How to get started with buying RChain (REV)
Read our complete guide to buying, selling and storing RHOC.
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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.
On February 2020 it launched its mainnet and the token was renamed to REV.
Quick guide to buying RChain (REV)
- Register for an account with an exchange like Hotbit.
- Enable two-factor authentication.
- Deposit funds into your BTC or ETH wallet.
- Go to the BTC/REV or ETH/REV market.
- Enter the amount of REV you want to buy or the amount of BTC/ETH you want to spend.
- Review transaction details.
- Click “Buy REV.”
This is our quick guide to just one way to buy REV.
Compare some other options in the table below.
Where to buy REV
You can buy and sell RChain on the following crypto exchanges:
A step-by-step guide to buying REV
If you want to buy REV tokens but don’t know how, read on for step-by-step instructions:
Step 1. Register for an account with an exchange that lists REV
Take a close look at the fees and features of those crypto exchanges that list REV 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.
Remember to also enable two-factor authentication on your account before you deposit any funds.
Step 2. Deposit funds into your account
At the time of writing, it's not possible to buy REV directly with Austalian dollars, so 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 REV
Now it’s time to navigate to the exchange section, search for the pair you want to trade, and then specify how many REV you want to buy.
If you’re using Hotbit, you can search for “RChain” and click on “Buy REV.” You can then enter the amount of REV you want to buy or the amount of USD you want to spend.
Remember to review the details of your transaction, including the total cost, before submitting your order.
How to sell REV
If you decide you want to sell your REV, 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 REV 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 REV?
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 REV, you’ll need a wallet that’s compatible with it. The Rchain community has developed several wallets, but you may want to look for one that's been endorsed by Rchain developers.
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 REV token sale raised $15 million in less than two weeks, but was reported to be functionally bankrupt by 2018.
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 was to launch its mainnet in early 2019 with the capacity to handle 40,000+ transaction per second, but a series of delays, allegations of financial mismanagement and other issues saw the mainnet launch delayed until February 2020.
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 REV, consider the following:
- Supply. The maximum supply of REV is capped at 1 billion tokens. According to CoinMarketCap, at the time of writing (June 2020), the circulating supply was 482,890,386 REV, out of a current total supply of 870,663,574.
- Availability. REV 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.
- 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 projects like EOS, NEO and Cardano.
By doing your own research into the many factors that could influence the future price of REV, you’ll be able to make an informed decision about the pros and cons of buying into RChain.
At the time of writing, the author holds IOTA and XLM.
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