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Author Topic: [ANN] RealPay [A new e-commerce business platform][Release Date: TBA]  (Read 17769 times)
TheGlobber
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February 04, 2012, 08:35:46 AM
 #1



Intro

- RealPay's client is Open Source
- Maximum number of RealPay Units is 10 Billion [Generated in the Reserve]
- Blocks rewarded with transaction fees
- A fixed fee per transaction
- Corporate reserve approval for blocks

Let's see some more details of the whole structure.

#1 Amount of RPU (RealPay Units)

An amount of 10 Billion RPU will be generated in the reserve. This number was chosen for its lack of proximity to the maximum size of the storage type. It is large enough though to cover the needs of a huge market where RP will expand, including countries like China, India, Japan and others.

Each RPU will be worth $1.

#2 Minimum fee per transaction

There will be a set minimum fee of 0.1%. Users will be able to set a higher fee within the client.

Mining will be "Normal" (=CPU, GPU, FPGA) and it will also be enabled within the official client.

#3 Corporate reserve approval

There will be a corporate reserve accept/reject node that will sign all blocks and return them back to the network.

When the network has gained enough power, this will be switched to a private party node system.

About RP's main exchange

All RPU will be exchanged at a rate of $1/RPU. The USD$ will be the only fiat currency that RPU will be exchanged for and to.

Now let's see some key facts:

- The exchange is a legitimately incorporated business in Anguilla (it was selected as a low cost approach just for the beginning) with a very reputable business bank account at HSBC in Hong Kong. RP plans to be incorporated in 2-3 other locations such as Singapore, Europe and the US within the first 6 months of 2012 with respective banks accounts in each region allowing for low-cost deposits and withdrawals.

- The units can initially only be bought from RP but will also be traded with others as soon as the reserve has run out of RPU.

- RP guarantees to buy back RPU at the same rate it sells them (for the beginning there will be 0% fees followed by a very small fee in the future).

- Room for speculation as there is a plan for the reserves (in $) to be invested in safe AAA investments returning a small steady profit giving back dividends to RPU holders.

How can I acquire some RPU?

The exchange will feature different payment gateways in the future.

The first payment gateway to come is Paxum. There will also be the option of a Bank Wire to our bank in HK. Soon we will add SEPA transfers for Europe, ACH/Dwolla for the US and other suitable ways.

Conclusion

All the above form an e-commerce business platform allowing payments and money transfers to be made online and hopefully in the future, offline. It combines the advantages of both PayPal and Bitcoin. RP's goal is to provide a very steady medium of exchange for merchants, a better alternative to PP for internet users, a competitive and profitable market for miners and more.

The specific date the client will be available to everyone is TBA.

*[Statement from the Bitcoin Consultancy: The Bitcoin Consultancy was contracted by TheGlobber (Antonios Metaxiotis) to develop RealPay. We highly encourage the development of competing digital currencies based on the decentralized Bitcoin platform. In the relatively short future, we envision an evolution of digital currencies competing in a rich ecosystem. As it stands now the mission of RealPay is not to compete with Bitcoin but to eventually provide a different service more adapted to Internet Marketing. While RealPay is not a project headed by the Bitcoin Consultancy, we plan to continue to work with RealPay managing its technical development. Our hope is that RealPay demonstrates an alternative application of the Bitcoin software for private business and independent communities alike.]
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drakahn
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February 04, 2012, 08:55:48 AM
 #2

Quote
Each RLC will be worth $100 thus creating a total market of $1 trillion.

LOL funniest joke this year

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February 04, 2012, 09:01:38 AM
 #3

Bloody hell, it's 1st of April already?!?

Government is not the solution to our problem. Government is the problem. -- Ronald Reagan
Schwede65
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February 04, 2012, 11:21:28 AM
 #4

Where is the coverage capital?

If there is not much coverage capital, which bank, business or private person is trusting in RLCXE to guarentee the worth of that coin?

At that point this rc-coin is just the opposite of bitcoin, it's a new digital fiat, but you are not a trustable new bank of america...

There are too much critical points...

it sounds like a pipe dream and smells very scammy to everyone, who can think a little bit...
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February 04, 2012, 12:18:01 PM
 #5

LOL! Sounds like a really solid coin. Yes, we most certainly need another, new and shiny as a turd, scam coin. Last one is slowly dying. I guess it was not scammy and solid enough.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
bulanula
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February 04, 2012, 12:26:11 PM
 #6

I really do hope this is a total joke.

So much for decentralization. You are going against all that BTC stands for.

LOL. Buying your fairy money for $100 each - how stupid do you think we are ?

I hope this fails utterly grandiously for the $10K you supposedly invested into it.

