RChain Aims To Provide Industrial Scale Utility
RChain is a decentralized, blockchain-based applications platform released in 2017 by the RChain Cooperative, a cryptocurrency firm in Seattle, Washington headed by Greg Meredith. The goal of the platform is to be a blockchain solution with industrial scale utility, which aims to provide content delivery at the scale of Facebook and transactions at the speed of Visa. This is implemented by using cutting edge multi-chain technology.
Each decentralized application on the RChain platform is powered by a separate Rho Virtual Machine (RhoVM), which executes an independent set of smart contracts on an independent blockchain. This results in a network of coordinated and parallel blockchains, with each blockchain having its own RhoVM to power an application.
Platform With Massive Scalability
This technology paves the way for massive scalability. So, as use of RChain increases in the future, nodes simply initialize new instances of RhoVM to manage the load, allowing the platform to scale linearly while maintaining performance and consistency.
Multiple high performance RhoVM instances can exist on a single node, since it is lightweight and multi-threaded, thus opening the door for a new generation of applications suitable for the modern market. Possible applications that can be developed with RChain include financial services, social media platforms, content delivery services, etc. The beauty of any applications developed on this platform is that they are decentralized and cryptographically secure, giving freedom to the user to create any application they want, and deliver any content they want without fear of censorship. This is unlike centralized platforms like Facebook where content can be censored for any reason by those in charge, inhibiting free speech and the flow of ideas.
Decentralized Platform for Financial Services & Social Media Applications
For financial services applications, decentralization ensures users' money can never be frozen, unlike centralized services like banks and PayPal, where money can be frozen without warning for any reason, which can adversely affect business.
Thus, RChain provides a platform where decentralized financial services and social media applications can be developed via cutting-edge multi-chain technology, powered by Rho Virtual Machines. A platform like this is essential for the preservation of freedom in our increasingly centralized and controlled world, because it attempts to give power back to the people.
Therefore, I expect RChain’s cryptocurrency RHOC to increase in value in the long term as use of the platform increases; RHOC is needed to execute smart contracts which are the basis of applications on the platform. Currently, each RHOC is worth $0.95 and with a circulating supply of 360 million coins, this yields a market cap of $340 million. This makes it the 37th largest in terms of market cap out of all the cryptocurrencies. RHOC is up hundreds of percent in value since it first hit the cryptocurrency exchanges a year ago.
Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.
Posted from my blog with SteemPress : https://cryptocoremedia.com/rchain-industrial-scale-utility/