AMA Recap: Rh!noX Whitepaper Overview & The Soulbound Token

On 4th August 2022, Rh!noX had their first AMA with the community on Discord Channel after the launch of the official whitepaper. We’ve had a great time engaging with the community, and we want to thank each of you for your wild support and trust.

As most of you have already known, Rh!noX is the first ever Soulbound Token established on BNB Chain. So we kinda expected there would be questions, doubts, and even controversies around the project. In this AMA, we focused on introducing the overview of the entire Rh!noX ecosystem and providing technical information.

Below is the full recap of the AMA. For those who couldn’t make it on time or for anyone that’s interested, feel free to have a good read!

Q1:Can I bind my Rh!noX NFT to multiple blockchains?

We have reflected in our whitepaper that this is planned for post-cross-chain. So please stay tuned for more updates and our future development!

Q2:I have a lot of assets held in different places, but I use one wallet for my Rh!noX NFT. This could lead to an inaccurate analysis of my portfolio and past trading behavior. Would the credit system be able to solve this issue?

The system will only analyze the past and ongoing behavior of the wallet that is holding the Rh!noX NFT. Rh!noX will never steal users’ information and data. If your NFT is held in a centralized exchange, our system will be able to analyze your trading behavior on that centralized exchange.

Q3:If credit rating is transferrable along with the Rh!noX NFT, how would Rh!noX deal with scammers that purchase Rh!noX NFTs with high credit ratings with the sole intention of scamming others?

As the utility value and the economic value of the Rh!noX NFT is directly and positively correlated with its credit rating, scams would drastically reduce the credit rating of the Rh!noX NFT. The profits received from the scams will very likely not be able to cover the initial cost of purchasing a Rh!noX NFT with a high credit rating as the Rh!noX NFT with a damaged credit rating will depreciate significantly. Thus this ongoing behavioral analysis system will always encourage users to utilize their Rh!noX NFTs ethically and morally.

Q4：Will there be a user interface for us to check a specific Rh!noX NFT’s details, especially its credit rating, for example like a LinkedIn profile? This will allow us to estimate the price of the NFT better.

Great question. In the future, we will be disclosing this information. At the same time, we will also be increasingly transparent on what we base the credit ratings on, allowing Rh!noX holders to better utilize their NFTs and obtain more benefits. The major influence of the price of different Rh!noX NFTs is the credit rating. On top of this, its inherent artistic value could also influence the price. At the end of the day, price can only be determined by the market.

Q5:Does every Rh!noX NFT have a base credit score? Or do they all start from 0?

All Rh!noX NFTs have a base credit score of 0 points.

Q6:Is the Rh!neT (Rh! noX’s Social Networking Platform) token gated and can only be used by Rh!noX holders? If so, how do you plan to expand the userbase of this social networking platform?

As of now, we want to focus on building the foundation of the Rh!noX project and the community. We do have plans in the future to expand this platform to all those in the Web3 space that want to be involved in our ‘soulbound’ credit system. We are definitely thinking about collaborating with more project teams and integrating them into our system.

Q7:What is the connection between CNFT and Rh!noX NFT?

To explain this in simple terms, you can think of BinaryX as Rh! noX’s collab partner, and they will be allocating airdrops to the Rh!noX holders. The airdrops come in the form of CNFT, which is points used in the BinaryX community and used for qualifying to become BinaryX DAO’s core members. You can exchange CNFT for money.

Q8：What are the advantages for holders holding multiple Rh!noX NFTs?

Depending on the number of NFTs you hold, you will receive the corresponding benefits as described in the whitepaper.

Q9:What will happen if someone develops his or her Rh!noX NFT credit rating for a long time and decides to sell? Will the buyer gain the credit rating alongside all the benefits?

If you develop your credit rating for a long time and decide to sell, the value of your NFT should be relatively higher than what you have purchased it for, depending on the credit rating at the time you decide to list the NFT for sale. The credit rating of the NFT and its benefits will be directly transferred alongside the Rh!noX NFT to the buyer.

Important Remarks:
In this AMA, we didn’t dive deep into some of the ecosystem’s core elements. We will be having AMA with the community regularly in the coming weeks, where we will be diving deeper into different aspects such as “Credit Rating System,” “Rh!drop,” “Sociality,” etc.

Feel free to reach out to us via any of our social media platforms available here https://linktr.ee/rhinox_nft

Thanks for reading, and we are hoping to meet you guys in the next AMA!