Hello, world! We are Rito.
Who are we?
We are trying to build a truly community driven project. It is not ours to give every voice a chance to be heard because it is the most basic yet essential of human rights and it resides within us all. We are building the playground of the mind. We are the dreamers, the builders of tomorrow and the misfits of today.
What are we?
Bitcoin continues to inspire, empower and enable people around the globe. Ten years later, just as it seemed Bitcoin was being defined by commercial agents and regulated governance, that same free and independent spirit imbued the Ravencoin community. In ten short months, 30% of the Ravencoin project’s net hash comes from Nicehash and the looming impact of the imminent FPGA mining cards and bit streams certainly promises to shake up the dream of this GPU miner’s darling.
Ravencoin’s fair launch genuinely inspired our developers and supporters. We admire the way Ravencoin came out swinging — fighting for fairness, an honest distribution of coins and a place where GPU miners could thrive. The asset layer attracted many more miners and investors to the pools.
The whole crypto ecosystem should appreciate the work begun by Ravencoin. Obviously they motivate us to this day. It’s the reason we took action. We decided to start our own project which focuses upon two pillars of decentralized networks in the crypto space: community governance and a fair distribution of coins. It is a core belief throughout Ritocoin that in order to successfully develop and maintain this hacker’s playground — a place where a broad range of ideas could flourish — these two ideals must be allowed to drive and guide our community.
This deep focus on community choices creates a project flexible enough to support most ideas, and agile enough to define new frontiers.
Community Governance
A mining network’s distributed ledger is defined by its technology. Like many in the broader crypto-mining community, we value the GPU for its accessibility. These processors are available for purchase all around the world without any legal restrictions. GPUs are vastly more accessible for hobbyists and farmers to acquire. They can be shipped nearly anywhere around the globe, a nice benefit to the popular secondary market which has sprung up much to the chagrin of PC gamers.
More constraints exist for the ASIC and FPGA miner. In some parts of the world laws restrict people from using/buying ASIC and FPGA mining hardware. This alone is directly in confrontation with Ritocoin’s core values of decentralized stewardship and sovereignty.
Fun fact: When Sony released Playstation 2 in the year 2000, Japan’s export control laws forbade sales to Iran, Iraq, Libya and North Korea because the GPU and encryption technology closely resembled the components of a missile guidance system. A distributor named Sony Gulf carried the product into the middle east.
The GPU, in essence, is like your voice. Anyone with the means of acquiring one GPU should be able to have their voice heard. ASIC and FPGA mining devalues the GPU miner’s voice and silos that coin’s network away from the small scale and personal mining operator A truly community driven project means each stakeholder, regardless of size of contribution to the network’s net hash, has an opportunity to build, vote and direct.
If you are already familiar with our website, discord or whitepaper, you are probably aware that masternodes had been proposed as a feature of the network from the beginning. This opened the door to ongoing discussions in the Ritocoin community regarding
● A masternode’s true purpose
● What benefit they provide to the project
● How the benefit is realized
● The collateral
This discussion, governed entirely by stakeholders across the extended network yielded a defining moment for our vision of flexibility. We have not yet found the potential utility of masternodes, however, the conversation has not reached an extent to where we could abandon the idea. To quote one of our developers during this discussion on our Discord:
“Just want to give a reminder here that even though masternodes are on the roadmap, it is not set in stone. This coin belongs to the community and we will do what we as a community want to do. If we conclude that we want to take this coin a different direction than masternodes, then that is what we’ll do.”
Flexibility and Agility
This project has been running for approximately 3 months from the time of this writing. Our coin has undergone a high degree of inflation in that short time. That’s the nature of the beast, I guess.. the other side of the coin, if you will. Without ASIC miners or bit streams, with low difficulty and high block reward, the Ritocoin network proved the profitability of the x21s algorithm, and auto-exchange pools soon began dumping large volumes of the coin on a daily basis. The BTC value of our RITO soon began to succumb to this downward pressure. Obviously should the community had allowed this to continue, inflation would remain high and the coin would no longer be sustainable. Examples of young projects that had encountered this type of inflation had been discussed multiple times in the Ritocoin discord. Most of the time the effect was devastating. It’s one thing to adapt. Adaptation is smart and if done right it means you live to fight another day. This community is not content to merely survive. We want to thrive. And in order to go beyond survival mode, we had to become agile.
Our solution:
“Starting at height 157,081 we will begin a reduction of future block rewards in a smooth exponential curve down. We will sharply reduce the block reward from 5000 down to 1000 within 2 months after activation of this schedule. Once we reach 1000, we will enter into the long-term reduction curve that will eventually take us down to a permanent block reward of 10 RITO per block.”
Year 1 Ritocoin block reward schedule
Ritocoin lifetime block reward schedule
Where are we?
We are all volunteers at Ritocoin. Our moderators and community leaders try to give immediate support to all users that require it. Contact us in Discord or Telegram, not only for support, but, proposing new ideas, revising old ones and just so you can find a place to get together and find people to hang out with. You are well within your rights to enjoy yourself at any given moment, and, should you feel so inclined to begin working with the team, we just so happen to be looking for ambitious individuals that see themselves as being part of a greater vision, are inspired by change, and inspired to be the change they want to see making things better in this world.
Join us in a space where your ideas to build something great can become a reality. We are eager to know what you think is best for the future of Rito. What steps would you take to become more resilient, stronger, fair and decentralized? Because at the end of the day, like it or not, love it or leave it.. this is your coin, too.
You can become a significant part of this project. We will help you further develop the role you wish to fill in the cryptocurrency space — influencer, developer, analyst, you name it. This is not a just-for-developer’s playground. We want the enthusiasts. We want the perplexed and the rabbit-hole divers. This is the coin for everyone who is trying to find their place on the path that Satoshi began unfolding in 2008 after the collapse of the housing market rippled out into the subsequent crash of global markets. That’s why we have Bitcoin, remember? Be your own bank. This is why Satoshi and Bitcoin.org kept their software open source. It’s up to us to keep the torch ablaze.
We define this community by the things built by the community.
Want to know more about mining Ritocoin? Here’s a tutorial. Happy mining :)
https://minermore.com/docs/help/ritocoin/
In need of support? Please visit Discord or Telegram.
Discord: https://discord.gg/h9YyR3b
Telegram: https://t.me/joinchat/H---Akbh6J-4h_W3EqkANw
Website: https://ritocoin.org/
Whitepaper: https://ritocoin.org/docs/whitepaper_gfx.pdf
Reddit: https://www.reddit.com/r/ritocoin/
We hope you visit soon, visit often, fill your bags, create some assets, and look forward to enjoying the ride together.
