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How to get started with buying RChain (RHOC)
Read our complete guide to buying, selling and storing RHOC.
Launched in 2016, the RChain project aims to “build a better blockchain architecture”. Designed to overcome the scalability, speed and security issues facing other established networks, RChain is a platform for the creation and deployment of scalable dapps.
The platform’s native asset, RHOC, was introduced to the world during an August/September 2017 token sale. If you want to buy RHOC tokens but don’t know how or where to start, read the simple and straightforward instructions contained in this guide.
Quick guide to buying RChain (RHOC)
- Register for an account with CoinSpot.
- Enable 2-factor authentication.
- Verify your account.
- Click “Deposit AUD”.
- Transfer funds into your account.
- Click “Buy/Sell” at top of screen.
- Search for “RChain” and click on “Buy RHOC”.
- Enter the amount of RHOC you want to buy or the amount of AUD you want to spend.
- Review transaction details.
- Click “Buy RHOC”.
This is our quick guide to just one way to buy RHOC.
Compare some other options in the table below.
Where to buy RHOC
You can buy and sell RChain on the following crypto exchanges:
A step-by-step guide to buying RHOC
If you want to buy RHOC tokens but don’t know how, read on for step-by-step instructions:
Step 1. Register for an account with an exchange that lists RHOC
Take a close look at the fees and features of those crypto exchanges that list RHOC in currency pairs. Once you’ve found a suitable platform, register for an account by providing your email address and choosing a secure password.
Some platforms will then allow you to start trading straight away, but others will ask you to provide your personal details and proof of ID. This information is required by some exchanges to conform to Know Your Customer and Anti-Money Laundering (KYC/AML) regulations.
Remember to also enable 2-factor authentication on your account before you deposit any funds.
Step 2. Deposit funds into your account
If you want to buy RHOC with Australian dollars, CoinSpot is one exchange that allows you to do so. From your account dashboard, click on the “Deposit AUD” link and then transfer the necessary funds via POLi Payments or BPAY. CoinSpot also accepts cash deposits at newsagents via blueshyft.
If you’re using an exchange that only offers crypto-to-crypto trading, you’ll need to deposit bitcoin (BTC) or Ether (ETH) into your account. You can find instructions on how to acquire either of these currencies in our how to buy BTC and how to buy ETH guides.
To deposit BTC or ETH into your exchange account, you’ll need to log in to your account and either copy the wallet address or scan the relevant QR code.
Step 3. Buy RHOC
Now it’s time to navigate to the exchange section, search for the pair you want to trade, and then specify how many RHOC you want to buy.
If you’re using CoinSpot, you can click the “Buy/Sell” tab at the top of the screen, search for “RChain” and click on “Buy RHOC”. You can then enter the amount of RHOC you want to buy or the amount of AUD you want to spend.
Remember to review the details of your transaction, including the total cost, before submitting your order.
How to sell RHOC
If you decide you want to sell your RHOC, the process you’ll need to follow is essentially the same as that described in step 3. However, this time you’ll need to enter your transaction details in the “Sell” tab rather than the “Buy” field.
Since RHOC is only available in a limited range of currency pairs, you’ll only be able to exchange it for BTC or ETH.
Which wallets can I use to hold RHOC?
While you can store your tokens on an exchange if you wish, this exposes you to security risks and is not recommended. Instead, it’s a good idea to transfer your tokens to a secure wallet that allows you to retain control of your private keys.
To store RHOC, you’ll need a wallet that’s compatible with Ethereum’s ERC20 token standard. Examples include the Eidoo desktop and mobile wallet, the MyEtherWallet web interface or a hardware wallet such as the Ledger Nano S.
How RChain works
The RChain platform is being developed by the RChain Cooperative, which is based in Seattle, USA. This group of users, developers and project investors gives every member a vote in decisions affecting the network.
Greg Meredith is the president of the co-op and the driving force behind RChain. Founded in 2016, RChain aims to create a platform for scalable blockchain applications. The 2017 RHOC token sale raised US$15 million in less than two weeks.
At the core of the platform is the Rho Virtual Machine (RhoVM) Execution Environment which runs multiple RhoVMs. Each RhoVM can execute a smart contract. These execute concurrently, with the architecture of the entire RChain network sharded (partitioned) by default. The result is a network of coordinated and parallel blockchains.
The team’s goal is to launch its mainnet in December 2018 with the capacity to handle 40,000+ transaction per second. The platform is then designed to scale soon afterwards to 100,000+ transactions per second.
Other features include built-in developer tools using multiple code languages and a “push a button” translator to allow developers to transfer their apps, products and codes over to the RChain platform.
What to consider if buying RChain
Buying any cryptocurrency is a speculative purchase. Not only are digital currencies notoriously volatile, they’re also complex assets that can be influenced by a wide range of factors. With this in mind, it’s important that you understand those factors and the risks involved before you buy.
If you’re thinking of buying any RHOC, consider the following:
- Supply. The maximum supply of RHOC is capped at 1 billion tokens. According to CoinMarketCap, at the time of writing (June 2018), the circulating supply was 360,508,772 RHOC, out of a current total supply of 870,663,574.
- ERC20 tokens. RHOC tokens are ERC20 tokens on the Ethereum blockchain. However, when RChain’s mainnet is launched before the end of 2018, they’ll be replaced on a 1:1 basis by REV, the native currency on RChain’s own blockchain which will be used as a staking token.
- Availability. RHOC can only be bought and sold on a handful of exchanges. This lack of accessibility could limit demand for the currency, but at the same time, obtaining listings on additional exchanges could have a positive impact on price.
- White paper. Want to know more about how RChain works? Check out the project’s white paper. For the really technically minded, the RChain platform architecture guide is also well worth a look.
- Still being developed. RChain’s testnet is scheduled for launch in July 2018 with the mainnet due to go live in December 2018. Until a successful launch has been completed, it’s not yet certain whether RChain will be able to deliver on its potential.
- Competitors. RChain is far from the only smart contract platform competing for market share. Not only will it need to do battle with current market leader Ethereum, but it will also need to contend with a host of other new and upcoming projects like EOS, NEO and Cardano. As a result, it’ll face an uphill battle to achieve widespread adoption.
By doing your own research into the many factors that could influence the future price of RHOC, you’ll be able to make an informed decision about the pros and cons of buying into RChain.
Picture: Shutterstock
At the time of writing, the author holds IOTA and XLM.
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