. Remember to also play your part by keeping the Rubycoin client and the main computer updated.

Examples of RubyCoin’s use cases / applications

Unlike the cryptocurrencies created for specific niches such as Steem and Golos, others target wide adoption in different niches. By reaching more users, Rubycoin has managed to maintain a competitive edge against others in the market. Here are the main use cases of Rubycoin.

  • Paying transaction fee on the Rubycoin platform.  If you want to send value to a payee in a different country, Rubycoin is a good option because the transactions are completed on a peer2peer basis. The transactions are direct, prompt and cheaper compared to bank transfers.
  • Trading in the markets. Like other digital assets such as Bitcoin, Rubycoin can be traded in the exchanges such as Poloniex and Bittrex. These are markets that help to bring together buyers and sellers so that prices of digital assets are controlled by forces of demand and supply.
  • Paying for goods and services in the market. Many stores especially e-commerce establishments are now embracing cryptocurrencies as one of the top methods of payment. Unlike the standard methods of payment such as bank transfers and use of credit cards that take longer to clear, paying through Rubycoin is direct and fast.

This is a very reliable method because the stores do not have to keep users in the queue after they have taken additional time selecting items in their stores. The payment is prompt and indeed cheaper to both the trader and customers.

  • Paying for government services in countries that support the digital coins. Though the perception of cryptocurrencies has been negative especially from the governments’ viewpoint, things are changing. The governments are now realizing that there is a positive side of cryptocurrencies.

In the United States, individual states have started creating laws supporting the use of cryptocurrencies. One example is Arizona. After passing the HB 1091, Arizona is now allowing residents to pay taxes in digital coins. Other countries that are positive about cryptocurrencies include Singapore, Venezuela, and Switzerland.

  • Saving funds. Rubycoin uses advanced encryption techniques that help to encrypt the user information and transaction details. The platform has, therefore, become a reliable option for people who want to save funds and store them without worrying about third-party seizures.

Since cryptocurrencies are decentralized and not regulated, vent hr courts of law do not have jurisdictions over them. No one except you can know that you are part of the Rubycoin network or has saved funds.

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