AMA Recap: A deeper look into Rh!noX Credit Rating System & the controversy
First, we want to thank each of you for your constant support and belief. We are working 24/7 to develop the infrastructure, educate people about Soulbound Token, and establish strategic partnerships with leading projects to achieve our long-term goals and become the most innovative NFT in the blockchain industry.
In this AMA, we answered every question about Rh!noX Credit Rating System and the actual applications that could possibly be the game changer of Web3. We liked how it went as there was much information we didn’t cover on the whitepaper, and we could share it during the AMA.
Let’s get right into it!
Q1: Hack attacks are often happening, and this scares many investors into investing in a new project. That’s why please tell us about the Security of Rh!noX. How strong security does RhinoX has, and did you already have an Audit to be more sure about your security?
First of all, this is a great question. The data collected by the Rh!noX Credit Rating System and Multidimensional Behavior Analysis Model are precious to us, the wallet address owners, and project developers. It cannot be overemphasized how sensitive this information is to any parties.
The Rh!noX team is well aware of the vulnerability of the blockchain industry. We are and will be utilizing various methods to tackle this issue from different angles.
Firstly, we are currently working with many white-hat/ethical hackers to discover any potential loopholes and bugs within our ecosystem as we build the framework of the whole Soulbound Token. We plan to spend around 3 million USD for this as any undiscovered potential threats could lead to the loss of billions of dollars.
On top of that, we are considering working with third-party bug bounty platforms like ImmuneFi to host Rh!noX bounty programs. This will most likely happen when the initial framework has already been finalized and we are moving into phase 2 or phase 3 of development.
Before crossing over to other blockchains like Ethereum or Solana, we will make sure the security work on BNB smart chain is nearly flawless. However, crossing over to other blockchains is expected to bring about lots of new challenges and technical issues. We are working extremely hard in this direction, and we promise it’s going to happen someday.
Q2:Are we already using users’ data? Yes and No.
We will only be using dummy addresses and internal addresses in the early stages to facilitate the development of our AI model. We may gather some volunteers to help run this test when we have created an alpha or beta version of the model. Aside from these cases, we will not be using the data of Rh!noX holders until the system’s official launch.
Q3:Do you plan to use them in the future as an additional source of profit?
Yes. As you might notice on the whitepaper, section Rh!drop under Soulbound Token Use Cases. Rh!drop is a unique airdrop service to on-chain project developers, designated to be the primary tool of on-chain project developers to deliver airdrops to target receivers that match required criteria.
There are two versions of this application. One should be free to use but with restrictions, and the paid version should provide exclusive access to specific groups of people. The objective of this service is clear, but the structure is subject to change.
The bottom line is that the data has to be as secure as possible before we put it into actual application and analysis. As data on Web3 is pretty known for its transparency, we must pay extra attention to the results generated by our analysis model.
Q4:How do you avoid the risk of malicious use of the unsecured loan feature? What verification mechanism do you intend to implement to prevent such risks?
A rigid and strict application system very well controls the risk of an unsecured loan. When applying for an unsecured loan, one must go through many procedures to verify his/her credibility and ability to pay.
On top of this, Rh!noX holders in debt will have their Rh!noX NFT locked, and they will not be allowed to trade their Rh!noX on the open market or even send it to other wallet addresses. One must repay the loan to remove this restriction. In simple terms, people can leverage the unsecured loan, but there will be a barrier to preventing it from being abused.
Q5:Most of investors just focus on the price of the token in the short term instead of the real value of the project. Can you tell us the long-term motivation and benefits for investors to the Rh!nox token?
From the perspective of a project developer, we certainly would like to have a big community that believes in the vision of Rh!noX and the long-term value we will provide. However, we will not judge or criticize any short-sighted behavior.
But to answer your question, users must take time to understand the unique airdrop features and consider the benefits for the holders and other project developers. Furthermore, they would also have to think about the vast use cases our credit system and analysis model will be able to provide to the Web3 space, both in the short-term and in the long-term. Just think about the influence we would have in this space if this system is to be spread and used on every blockchain protocol. It would be absolutely insane.
That basically covered everything that happened during the AMA. We really liked how it went down, and we will regularly have many quick AMAs in the coming weeks to break down the complex mechanism behind Rh!noX as the first Soulbound Token. Stay tuned!
Feel free to reach out to us via any of our social media platforms available here https://linktr.ee/rhinox_nft
Bonus Disclaimer:
Are we going to the moon tomorrow?
It would be great, but no, I don’t think so.
Are we going to be the most fucking innovative NFT in this industry?
Yes, we are.
RAGMI.
