RIZON: 2023 Business & Roadmap

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hdac_rizon

6 min readFeb 27, 2023

Hello, Rizonians!

Over the past year, the RIZON team has been preparing to build our service. Therefore, this year, we aim to expand RIZON’s ecosystem by establishing our services.

In this article, we will share RIZON’s progress so far and our updated plans for RIZON as a digital currency and asset hub going forward.

2022 Review

To ensure the stability of its main net, RIZON completed a security audit through Certik in the first half of the year and to ensure the stability of its network, it conducted updates under the names MAGUUNUS and GARGANTUA. We also issued a stablecoin as our first step towards becoming a digital currency and asset hub. Regarding the stablecoin, a governance vote was held for the issuance of a stablecoin on December 6th, and with the passage of the proposal, a legal currency collateralized RCHF stable coin was issued. With this as our stepping stone, we are preparing and developing for commercialization that can be practical for real-life use. And, as preparation for building the service, a test was conducted along with opening a test net for the CosmWasm multi-chain smart contract platform. In 2023, we will strive to expand the ecosystem through our services.

2023 Business Plans

This year, the RIZON team will issue additional fiat currency-collateralized stablecoins, review business plans for stablecoins, and build services with the goal of expanding the ecosystem.

DEX Support

The RIZON team is planning to provide the CosmWasm Smart Contract Platform to improve the usability of the RIZON Blockchain during the first half of 2023. And we hope to support the DEX (decentralized exchange) through this Smart Contract Platform. DEX is a place where direct trades can be made between cryptocurrency traders through AMM (Automated Market Maker) without a centralized market maker. The DEX was developed through the CosmWasm Smart Contract so it can allow users to directly register and exchange pairs of assets they wish to trade. In addition, new Dapp services can also be derived in numerous ways. Through DEX, we expect that virtual assets will be easily and safely exchanged between users thus helping the ecosystem become more active. Starting with the basic swap function and pair management function, we plan to upgrade the platform so that RIZON Blockchain can become a market-leading Digital Asset Hub in the future by providing various additional functions.

NFT Marketplace Support

The RIZON team will support the marketplace platform using blockchain technology. This marketplace enables direct transactions between sellers and buyers without intermediary traders, and since it’s based on the reliability and security of blockchain, unnecessary disputes in transactions can be prevented while guaranteeing safe transactions.

Marketplaces based on CosmWasm smart contracts will sell products from various industries. Sellers and buyers enter into smart contracts with pre-determined transaction conditions, and these contracts are automatically processed on the blockchain. This will minimize transaction fees, benefiting both sellers and buyers. First, we plan to support the establishment of an NFT marketplace where various assets can be registered and traded. We are planning an NFT market that is different from the existing ones such as Opensea or Looks, and we have been preparing to create business models and content by communicating with various teams. We also plan to continue supporting several DApps on the main net. The RIZON team will make the best use of the advantages of blockchain technology to provide better service to users and increase their satisfaction.

Interchain Development

RIZON Blockchain supports the Inter-Blockchain Communication (IBC) protocol that enables inter-blockchain communication. IBC enables the transfer of assets and data between multiple Cosmos SDKs and Tendermint-based blockchains, enhancing the interoperability of the Cosmos blockchain ecosystem. The RIZON team is conducting research to expand the versatility of the RIZON Blockchain and contribute to the IBC ecosystem. We are focusing on increasing the stability of IBC by applying the latest interchain technology and interchain standards, and we are also preparing to expand the ecosystem through Interchain Security. In addition, we plan to research inter-chain bridge technology and IBC protocol application of other blockchain projects for interconnection with other blockchains outside of the Cosmos ecosystem. Through this, we will strive to improve the overall usability of the blockchain and contribute to the Cosmos ecosystem.

ISMS & Security updates

The RIZON team has been preparing for ISMS certification since the second half of 2022. We aim to achieve the certification in the first half of 2023 and through the certification preparation process, we hope to establish an internal security system to strengthen our protection. Based on this, we plan to lay the groundwork to speed up the virtual asset ISMS certification when getting the service off the ground and operating it.

About RIZON

RIZON Blockchain is a digital currency and asset hub that provides a platform for fiat currency around the world so they can be securely issued and enable businesses to interoperate. RIZON Blockchain will enable interoperability between sovereign blockchain networks and allow these networks to utilize a vast pool of liquidity, seeing that it serves the business needs of individual projects. RIZON Blockchain has a strong network-based background and can boost the inflow of participants into the ecosystem and help with diversifying the businesses.

Disclaimer

This is not meant to serve as financial advice. Staking, delegation, and cryptocurrencies involve a high degree of risk, and there is always the possibility of loss, including the lossof all staked digital assets. Additionally, delegators are at risk of slashing in case of security or liveness faults on some protocols. We advise you to do your due diligence before choosing a validator.

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