– A decentralized, economic, censorship-resistant, public compute infrastructure and blockchain
The open-source RChain project is building a decentralized, economic, censorship-resistant, public compute infrastructure and blockchain. It will host and execute programs popularly referred to as “smart contracts”. It will be trustworthy, scalable, concurrent, with proof-of-stake consensus and content delivery. It aims at becoming a blockchain solution with industrial-scale utility, for which RChain must provide content delivery at the scale of Facebook and support transactions at the speed of Visa.
Rchain — Synereo fallout
On December 12, 2016, after weeks of contention, the shareholders of Synereo LLC voted to cancel CTO Greg Meredith’s employment contract and remove him from the board. It boils down to an unresolvable disagreement between Synereo’s CTO (Greg Meredith) and CEO (Dor Konforty).
Synereo was pitched to investors as a decentralized social media platform built on top of a innovative tech stack — Rchain. Shortly after successfully raising $4.7 million dollars in a crowdsale, Greg Meredith publicly accused Dor Konforty of attempting to starve the Rchain project and asked for his resignation. For his part, Dor expressed that he had lost confidence in Greg’s ability to deliver a useable Rchain product in time for Synereo’s planned 2017 rollout. The Synereo project stalled, gripped in deadlock, until the shareholders voted to oust Greg.
This resulted in the former CTO leaving with no seed funding to continue his work on the Rchain project. Synereo announced its intention to proceed with the social network using a different tech stack.
Resulting from this decision was concern from investors who were unsure as to what would happen with their investments. This was more of an issue for those who had backed the project as a result of the RChain aspect which was no longer being supported.
RChain then launched a token swap program which allowed users to swap Synereo’s AMP for RChain’s RHOC. The primary reason for having this swap was to allow AMP investors who invested because of the RChain technology to swap over to the new project. However, it should be noted that RChain did receive valuable AMP tokens for this swap.
RChain’s architecture was designed after a branch of mathematics called mobile process calculi in an effort to maximize the platform’s scalability. The platform can support multiple blockchains, both public and private even on the same node. The blockchains are secured through Proof of Stake consensus protocol.
Architecture document: http://rchain-architecture.readthedocs.io/en/latest/
During 2017. there were two private sales of RHOC tokens, in August (0.20$/RHOC) and December (0.35$/RHOC). A total of around 45 million (15mil + 30mil) USD was raised, distribuing around 240 million tokens.
RHOC Token Quick Facts
- Initial Sale Price: $0.20
- Second Sale Price: $0.35
- Current Market Price: $1.30
- Token Type: ERC-20 (until mainnet, Q4 2018)
- In circulation: 359,465,666
- Total Suply: 1,000,000,000
- Burned so far: 129,336,426
- Remaining Supply: 870,663,574
- Mineable: No
- Consensus Algorithm: Proof of Stake
In Q4 2018 (after launch of Rchain mainnet) RHOC will be swapped for REV on a 1:1 ratio.
Comparison to existing blockchains
Comparison with Bitcoin
Comparison with other projects
Why other well-known blockchains will not manage to scale:
- Ethereum will certainly improve when it comes to scaling thanks to sharding, however it’s limited by a lot of legacy design choices. Solidity for example was not initially designed to achieve massive scale, but it’s not like Ethereum can abandon the support for the language since it is now live since many years.
- Claims that their chain can scale infinitely, however there are a lot of issues with their construct. however, the main issue is that there is just no way that every node can store such a large amount of IoT data (potentially infinite because of lack of fees) forever.
The real solution that everyone has been missing so far and that RChain has is CONCURENCY. This basically means that you can operate in parallel. An an application that instead of operating with multithreading operates with a single tread by exclusively using non-blocking operations. (Simple example: Without concurrency you can have only one lane. You can increase the speed at which the vehicles run, but still each vehicle is going to be behind the previous one. With concurrency you can have multiple lanes, meaning that the vehicles don’t need to be one behind the other in a serial order.
