🌟 [ANN][REAP] ReapChain - Secure and Transparent Blockchain-Based IoT Ecosystem - page 52.

reap_chain

copper member

Activity: 84

Merit: 0

Benefit

ReapChain aims to be a platform-sharing economic business model that anyone can easily use by providing economic incentives for Blockchain participants to voluntarily activate ReapChain. Through this, we intend to form a virtuous cycle structure in which IoT-based infrastructure and data are enriched and the IoT industry is activated by creating a structure that participates in the ReapChain ecosystem organically and is rewarded accordingly.

nicko122

jr. member

Activity: 462

Merit: 1

I'm trying to figure it out, but it's not that easy. It seems to me that the project is not so simple and its technical side is at a very high level.

reap_chain

copper member

Activity: 84

Merit: 0

Quote from: ?? on ??

As i see PoDC consensus algorithm consist of standing committee and steering committee. What about steering committee nodes and their functions?

Steering committee nodes: 15 randomly selected nodes among steering committee candidate nodes by using quantum random number, and can participate in consensus process to verify transaction(condition for the steering committee node: Stake of 100,000 REAP).

TommyGunnaB

newbie

Activity: 38

Merit: 0

The standing committee nodes initially operates in the governance community. It can be further selected by those candidates that meet the particular criteria of standing committee amongst the steering committee nodes. And if any of the existing standing committee nodes are suspended or fail to meet the criteria, then those nodes must go through a separate voting process of the governance to be promoted from steering to standing committee node status.

reap_chain

copper member

Activity: 84

Merit: 0

AIDEN KIM - Blockchain Engineer

- Graduated from the Department of Information and Communication Engineering at Catholic University
- 15 years experience in Blockchain and IT development in SK Networks, SK hynix, KTDS, and Morobogi company.

reap_chain

copper member

Activity: 84

Merit: 0

Quote from: ?? on ??

This article about Proof of Double Committee consensus algorithm is looking interesting. So what can you tell about standing committee nodes?

Standing committee nodes: 14 Nodes that operate all the times in ReapChain and have authority to create a block by participating in consensus process. (condition for the standing committee node: 2% stakes of the total issuance [98 million REAP] staking)

reap_chain

copper member

Activity: 84

Merit: 0

PoDC (Proof of Double Committee) consensus algorithm

https://medium.com/reapchain/podc-proof-of-double-committee-consensus-algorithm-4c8680cc293b

In essence, the key problem with blockchain distributed ledgers is the random selection of block creators. This randomness can be seen across the entire network and must be absolutely impossible to manipulate and predictable. If not, a malicious node can manipulate the random number to control the main chain for a long time. Therefore, double-payment attacks can also be achieved.

ReapChain’s algorithm is a method to improve the problem of this consensus, and the block generation is agreed through a random method through double committee and quantum random number.

reap_chain

copper member

Activity: 84

Merit: 0

Quote from: ?? on ??

I got into a part of the project description that was not entirely clear to me and would like to know more about it. What is ReapChain's consensus algorithm?

It's ok, we have interesting system, which has many technical solutions

ReapChain is a Proof of Double Committee (PoDC) consensus algorithm that improves DPoS (Proof of Delegate) and Byzantine Problem (BFT). ReapChain combines 14 standing committee nodes and 15 steering committee nodes, and a total of 29 nodes participate in the consensus process for block creation. The proportion of nodes participating in the Steering Committee node is always maintained at 51% or higher, and the Steering Committee node is randomly selected as a strong quantum random number among general nodes.

Vital_Z

newbie

Activity: 40

Merit: 0

Quote from: ?? on ??

As IoT services start, the number of thing connected to the network is rapidly increasing. The increased number of thing incurs an increase in data traffic. In particular, with the advent of the concept of Wearable and Connected Car, data traffic is expected to surge in infotainment area (Information + Entertainment).

Most companies manage IoT devices by renting computing resources from cloud service providers. The existing cloud system is inefficient to process a large amount of data in the IoT environment as the centralized server processes all the data causing the lowering of the speed and quality of the entire IoT services.

