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Rchain (cryptocurrency)

Rchain (cryptocurrency)

Rchain is a blockchain platform developing a language for smart contracts called Rohlang.

Reality Cards (RC) - a hybrid of art markets and NFT predictions

Rchain is a platform powered by Rho Virtual Machine that allows development of decentralized applications. It features independent blockchain where independent set of smart contracts can be executed, scalability through creation of new instances of the RhoVM whenever needed, dynamic address namespaces, and concurrent smart contract language.

Reality Cards is a prediction market like no other. Users do not bet on the results, they belong to them.

Each outcome is a unique non-fungible token (NFT) and instead of betting on the outcome, you own it. Concepts such as shares, rates, requests do not exist - even "odds" are abstracted away, replaced by "daily rent".

By owning a result, you own the NFT (non-fungible token) associated with it. For example, if you think Joe Biden will win the US election, instead of just betting on Joe Biden, you will own Joe Biden's NFT.

There is only one NFT associated with each outcome, so only one person can own it at a time. So if you own Joe Biden's result, you'll be the only person in the world to do it. However, someone can take it off you at any time. This is where the "always for sale" mechanic comes to the rescue.

In short: results cannot be directly owned, they can only be rented. At any time, they belong to whoever is willing to pay the highest rent. If the result belongs to the owner, anyone can become the new owner simply by paying a new price that is at least 10% more than the current owner pays.

Lease payments are not paid to the previous owner, instead they create a pot for the event you are betting on. For example, in the US Election Winners market, daily rent payments from everyone who owns the Trump, Biden, and third party results are pooled into the same winning pot.

To avoid daily manual payments, Reality Cards allows users to make an initial deposit to cover future rental payments. Unused deposits (i.e. a deposit that has not yet been used to top up an annuity) can be withdrawn at any time.

Now, if someone does end up buying an outcome you already have, that doesn't mean you've lost the chance of owning a portion of the outcome. Reality Cards rewards those who choose the correct result by distributing the total pot to all users who had a card with winning results, regardless of when they held it.

Your winnings depend simply on how long you hold the winning result card. The bank pays out to all holders of this card in proportion to how long they have held this card.

Example

In this example, we will use the event "What will be the price of COMP at the end of July 2020 UTC?".

In this example, the daily rent for ownership resulting in $COMP being less than $200 is 2.75 DAI. The daily rental price that $ COMP will be more than $ 200 is 2.5 DAI.

If you look over the two cards, you will see "Total Rent Received:", which is currently 125 DAI. This is the rent that will be distributed among the holders of the winnings.

The total rent collected will continue to rise until the event closes at the end of July. At the time of writing, $COM is currently $165, so if you think there's a good chance it'll stay below $200, it might be in your best interest to rent a "less than $200" card.

In this example, we are going to safely assume that $COM will stay below $200, so let's buy a card with that in mind. Now, in this example, we are really sure, so we want to deposit enough to rent the card until the market resolves, or 15 days from the date of writing. In the current iteration, you must purchase the card for at least 10% above the current daily rental price - or in this case, 3.03 DAI per day.

Multiply this daily rental price and we can see that we need a deposit of approximately 45 DAI to hold the card until it is cleared if no one takes it from us.

After entering your desired daily rental rate and initial deposit, you will see that in this example, if the event resolves in our favor, we will walk away with a 71% win.

Now, if someone took the card from us before it resolved, the money we deposited would not be taken from us. We can either withdraw any unused deposit or keep it just in case the person who bought it only has enough funds to rent the card for a few days and will refund us 3.03 DAI per day by default.

Timeline

Patents

Further Resources

Title
Author
Link
Type
Date

2021 Annual Meeting - - VOTING HAS ENDED

Web

BINCOIN OR WINCOIN #1: RCHAIN & CASPER - ethereum, bitcoin killers? CRYPTO

Web

October 19, 2021

RChain Architecture Documentation

Ede Eykholt, Lucius Gregory Meredith, Joseph Denman

RChain at the International Finance Forum

Web

May 31, 2021

RChain Whitepaper (2021 draft 0.1) - HackMD

Web

References

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