ReapChain is a blockchain aiming to solve the “trilemma of blockchains,” i.e., scalability, security, and decentralization. The platform seeks to enable the commercialization of blockchain and implement blockchain-based DApp services. ReapChain intends to implement a secure and transparent IoT (Internet of Things) ecosystem by blockchain-izing the entire end-to-end section of the IoT industry.
According to the whitepaper, ReapChain was created to solve the problems of the IoT blockchain. Based on the shell-core structure, which integrates public and private blockchains to form a double-layered chain, and the two-way Proof of Double Committee (PoDC) consensus algorithm, the platform aims to overcome the blockchain problems of scalability, security, and decentralization. PoDC is an algorithm aiming for decentralization in constructing the double (standing and steering) committees. Also, by offering the PID (product id) of an object through the Reap SDK (software development kit, which is a tool for developing blockchain services for different DApp service providers), the platform seeks to improve security through mutual verification between devices.
In addition, ReapChain offers the following features:
ReapWallet: All information is encrypted and secure via blockchain.
JANGBODA:Anyone can shop easily and comfortably in markets anywhere.
ReapPay:Reap Pay supports simple payment in daily life.
ColdChain:REAP LogisChain is an integrated control system for real-time automatic control and management.
ReapChain (REAP) powers the ecosystem. The token is rewarded to holders for sustaining the ReapChain network via block creation or transaction verification proportional to their shares from the accumulated transaction fee. Besides REAP holders, the platform rewards steering and standing committee nodes and steering committee candidate nodes to foster the ecosystem of ReapChain. Also, anyone holding REAP or participating in the ReapChain ecosystem can be rewarded.
History of ReapChain (REAP)
The whitepaper Ver 0.8 of ReapChain (REAP) was released in the first quarter of 2020. However, pre-sale and exchange listing, token generation (TGE) and distribution, and whitepaper Ver 0.9 release were done in the third quarter of 2020. The team of ReapChain includes Jake Lee, CEO; Seungjong Lee, COO; Khan Kim, CSO; Sungjin Kim, CTO; Suho Kwon, R&D CTO; Jay Yoo, CMO; and other skilled members.
