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.]
