Recast1 Coin Combines DeFi with Education in New Ways
The Recast1 Coin project includes a comprehensive decentralized ecosystem. The platform combines an algorithmic controlled stable coin, NFT and startup launchpad, DeFi capabilities, and an exchange. Together, these components enable users to enjoy a smoother cryptocurrency experience.
What Problems Does Recast1 Coin Attempt to Fix?
There are a lot of problems that Recast1 Coin attempt to solve in the market. For one, the platform combats volatility in a new way. Most stable coins today derive their value from a direct peg to an asset. In most cases, these assets are fiat currencies or commodities like gold.
However, there are some serious restrictions encountered with this approach. For one, it requires you to trust in a third party that your pegged assets remain safe and untouched. As such, there are additional costs with this approach. Mainly, you have to store and secure these funds. Plus, there are costs associated with third-party audits to ensure that everything adds up correctly.
The Recast1 Coin introduces a proprietary hybrid consensus mechanism that enables the coin to remain stable without the need to utilize a direct pegged asset. To accomplish this task, the system adjusts the issuance of the token based on fixed monthly, quarterly, and annual constants. Notably, the name Recast1 originates from a symbol that represents the rate of use and the rate of increase in supply.
Recast1 users enjoy much more scalability than Ethereum-based platforms. The network provides near-instant transaction times. You can send value globally in seconds using the Recast1 coin. Additionally, the network provides enterprise-level security via its blockchain smart contracts.
Recast1 Coin Mechanics
The Recast1 Coin project lives on the TRON network. TRON is a third-generation cryptocurrency that was designed to help usher in Web 3.0 features and integration. The platform combines a unique decentralized economic structure with a new marketplace to accomplish this task.
Value Control Mechanism
At the core of Recast1 Coin’s ecosystem is the value control mechanism that helps to maintain the token‘s value. It works by assigning the average of the transfer to an issuance mechanism. The equation depends on the Variable. The Recast1 Coin variable is the number of transfers made each hour. This number gets calculated as the deviation from the total average.
Specifically, the protocol evaluates the market pricing, including the number of transfers and the number of users on the network at a particular time. The goal of the mechanism is to restrict the token supply to grow by no more than 5% per year.
Recast1 Coin Features
There are a variety of unique features found on Recast1 Coin. The project includes a combination of DeFi capabilities such as Staking with a powerful marketplace where users can communicate. Here are some of the best features Recast1 coin users enjoy.
The R1 Economy is where users, developers, and traders link up to exchange concepts, and ideas. All users can create their own profiles to stand out in the community. Share your wisdom and insight to gain followers. Notably, each profile will be defined as Economist and a strategist after reaching 1000 followers.
As an Economist, you’re now eligible to earn rewards and offer services to the rest of the network. Economists and Strategists can offer their software, indicators, and economic articles as NFT to earn. They can even delegate their followers to other members for rewards. The main goal of the R1 Economy is to teach new traders and let experts earn from their efforts.
Recast1 Coin stakers earn passive rewards for locking their cryptocurrency into smart contracts. These rewards are automated and require no human intervention. As such, they pay out in a timely fashion without error or chance of fraud. Staking protocols are becoming standard for new DeFi projects because they provide a simplistic way for users to earn reliable ROIs.
The R1 Exchange provides users and startups with a simplistic way to enter the market. Anyone can easily create, plan and develop NFT tokens and more. Startups will gain instant access to the market via this feature. Start-Up projects on the R1 exchange will collect demand at certain rates and will be processed with variable durations proportional to the R1 coin weight on the exchange.
Users will also enjoy the added NFT features. NFTs (non-fungible tokens) differ from regular cryptocurrencies in that they represent a unique asset. As such, they can vary in value greatly between coins. Notably, some NFTs have sold for millions recently. Consequently, the NFT market is considered one of the fastest-growing in the blockchain sector.
The Recast1 Coin integrates dual consensus mechanisms to provide users with a stable coin that isn’t pegged directly to any asset. This strategy saves money and provides a more transparent experience for all users.
Proof of Transfer
The Proof-of-Transfer protocol plays a vital role in the functionalities of the network. It works by monitoring the number of daily transfers. The system converts this data into a transfer variable percentage. This percentage gets presented with contract authorization and defined in the transferor’s wallet. Notably, coins obtained from the transfer up to a certain percentage of the daily transfer amount are automatically assigned to your account.
Proof of Stake
The network also utilizes a Proof-of-Stake system to ensure that the supply is an increasing coin. The PoS system is what enables users to earn rewards in the form of coins from transfers. These rewards are paid out monthly, 3-month, 6-month, 9-month, and in 12-month intervals.
The R1 token is the main utility token for the project. You must hold R1 to access all the features and services of Recast1. Users can stake this coin and earn rewards as well. Notably, R1 has an unlimited total supply with an adjusted yearly rate based on network activity. The R1 token is a TRC-20 project that lives on the Tron blockchain. You can think of TRC-20 as TRON’s version of Ethereum‘s ERC-20 protocol.
The developers behind the Recast1 Coin project seek to launch the network as a proof of concept to the world. If successful, the platform’s unique stabilizing mechanism could become more common in the market. For now, those interested in finding out more information can do so here.
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