What Is Rainbow Token (Rainbow)?

Rainbow is a newly developed innovative ecosystem project that aims to make cryptocurrency more easily accessible to people. The ecosystem's mission is to develop economical, easy-to-use DApps, services, and platforms that are widely available to people for usage. The purpose behind this mission is to solve the problem of cryptocurrency's inaccessibility and awareness that exists among people around the world. In order to resolve this issue, the project has launched its cryptocurrency, the Rainbow token. 

The Rainbow token is a hyper-deflationary ethical and inclusive BEP20 token. The term hyper-deflationary token indicates a process where the total supply of the token is consistently decreased, with the increase in demand making it rarer. On the other hand, BEP20 is a standard token of the Binance Smart Chain that allows extension for the ERC20 token, where Binance Smart Chain signifies a blockchain network developed for running smart contract–based applications. Further, the Rainbow token functions using seven protocols combined into a smart contract code, which the token uses to create its unique position in the market. These seven protocols include:

• Burn: This means that after every trade, 1% of transactions are permanently removed from the tokens circulating supply. This process is carried out to decrease supply and increase the asset price.

• Buy-back: The buy-back protocol allows the ecosystem to collect a portion of the token after each transaction and sell them into Binance coin to buy back the tokens at a later date, which are then burned down.

• Reflection: The reflection protocol highlights a 1% incentive being forwarded to token holders against the holding of their token for every transaction in the ecosystem. 

• Charity: This protocol reflects an initiative by the ecosystem to invest in charitable causes.

• Auto Liquidity: The auto liquidity highlights a function where a portion of every transaction is forwarded to the liquidity pool.

• Marketing and Development: This protocol reflects that a portion of every transaction is forwarded to the marketing wallet of the ecosystem, which is then used for promotional purposes to attract more users into the ecosystem. 

• Lucky Dip: This protocol is a marketing strategy of the organization to increase token buyers. The protocol allows the ecosystem to award extra tokens to random Rainbow token buyers.

These seven protocols allow the token to fulfill the vision of a thriving ecosystem, which helps bring people's attention to the crypto space.

History of Rainbow Token (Rainbow)

Rainbow was founded and developed by lead developer DOM. The whitepaper of the project was released in November 2021. The token has total supply of 1,000,000,000,000,000 Rainbow tokens.