Plans and potential
- 40.000 + transactions per second per namespace
- industry oriented
- educating developers by organizing developers retreats
- updates in the form of RChain Developer Retreat Roundup
- opening offices on all continents (currently opening in Berlin)
Releases so far:
- January — First Mercury Pre-Alpha Released: Node.Hello (v0.1)
- January 31st — Rholang SDK 0.1
- March 6th — Node.Void
- March 15th — Node 0.1.3
- March 29th — Node 0.2.1
- May 3rd — Node 0.3
- May 31st — Node 0.4 (Crypto channels)
- Launch of the RChain testnet — September 2018
- Launch of name registry — September 2018
- Release of Node 1.0 — November 2018
- Launch of the RChain mainnet — December 2018 (Mercury)
How Rchain works
Today, blockchain platforms lack industrial grade scalability and speed. RChain is natively concurrent because the model of computation is designed to be concurrent from the ground up. It includes a new virtual machine called the Rho Virtual Machine, a new concurrent programming language called Rholang, and a new proof-of-stake consensus protocol being built by Vlad Zamfir and Michael Birch. In early February, the RChain SDK was publicly released as the team continues to work towards Mercury, the platform’s mainnet launch. To test out the SDK and stay updated on RChain’s progress, join the community here: https://developer.rchain.coop
Rho Virtual Machine Environment
At the center of the platform, the Rho Virtual Machine Execution Environment allows RChain’s applications to achieve incredible speed and scalability. The Rho Virtual Machine Execution Environment can run multiple Rho Virtual Machines all at the same time. When necessary, The Rho Virtual Machine simply creates new instances of Rho Virtual Machines to handle the new load.
RChain has a “multi-chain” structure that allows its blockchains to run coordinated and parallel (cocurency). Each virtual machine will execute an independent set of smart contracts on an independent set of blockchains and networks only when necessary. Lightweight and multithreaded by design, nodes can handle multiple high-performance instances allowing RChain’s decentralized applications to achieve revolutionary results.
On RChain, smart contracts are written in Rholang. Rholang stands for reflective higher-order language. The language supports internal concurrent programming. It makes contracts fast and versatile by design. Secure and correct by construction, the platform’s smart contracts follow a formal verification method that allows them to be highly scalable. The Rho Virtual Machine then compiles and executesthe contracts.
Unlike most blockchains that use public keys to distinguish virtual address spaces, RChain divides its virtual address space into namespaces. In the simplest terms, a namespace is a set of named channels that are used to communicate the location of a network resource. Namespaces allow smart contracts on one blockchain to be visible to system contracts elsewhere on the network. Namespace developers can also use tools and properties to improve system encryption and protocols.
Structure of Rchain bussiness model
Rchain consists of two organisations Rchain Cooperative and Rchain Holdings company, formed in December 2016 — January 2017.
The Co-op is the organization that develops the open-source RChain platform software. It’s an open and community-driven initiative with multiple communication channels through which all are welcome to participate. RChain Holdings is a for-profit entity whose mission is to grow the ecosystem around the RChain platform, through incubating startups, forming joint ventures, developing products, and delivering professional services. RChain Holdings were recently transformed to Pithia, Inc. — a venture firm that is a “The RChain enabler”.
The RChain Cooperative also announced partnerships with Pyrofex and Reflective Ventures.
Pyrofex is cofounded by Mike Stay and Nash Foster, ex-Googlers who worked on security and the ads platform. Pyrofex has dedicated their full team of 20+ world class developers and mathematicians to build and support the development of the RChain platform. They are paid in RHOCs.
Reflective Ventures was founded by Greg Heuss, David Otto and Steve Careaga to invest in blockchain startups. Based in Seattle, it originates from an ongoing strategic partnership with RChain Cooperative. With a mandate to grow the RChain ecosystem, Reflective Venture Partners provides strategic financing and designs token generation events (TGEs) for innovative blockchain specific dApps and complementary technologies that have strong growth potential for the RChain blockchain ecosystem. Investments will range in size from $250,000 to $3 million. (They got 50 mil RHOC upon signing of the deal, plus another 50 mil RHOC available if they fulfil 12 objectives until Dec 2018 (invest in/incubate minimum 3 companies/quarter, to have minimum 6 Dapp companies in the pipeline at all times, bring min 5 million $ investment to Ventures during 1st year (2 mil from bc companies). RHOC will be exchanged for those companies’ tokens and equity, incubate and accelerate those companies (think — Dapps without platform and with ICO funds available) through securing office spaces in Seattle etc. Furthermore, conferences participation and organisations are planned for each quarter.