In order to reduce data traffic burden and delays in providing services, “edge computing” technology is used to process realtime data on distributed small servers. Nevertheless, there are still difficulties in maintaining facilities or configuring systems because edge computing needs a separate process to handle computation.

reap_chain

copper member

Activity: 84

Merit: 0

Ecosystem

Participants in the ReapChain ecosystem will be a member of the IoT-based 4th industrial ecosystem and will contribute to the development of the IoT industry while gaining economic benefits.

reap_chain

copper member

Activity: 84

Merit: 0

Watch our video if you haven't seen it yet.

https://www.youtube.com/watch?v=db3VVB-Vk4s

ReapChain is a hybrid blockchain with a Shell-Core Structure. It solves the trilemma of existing blockchains and tries to implement the integration of blockchain and IoT industry by resolving the security and mass data processing problems of the existing IoT market through PID of things and distributed storage service of ReapMiddleChain.

reap_chain

copper member

Activity: 84

Merit: 0

SEOKBAE PARK - Blockchain engineer

- Master's Degree in Electronic Engineering at Dongguk University
- Award-winning experience as minister of security related future science and technology
- 20 years of Security-related IT development at National Security Technology Research Institute and Kuno Soft

reap_chain

copper member

Activity: 84

Merit: 0

- ReapChain implements a more secure and transparent Blockchain-based IoT ecosystem

- Easy, fast and safe ReapChain creates new values that were never existing in the IoT world

- ReapChain becomes the pride of IoT Blockchain and dreams of a perfect Blockchain world

reap_chain

copper member

Activity: 84

Merit: 0

Business Model

ReapChain's business is a platform and DApp business composed of various IoT-based business fields.

Vital_Z

newbie

Activity: 40

Merit: 0

Quote from: ?? on ??

Quote from: adAmgene on July 24, 2020, 07:24:50 AM

Quote from: ?? on ??

REAP serves as a fuel in the ReapChain ecosystem. Transaction fee is paid as reward or incentive to holders of REAP or participants who maintain the network through transaction verification or block creation.

Transaction fee is paid as reward during random creation of the 600,000 to 700,000th block or when the amount of accumulated transaction fee reaches 1 million REAP. In addition, if the accumulated amount exceeds the upper limit at the time of distribution, reward is paid including the exceeded amount.

REAP holders, the standing committee nodes, and steering committee nodes and its candidate nodes also get reward to vitalize the ReapChain ecosystem.

What I found is allocation ratio of transaction fee is 70% for REAP holders, 20% for the steering committee nodes and its candidate nodes, and 10% for the standing committee nodes allowing double dipping. I think it would be interesting to somebody Wink

reap_chain

copper member

Activity: 84

Merit: 0

Quote from: ?? on ??

As I see there are four nodes in the RipChain system, and each has its own task and purpose. I'm interested about governance node and it's purpose in the system.

To understand what it's doing you need to know what it is

Governance node: Special node that controls fee and dividend policy, general node selection policy, and all other types of node management related policy.

reap_chain

copper member

Activity: 84

Merit: 0

JANGGWAN JO - PL, Blockchain Engineer

- Master's Degree in Computer Science at Soongsil University
- 21 years of Security-Related IT Development in Korea Institute of National Security Technology and Electronics and Telecommunications Research Institute.

TommyGunnaB

newbie

Activity: 38

Merit: 0

Quote from: andriyana on July 24, 2020, 09:20:23 PM

Quote from: ?? on ??

The coins were traded for $ 0.03, what do you think will be the price after listing on the exchange? The project looks convincing, so the coin should go up in value. But of course these are only reflections, now we need to wait for the market entry

my experience when a new coin is listed on the exchange, price of the coin will go down a little because many token holder can't wait to sell their coin so the price will go down and return to stable after a few month or maybe not

It may well be so, people can try to immediately sell the purchased coins. On the other hand, given that the project has a solid base and there are investors, coin holders can hold onto them while waiting for a more suitable moment to sell. Time will tell Wink

reap_chain

copper member

Activity: 84

Merit: 0

Quote from: ?? on ??

Excellent results of the token sale Wink

What can you tell about your business model and is there a profit-generating structure?

Thank you for your words

About the business model there are 4 basic profit models according to the Business Model:

1. Initial license fee to introduce ReapChain BaaS
2. Data transaction fees
3. Reap HUT fee
4. Data transactions

reap_chain

copper member

Activity: 84

Merit: 0

ReapChain token sale was successfully sold out in less than 2 minute!

ReapChain token sale, which took place at 2:00 PM KST today, was successfully sold out in less than 2 minute!

https://medium.com/reapchain/reapchain-token-sale-was-successfully-sold-out-in-less-than-2-minute-f4e98b13ba97

Topic: 🌟 [ANN][REAP] ReapChain - Secure and Transparent Blockchain-Based IoT Ecosystem - page 52. (Read 13979 times)