What Is Ryo Currency (Ryo)?
Ryo currency is a blockchain-based decentralized privacy coin. Privacy coins are a type of cryptocurrency that powers private and anonymous transactions by hiding the origin and destination of transactions. Ryo currency is based on a proof-of-work consensus mechanism.
Ryo inherits the whitepaper from the cryptonote and Monero Research Lab as the currency is a fork of Monero. Also, Ryo aims to become a privacy-focused cryptocurrency that users can easily use. The privacy setting in Ryo currency aims to make it suitable for confidential transactions. The fungible nature of Ryo currency seeks to protect it from getting traced, monitored, or identified.
Ryo currency also has wallets like Ryo wallet Atom and Web Wallet Quaser. The wallets are available on both the platforms, such as PC and phone. The Ryo currency also aims to work with other payment gateways to ease payment amongst the merchants with the name Woocommerce Gateway. The Ryo currency platform also has a Ryo Business Room channel to build a community of people interested in the Ryo currency. Merchants and traders can trade in this room and work together.
Ryo was built with a long-term vision. The majority of the coins are to be distributed within a span of 20 years. Ryo currency aims to become a cryptocurrency that can be used even by average users and is limited to developers. Hence, as per the website, the primary focus areas aim to be:
To develop and maintain the wallets.
Working along with other payment gateways to make Ryo a feasible currency amongst the merchants.
To get in touch with the advertisers to spread awareness.
To improve speed, privacy, untraceability, and coin security.
Although Ryo currency is a fork of Monero, the main focus is to seek to build a secure cryptocurrency. This is done by enabling a larger ring size to support the old payment ID system. As privacy is the core proposition of Ryo, the sending and receiving addresses are encrypted. The original RYO address is hidden from the senders via a disposable ghost address. Ryo also seeks to provide a new ghost address for every transaction which means the users do not use the same address twice.
History of Ryo Currency (Ryo)
Ryo was launched by the lead developers Fireice_UK, psychocrypt and Mosu_Forge. Ryo as a fork of Monero is based on the CryptoNote protocol. The credit for Ryo currency is also given to Nicolas van Saberhagen and the CryptoNote team. The total supply of Ryo currency is 88,188,888 coins in 20 years and 263,000 coins each year for inflation.