RUPEE UPDATE APR 29
Hello Fellow Rupsters
Welcome to our latest update, and also to the biggest announcement in the history of RUP.
The crypto world moves fast, and there are now a vast number of projects, all fighting for a share of the future. Projects must be able to adapt and evolve if they are to survive and thrive in the new world of digital currencies. Those that don’t adapt will be swept away.
This has been the main topic of conversation within the RUP team. We watch the crypto world closely. We immerse ourselves in the latest developments. The team are all passionate about RUP and it’s vision for a future of democratised and decentralised digital cash, and we will stop at nothing to make the project a success. Each of us feels the expectation of the community, and we are well aware of the trust you have placed in this team. To that end, we have decided to make this statement, announcing the next great chapter in the history of RUP.
Lyra2REv2 Hard Fork
The hard fork was successfully completely on April 16th 2018. As we discussed previously, the intention was to free RUP from the tyranny of the ASICS miners, with their commercial mining equipment, and bring RUP back to the people, in line with our vision of ‘the rupee for everyone’. Since the fork, GPU mining has been available to everyone.
We immediately faced a 51% attack on the RUP blockchain. Our code change had upset the ASICS miners. And they wanted to punish RUP. We can see this as the old, centralised powers attacking the new decentralised and democratic digital cash movement. We are proud to say RUP fought back, and we won that battle. But the large, commercial mining pools have continued to attack us, and bulk-mine RUP, driven by the ease and profitability of the process. This is not what we desire for RUP, and we are disappointed about the cynical and mercenary attitude from the commercial miners. We have an incredibly supportive and passionate community, and we know the community shares our vision for an open blockchain platform, as a means to democratise cash throughout Central and South Asia. The community trusts us, and we feel that trust keenly. We want to see RUP as the preeminent crypto currency throughout Central and South Asia, and we will take any steps necessary to help us achieve that aim.
After much planning and discussion, the RUP team is excited and proud to announce the birth of Rupee 2.0
The new RUP will be running on a modified hybrid version of the mighty DASH blockchain. Those who understand the technology will be as excited as we are, as this new code will give us a number of dynamic features, including POS, which will propel RUP into the top tier of crypto currencies.
Total number of RUP will remain the same. We will premine 24 million RUP, plus another 6 million, to be used exclusively for development. The development RUP will be kept in a transparent wallet, and it’s usage will be accountable to the community at all times. This fund will allow us to achieve goals more quickly, and more effectively, especially in terms of brand awareness and marketing. The development wallet will not be a staking wallet. It will not earn RUP. All RUP will be going back to the community.
RUP will run on masternodes. We know this will create great excitement in the community. We see Masternodes as the next step in the decentralisation of digital currency. Mining required technical knowledge and an expensive mining rig. Masternodes requires almost no technical knowledge, and anyone owning 20000 RUP will be able to run their own Masternode, thereby earning RUP as a reward. The reward will be set at 65% for each block. Divided between all the masternodes.
We already ‘stake’ our RUP by holding them in the official RUP desktop wallet. But with staking, you will be rewarded for holding your RUP. There will be no more need to worry about mining rigs, mining pools and block times. If you hold your RUP in the official wallet, you will be rewarded. The staking reward will be set at 35%, for each block, divided by the total number of RUP held in staking wallets.
The modified/hybrid DASH code allows us to make transactions in complete privacy. So RUP will now become a Privacy Currency, through the use of PrivateSend. Any RUP sent from your wallet will be done so in complete privacy and anonymity, if you so wish. The feature will be optional from within your wallet. You can choose to use PrivateSend for any transaction, by clicking on a button in your wallet.
The new code will also allow instant transactions through InstantSend. No more long waits. With InstantSend, your RUP will be sent and arrive instantly. So you can pay for a coffee, and make the transaction even quicker than if you paid with Fiat. Again, this is an optional feature, activated through the simple click of a button.
Rupee Wallet 2.0
A whole new desktop wallet is being created for Rupee 2.0. It will be slick, simple to use and highly functional. We are proud of RUP, and we will be proud of this wallet too. Development is already in the latter stages, and with buttons for PrivateSend and InstantSend, as well as a modern and cutting edge interface, we know Rupee Wallet 2.0 will be a great asset to our project. The new wallet will be launched to coincide with the coin swap.
A complete code change will require a coin swap. This will commence on June 1st and end on July 1st. The swap will be 1:1, meaning for every one RUP you own, you will receive one Rupee 2.0.
The RupeeBlockchain website is being completely redesigned with a new, fresh look, new functionality and new content, to reflect the ethos and passion of Rupee 2.0.
The RUP white paper will be amended, updated and largely rewritten to reflect the launch of Rupee 2.0. While our goals and vision remain predominantly unchanged, we feel the move to the new code will enable us to accomplish those goals more quickly, while also creating a more versatile, vibrant and exciting currency.
A LitePaper will be released, alongside the white paper, as a more instant and user friendly summary of the goals and vision of Rupee 2.0
This is the most exciting development in the history of RUP, and we know the community will be impatient to see Rupee 2.0 fully implemented and adopted. To this end, we have chosen an aggressive timescale, but one we are confident we can achieve.
As mentioned above, the coin swap will begin on June 1st. It will be completed on, or before July 1st
The new Wallet 2.0 will be released on June 1st
The website will be relaunched on June 1st
The White Paper and LitePaper will also be released on June 1st, to coincide with the launch of the website.
The Rupee Team wishes to thank the community for its support and patience over the last few months. We have worked tirelessly to bring you the most dynamic and exciting version of RUP technically available, and we believe with the launch of Rupee 2.0, the future has come closer for Central and South Asia, and for the world as a whole. The vision of RUP is what drives us, every day, to be the best we can be. Rupee 2.0 is the perfect solution to the challenges we have faced, and it’s the perfect solution for the unbanked of Asia, as well as those seeking a fast, private and easy to use digital currency, wherever they may live. We are incredibly excited to be a part of this project, and we can now look to the future with renewed optimism, vigour and passion.
The future is coming. The future is here. Rupee 2.0.