PayPal is MUCH better than this BS chain. As said above, you are not BoA !

I will start my own coin and demand $10 for each coin. It is called BulaCoin !

Can anyone say scammiest joke chain of 2012 ?

10 billion premined ? Miners get only TX fees ? I guess somebody needed to break RealSolid's record of centralization Huh
cunicula
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February 04, 2012, 12:52:49 PM
 #7

Website?


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TheGlobber
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February 04, 2012, 01:00:25 PM
 #8

http://www.realcoin.org

Website?


istar
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February 04, 2012, 02:45:37 PM
 #9

Get real...

Bitcoins - Because we should not pay to use our money
BadBear
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February 04, 2012, 04:50:20 PM
 #10

Sounds legit.

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tiker
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February 04, 2012, 05:59:03 PM
 #11

When's the release date for the clients?
TheGlobber
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February 04, 2012, 06:00:18 PM
 #12

When's the release date for the clients?

The client will be available to everyone before the end of February (Specific Date TBA soon)
cunicula
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February 04, 2012, 07:38:37 PM
 #13

The company plans to offer something similar to banking service.

What are the legalities of this in the places where the company plans to operate?

Doesn't this run afoul of AML laws in places where the company plans to have bank accounts?

Are you planning to track all users of the service, so that you can link accounts and identities?


Is there somewhere on the website where this is explained.

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February 04, 2012, 07:48:43 PM
 #14

Why not just use proof-of-stake here? It strictly dominates proof-of-stake as a secure verification mechanism.

You are not even employing the mint coins with your GPU marketing gimmick here. This gimmick was the one redeeming feature of proof-of-work.

Why use a system which foists unnecessarily high txn fees on users so that useless damage can be done to the environment with no compensating benefit whatsoever?

If someone else used proof-of-stake and did the same thing, how could you possibly compete with them?

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TheGlobber
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February 04, 2012, 07:52:35 PM
 #15

The company plans to offer something similar to banking service.

What are the legalities of this in the places where the company plans to operate?

Doesn't this run afoul of AML laws in places where the company plans to have bank accounts?

Are you planning to track all users of the service, so that you can link accounts and identities?


Is there somewhere on the website where this is explained.

Our lawyer has already been working with a representative from HSBC in HK as well as international law firm specializing in AML laws and KYC procedures for the past two weeks and they are carefully planning our moves.

We haven't added anything to our website yet but we will do so before the launch as this is one of the most important matters for a completely lawful operation of our service.
TheGlobber
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February 04, 2012, 08:00:25 PM
 #16

Why not just use proof-of-stake here? It strictly dominates proof-of-stake as a secure verification mechanism.

You are not even employing the mint coins with your GPU marketing gimmick here. This gimmick was the one redeeming feature of proof-of-work.

Why use a system which foists unnecessarily high txn fees on users so that useless damage can be done to the environment with no compensating benefit whatsoever?

If someone else used proof-of-stake and did the same thing, how could you possibly compete with them?

Although i am aware of what proof-of-stake is, i cannot comment on this as my reply might be flawed.

On a side note, I personally believe that miners will create a competitive market and a competitive market means competitive prices. Of course, all this is good in theory so we can only wait to see how it goes.
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February 04, 2012, 08:25:23 PM
 #17

Nice Answers. Thanks

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TheGlobber
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February 05, 2012, 12:38:30 AM
 #18

So let me get this straight, it would simultaneously act kind of like a pay pal and a "savings" account combined, more so a financial service instead of a "Bitcoin" cryptocurrency clone?

By leaving transaction verification in the hands of miners I would assume you want to keep the security of unfreeze-able privately operated RLC, how about the reserve?  Obviously that is where you need lawyers etc. but what sort of measures are you planning to keep the reserve backing RLC safe?

About your first question you are spot on.

Regarding the sort of measures, we will be using a number of reputable bank accounts in several different countries as we expand to limit exposure risk for freezing of the entire reserve. We will also be keeping a majority or all of the reserve in financial institutions that are insured.

In addition, reserve investments will be limited to fairly conservative strategies such as AAA bonds.
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February 05, 2012, 02:27:19 AM
 #19

There will be a corporate reserve accept/reject node that will sign all blocks and return them back to the network.
I don't get this part. What is the point of miners if every block needs to go through a centralized authority node?

Buy & Hold
BadBear
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February 05, 2012, 02:58:18 AM
 #20

There will be a corporate reserve accept/reject node that will sign all blocks and return them back to the network.
I don't get this part. What is the point of miners if every block needs to go through a centralized authority node?

Indeed, just do with CH did and just ditch the mining part if you are just gonna be controlling every block in the end anyway.   

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