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FAQ
RIchCoin is a fork of SHIELD (which was a fork of Verge, which was a fork of...) created by some students in RI, with the aim to improve the stability and usability of blockchains (both of which we feel that Bitcoin is heavily lacking in).
We have done this through implementations of many concepts: such as multiple algorithms, fixed supply for 8 years, after which the block reward will shift to being inflationary, fast 1-minute transaction times.
You can check out the GPU mining guides linked to our wiki homepage.
For a malicious hacker to take over 51% of the computing power in the blockchain, he would need over 51% of computing power for all 5 algorithms in RIchCoin, since he would need control over all algorithms to rewrite history.
In addition, the 5 algorithms also give GPUs and ASICs an even playing field without ASICs overdominating the market like with Bitcoin.
We believe that the increaasing deflationary bias that Bitcoin creates is infeasible as a long-term global currency. Even today, Bitcoin has being more inaccessible to the public than ever, due to how quickly it rose, and we feel that this overinflation could be fatal to the blockchain. Hence, after controlling and stabilizing the currency supply with protocol-defined block rewards, the currency will shift to having the block rewards determined by the number of blocks created and the average difficulty.
This is to increase usability of RIchCoin for day-to-day transactions with low amounts. Bitcoin is currently in a state where simple amounts of fiat currency have to be represented as Bitcoins in long and minute decimals, and we do not want that to happen. Hence, we made sure the circulating supply of RIchCoins would be high enough for everyone to use.
By simply using our currency, you are providing a huge help to us and strengthening the security of the RIchCoin network.
However, we are also constantly looking for more developers to join us and help to develop this currency. If you think you are up for the task, feel free to email us to [email protected] to join us!