In return Ventures will give board seat (probably Greg Meredith), 15% of all profit goes back to Co-op, they will return 100 mil of RHOCin value back to Co-op in 5 years +5% more/year, Co-op to receive office in the Ventures office etc.)
For more information, visit www.reflectiveventures.io
Pithia, “The RChain Venture Company”, outlined their plans to use 100M RHOCs to invest in RChain companies across several dimensions. Pithia invests in concept stage and mature blockchain companies that are dedicated to or enable RChain. This includes concept stage companies that are building for the first time, mature companies desiring to move to RChain, and existing software companies adding blockchain to their technology stack. Their leadership is broadly connected to global technology and consumer companies, educational institutions, and a diverse entrepreneur and engineering community. www.pithia.com
RChain has also created the RChain Research working group dedicated to future-proofing the RChain platform in a way that will realize RChain’s full potential as the public information utility of this millennium; including 1) Quantum consensus considerations 2) Artificial Intelligence 3) Correct-by-Construction Casper and 4) Innovation on the Logic as Distributive Law (“LADL”) algorithm.
Greg Meredith (President of RChain Cooperative)
- Greg is the President of The RChain Cooperative. Previously he has worked as Principal Architect of Microsoft’s BizTalk Process Orchestration, Principal Architect of Microsoft’s Highwire offering as well as Principal Architect of ATM Network management solution for ATT/NCR and Co-designer and developer of MCC’s Rosette/ESS technology.
Nash Foster (CEO Pyrofex)
- Pyrofex Corporation — Working exclusively with the R-Chain Cooperative to develop an industrial-scale blockchain platform using the latest in formal methods and type theory. R-Chain will make it possible to deploy smart contracts at Google scale, while remaining confident they are safe and secure. Team of developers is 15 strong.
Lawrence Lerner (CEO Pithia Inc.,“The RChain Enablers”)
- Pithia Inc. (ex RChain Holdings) is commercializing the RChain platform, and Lawrence is Chief growth officer. Holdings supports those building decentralized consumer and enterprise-connected applications on the RChain platform. They evangelize the RChain Platform as an open-source project available to all; invest in startups/esatblished companies/new joint ventures; fund corporate forms for solutions for specific problems in the blockchain ecosystem; sponsor efforts to uncover and solve problems that may not even have been recognized previously.
Ed Eykholt (Founder and Board Member at Pithia Inc.)
- Founder and Board Member. Ed has over 30 years of experience in the technology industry, managing products and software teams in complex and mission-critical domains such medical imaging and electric grid management, as well as software development tools teams at Rational Software and Microsoft. While at Rational he led the industry standardization of the Unified Modeling Language. Ed is also a co-founder of RChain Cooperative, serving as a Board Member through 2017).
- Vlad Zamfir is a prominent researcher and commentator in the blockchain ecosystem. He is most known for his research and design work on Casper, the Proof-of-Stake consensus protocol for the Ethereum project and is working on a Casper for Rchain. Vlad joined Co-op’s Board of Directors in September 2017.
- Kenny is a Board Member and the Chief Operating Officer. An entrepreneur who brings a focus on governance, community building and collaboration to projects across the blockchain industry. Kenny currently serves as head of operations at MakerDAO as well as a senior consultant at CoinFund. Kenny founded the Seattle Ethereum Meetup group and previously spent eight years working in ecommerce for Newell Brands in various management roles.
- Evan is the Secretary of The RChain Cooperative. Evan is an attorney with special interest in progressing crypto-related law. Evan is also legal counsel for The RChain Cooperative
- Ian is a Open-source, linux, and DAO enthusiast. Worked as a Microsoft Software Engineer for AEGON, Computer Security Specialist for Fortress Technologies & Kroll.
Hendrick J. Hillbolling
- Working since 1989 in the IT business with a degree in Business Management in 1990, University of Groningen, NL. With friends raised the Association NetYes that made the digital city of The Hague. In 1997 I joined AtosOrigin as a CRM consultant. Currently is in the position of blockchain consultant with focus on social communities, attention economy and remuneration of creators instead of third parties.