RITOCOIN Community Meeting Minutes

6 min readApr 11, 2019

The following has been edited for readability. This document summarizes the minutes from Ritocoin’s second community meeting.

image by Discord member @daftlad

A full and complete transcript may be found in the Ritocoin discord’s #ritodev channel. https://discord.gg/kZw8YhG

Ritocoin Community Meeting

Minutes

Ritocoin is an open source, decentralized crypto platform based on the Ravencoin platform. Ritocoin will upkeep with all the newest updates from Raven, and implement the ones that interest the Ritocoin community, and improve or enhance user experience on the Ritocoin platform.

The major focus for us right now is this.

Bring new features to the chain that people will want to use.
Make the chain more attractive to buyers.
Make it useful to people who want to use it as a storage of coin.

We also want to find compelling uses for Ritocoin in addition to the above.

Much conversation has been occurring during internal team developer meetings.

We are very active in conversing amongst ourselves on use cases for the Ritocoin chain.

We are developers who are here specifically because we want to create interesting and new ideas, and that's exactly what we're going to do.

RITOCOIN Whitepaper

We also have discussed that we want to update the whitepaper with a "2.0" version that incorporates a lot of the new things and new directions we've been taking the coin.

Ritocoin is a bit more advanced in its vision today than it was 4 months ago when Trevali wrote the original whitepaper.

The whitepaper needs to reflect that, and I believe we are advanced enough in our direction that we may put together a full roadmap giving at least a minimal indication of where we're going.

We also want the whitepaper to contain dr-algo’s block reward reduction computations, and describe the actual math that went into creating it.

We also will likely change the roadmap in the whitepaper to minimize the masternode concept and instead talk about the alternative proposals that are being discussed.

RITOCOIN Development

We activated messaging on the Ravencoin asset layer on testnet last week. The messaging is VERY rough around the edges and has a lot of work to do before it's ready to really use. It's under heavy development.

Ravencoin will soon release a new version with the messaging built in, and not long after that we will incorporate their code updates into Ritocoin.

For messaging [activation] we might go ahead and following the voting protocol. Primarily because we've never done it that way before, and I think it's cool.

We're a hacker's playground and enabling a voting system where mined blocks vote in a consensus changing feature is a pretty neat thing.

RITOCOIN TIME LOCKED

[dr-algo]
The idea that interest rate should float based on participation has a lot of merit and I'm doing some investigations around that.

The idea is to make Ritocoin a coin that is worth holding, and to be used as another way to grow your investment.

The current thinking is that the interest rate for "CDs" is locked in at transaction time and is based on the dynamics of the "lending market" focusing on achieving a target inflation rate for the coin.

Basic concept behind the CD is this.

You could take coins you own and timelock them and make them entirely unavailable for a length of time (a week, month, year, 10 years) and you get a percentage reward as "interest" just like buying a CD from the bank.

That percentage is mathematically arrived at using an algorithm similar to the block mining difficulty. More participants means lower interest rate, fewer participants means higher interest rate. The coins are completely locked up and can't be spent until the timeframe is expired.

We can think of this by comparing "saving" with "mining" like this.

With mining, difficulty is adjusted in order to achieve a target TTF.

The new development here is the idea of a floating interest rate based on an algorithm similar to the mining difficulty.

When more people participate, the interest rate goes down. If fewer people participate, the interest goes up.

We'd find a target interest rate that we'd try to maintain based on participation.

With saving, interest rate is adjusted in order to achieve a target inflation goal.

FIAT currencies typically target an inflation goal of around 2%. Perhaps setting a crypto inflation to match FIAT might be a balanced approach.

Dynamic interest rates depending on specific blockchain history.

The basic idea is that an "investor/saver" can buy a CD (certificate of deposit) for a fixed period of time. At the end of that term, the funds are again available with accrued interest.

This is really different from staking :

Staking in the traditional sense means you're running essentially a lightweight local masternode personally. While your wallet is running you earn coins from the staking.

The CD is a completely different concept than that. So we should avoid using the word "staking" when talking about the CD.

WHAT WE NEED TO CHECK

Would it expose us to legal issues if we have a staking method that generates interest in the form of newly created coins? Does this make our coin start to look like a security in the eyes of regulatory agencies?

We can check how SIN/SUQA handle it.

RITOCOIN wiki

[traysi]
We need the wiki to be filled out. Anyone can do it and all it requires is a willingness to spend some time putting together helpful information that new people to the project will want to learn.

Contributions like that are one of the best ways for community members who aren't developers to contribute to the success of the project.

A complete wiki all about Ritocoin would do amazing things for the image of the project.

This kind of thing is why Ritocoin is so strong. We have people all over the place doing their own things and working together.

Ritocoin was created to be community oriented and this outcome is not surprising to me.

RITOCOIN Lightweight Wallet

Lightweight Desktop wallet will bring adoption to users, for most of them running/backing up/ restore a full node client is a complicated task.

As you all probably know I made Electrum for Ravencoin and it works great. I can make it for Ritocoin without too much difficulty.

So we could have Ledger and Trezor working on Ritocoin via Electrum.

The main problem is that it is practically impossible to get added to Ledger Live, so the users have to sideload the rito app onto their ledger. That process is very user unfriendly.

There are people out there who want Ledger support... we'll bring it to Ritocoin eventually for certain.

We could also bring Electrum first and then later add Ledger app to Rito.

RITOCOIN Partnership

We have collaboration opportunities coming up between Safecoin and Ritocoin.

They have been focusing a lot on securing their chain using cross-chain notarization.

We will be collaborating with them on that and Ritocoin will be getting additional securing through them.

The full details are nowhere near ready to be given out yet but it should be a very positive thing for Ritocoin.

It's not something that will be a wallet-level feature that people use. It's a behind the scenes securing of the blockchain further protecting against 51% type attacks.

More details will come later on how the cross chain notarization works.