They call themselves a precious gem for the digital age but is it all a scam? I posted in their official censored thread and had my post deleted because they want to silence any critical posts just Minex official thread is doing.
After 10 months of no posts in its official Rubycoin thread the OP (rby) woke up from self-imposed hibernation and made the following post:
A new cryptocurrency will continue the Rubycoin legacy. This will be under a more professional brand to ensure its longevity and relevance in an industry evolving at incredible speeds.
The vision for this new cryptocurrency is centered around creating a pure proof-of-stake blockchain that can properly support and encourage decentralized applications.
The conversion process is structured in a way that existing holders cannot lose funds and will receive an equal amount on the new blockchain.
Notable Improvements
- Latest bitcoin code
Utilizing the latest Bitcoin code provides stability and security, while also allowing developers to use existing open source code for efficient integration into platforms, products, and services.
- Offline staking
Securely delegate staking responsibility to a node that does not contain any coins. Enabled through a smart contract and compatible with hardware wallets. Significantly improves network security by encouraging staking and reducing risk.
- Segregated witness
Helps maintain an efficient, scalable blockchain without compromising decentralization. Adds compatibility with lightning network and atomic swaps.
- No premine
A self-sufficient decentralized ecosystem is being built to drive growth and innovation. Rubycoin's premine and its stakes were never used, are not necessary, and will not be carried over.
- Reduced inflation
Stake reward reduced by 75% from 4 to 1. This is because of the improved risk and reward structure provided by offline staking.
Future Roadmap
- Anonymous transactions
Necessary to prevent transactions from being unfairly judged based on their history. The origin, destination, and amount of a transaction can be hidden.
- Decentralized marketplace, exchange, liquidity
Censorship-resistant financial technology empowers projects to thrive against political agendas and power structures that can be abused for personal gain, to suppress innovation, or to restrict access.
- Decentralized governance
Blockchain consensus can be used to decide how to allocate resources to achieve goals, even if participants have never met, or do not trust each other.
- Atomic swaps
Users can safely transact with each other between blockchains, without the need to trust a third-party.
- Lightning network
Allows an unlimited number of instant, low-fee transactions to safely occur off-chain.
Why is this happening?
The cryptocurrency space has become very competitive and these improvements are necessary. As a small project, one of the biggest advantages is the ability to innovate quickly, often times in a way that may not be possible with a large established project.
What happens now?
As a Rubycoin user or holder, no action needs to be taken at this time.
Further information will be released.
As can be seen from this screenshot taken on 25th January 2019 at 11:45am, RBY with its $4 trade in previous 24 hours on the only exchange it trades on (since the Cryptopia scam) and being listed at #1187 on CoinMarketCap shows along with the 4 month hibernation of the coin developer shows that this is a nonsense coin with no future.
Was it a scam from the beginning with all the premine?
If the dev does not even bother posting for 10 months while the "project" collapses then decides to make one post outlining the future plans then deletes posts asking questions, is it any better than a scam?
2nd last post: March 15, 2018, 07:21:39 PM
last post: January 21, 2019, 01:42:09 AMThey call themselves a precious gem for the digital age but should it simply be called a scam?
