What Is RChain (REV)?

RChain is a decentralized blockchain platform for distributed applications and concurrent computation. The platform claims to offer a scalable, efficient, and dependable blockchain. RChain aspires for optimum efficiency at the lowest possible computational and environmental cost. RChain uses a variety of technological components, which include:

• RSpace: a new type of key-value store.

• Rholang: a new programming language.

• Casper: a new consensus technique. RChain believes that there are still issues that demand socially structured governance and technological and market-driven solutions. Hence, RChain proposes the long-standing cooperative tradition. Cooperative members can make decisions as well as receive dividends. Members get compensated a portion of the tokens they spent on running smart contracts at the end of each fiscal year. Board members have responsibilities like framing topics for the members to vote on and instructing the officials. Officers of the cooperative work in engineering, community management, marketing, and other activities on a daily basis.

The first step towards becoming active with RChain is to join the Cooperative. As members, individuals can vote on the protocol's governance, receive rebates for using the REV token (platform token) to run smart contracts, and participate in token sales. They can also run validator nodes to safeguard the network while earning transaction fees. Finally, they create DApps (decentralized applications) that provide crucial user functions and enable network transactions. Tokens are required for staking by all validators, and tokens are also required to run smart contracts by all DApps. Being a member of the Cooperative and participating in the protocol's governance benefits all of these positions in the ecosystem.

History of RChain (REV)

As stated on the website, the RChain Cooperative was founded in January 2017 to oversee the platform's development and progression. The RChain Cooperative's president is Lucius Gregory (Greg) Meredith. Greg is a mathematician who invented the ToGL approach to graph theory and discovered the rho-calculus. He is also a co-inventor of OSLF (Operational Semantics in Logic Form).