What Is Rupee (RUP)?

Rupee (RUP) is a decentralized open-source and blockchain-based cryptocurrency. Rupee aims to introduce decentralized finance to the South Asian market. The cryptocurrency is unrelated to its namesake, i.e., rupee, which is a traditional South Asian currency. However, it plans to capitalize on the name to make it widely accepted as a medium of exchange and means of payment by the regional populace. 

According to the whitepaper, a vast section of the global and South Asian populations cannot access conventional financial services due to a lack of sufficient documentation. Hence a significant fraction of the population cannot benefit from the digital revolution in finance. These folks, however, can easily be persuaded to use cryptocurrencies because it does not rely on the lengthy procedure of identification and verification. The whitepaper mentions that cryptocurrency enables cheaper, faster, transparent transactions and thus facilitates more significant levels of liquidity. And Rupee intends to be a virtual currency for South Asia. Rupee seeks to simplify funds transfers and allow retailers to accept cryptocurrencies in exchange for goods and services.

To realize its vision, Rupee seeks to use the below-mentioned strategies:

1. Brand Recognition: The whitepaper claims that Rupee is a well-known brand in South Asia, with 2 billion people. Today, the term "rupee" refers to traditional currencies in India, Pakistan, Indonesia, the Maldives, Mauritius, Nepal, Seychelles, and Sri Lanka. It has a significant emotional appeal for people in general in the region. Riding on this, the platform seeks to attract the attention of the South Asian community globally, especially in the United States and Europe.

2. E-Commerce: The Rupee team intends to provide e-Commerce solutions to everyone using cryptocurrencies. The RupeeBase marketplace seeks to allow merchants to trade their products at low fees.

3. Decentralized Platform: Rupee blockchain is a decentralized platform based on Dash Hybrid. The network intends to provide customers with financial services without using intermediaries. Owners of Rupee can hold their coins in Rupee digital wallets. 

4. Community: Rupee was established "by the people for the people" and is backed by a robust community.

5. Rewards Mechanism: Rupee's reward mechanism is based on Masternodes. To elaborate, Rupee uses special servers called Masternodes to power the blockchain. Masternodes are the next step in digital currency decentralization. Masternodes are complete nodes that verify new blocks of transactions in a chain and are partly responsible for governance. The Masternodes on the Rupee network enable the following services.

InstaSend: This function enables transactions to be completed in seconds, making it competitive with centralized payment platforms that offer fast transaction speeds. Users can instantly send payments with nominal fees using the Rupee InstaSend. 

PrivateSend: Protects financial privacy by hiding the origin of funds on the blockchain. 

Coming to the token, RUP is the native utility token of the Rupee platform. RUP began as a fork of Litecoin and has since evolved into a fork of Dash. The fundamental goal of RUP is to serve as a mode of payment that allows users to transfer and receive cryptocurrencies quickly. The coin is also given out to those who run Masternodes. Users can also stake their RUP coins on the site and collect yields.

History of Rupee (RUP)

As mentioned earlier, Rupee was launched as a fork of Litecoin in January 2017. Gradually in 2018, the coin evolved into Rupee 2.0 by introducing proof of stake. Adam Syed is the founder of Rupee. He is based in India and is the CEO of India Scap Mart. The Rupee team launched the whitepaper of the cryptocurrency in June 2018. 

The early Rupee team sold 90% of the initially mined coins to financers on exchanges to raise funds for development. Currently, the total supply of RUP coins stands at 84 million.

How Are New Rupee (RUP) Staked? 

Staking RUP involves keeping the cryptocurrency in a wallet for a set amount of time and earning profits. Staking is one of the basic forms of decentralized finance, with the reward determined solely by the number of tokens staked and the length of the staking period. The longer the staking period, the bigger the returns. Running on Ethereum, Rupee uses proof of stake to secure its network and form new blocks. Using proof of stake, cryptocurrency owners authenticate block transactions depending on the number of coins staked by a validator.