Ritocoin Covers Your Assets
The Ritocoin asset layer went live at block 50,000. Once activated, this feature gives anyone with at least 500 RITO the ability to issue a unique token to the Ritocoin blockchain.
Transfer RITO to your wallet:
First, you will need 500 RITO in your desktop wallet. From the left-hand navigation menu of the Rito Core wallet, select the Request payment button. You will be provided with an option to copy an address or save a file with a QR code for your address. Send 500 RITO to your address and when the transaction is fully confirmed you will be able to create an asset.
Create an asset:
A strong case is being made that blockchain, “is like the new web”. Indeed we are in an exciting time of change, with many business and social sectors expecting to experience some degree of disruption.
One way which we are seeing change unfold is through the use of browser-integrated wallets and creation of ERC20 and ERC721 tokens. In some ways these and Ritocoin assets represent the next step in holding online real estate, or, domain names.
Any name registered in the Ritocoin blockchain network must be unique. You will not be able to create assets with identical names. The length of the asset may not exceed 31 characters. The actual limit is 32 characters, but the special admin token has an extra character (an exclamation point). The regular assets are limited to 31 characters so that the token with the extra character may be used for admin.
Valid characters are:
After choosing a unique name, you’ll set the quantity (max 21 billion), and how many units you want up to the 8th decimal (1.00000000). You have the option to choose whether your asset could be re-issuable or not. If you sell the ownership token, the new owner may choose to reissue the asset.
The new owner may also choose to increase the amount of units that make up the asset. Once more units have been issued, it is not possible to roll back less units.
As you can see creating an asset is simple, fun and addicting. Once you get on a roll with a good idea, the names come flooding to you. Once you understand how a company, group or sole proprietor may interact with their stakeholders in a new dynamic way, you’ll have the same amount of excitement and enthusiasm for this project that we do.
Anyone who wishes may create one with a few clicks. Use cases for assets are numerous. The first thing that came to my mind was using a unique asset for integrating a fair voting system.
Imagine 100 people need to vote in order to achieve consensus on a certain topic. A company wants to offer a free sport collectible to its employees. Two highly desirable collectibles are available, and the company would like the employees to vote on which one they will buy.
Two addresses will be created.
1. Collectible A — B5N3xW9y7j37wTbydzSNVVbvZF5rvuJpmL
2. Collectible B — BKmb8C4U69k5aFWyDpK8qGL4aGx2HdLdfF
For the purpose of the vote a new main asset should be created, let's name it TEST. We’ve issued 100 tokens at 0 units.
One TEST asset is sent to each employee. This fair distribution of votes will be saved in the blockchain if needed for later audits. Now everyone could choose between items A or B by sending their TEST token to one of the addresses. It is possible to list asset by address, list asset by balance, etc in the wallet’s terminal. This visibility means the distribution of tokens sent and each vote’s transaction makes this type of voting fair and transparent.
Use cases for assets are limitless. With mobile wallets supporting assets in the future, coupled with the eventual activation of the token-holder messaging feature, new horizons for development are ready to be explored.
With the powers of decentralization and an open distributed ledger, a fair distribution of resources, and the trustless, transparent nature of Ritocoin, assets could manifest new ways of benefiting from cryptographic technologies such as cryptocurrencies and tokenized assets.
Here is a short, and far-from-exhaustive list of ideas where assets could be seen in the future.
· Sport cards
Another option is to create a Sub asset to your main asset. Only Main asset owners may create Sub assets. It costs 100 RITO to create a Sub asset. Example:
Main asset: HOTEL
Sub assets 1: HOTEL/RECEPTION
Sub assets 2: HOTEL/SPA
Tokenize all the things!
Let your thoughts on this topic be heard in our Discord: https://discord.gg/upEFagK
If you wish to learn more about our project: https://ritocoin.org/