What is RateCoin (XRA) Crypto Beginner’s Guide
Many new coins are being introduced to the cryptocurrency market every day, and while some simply clone coins that offer little improvement, some of them solve problems associated with various altcoins. RateCoin is a Proof-of-Stake coin that is using new staking techniques to discourage inflation and offer sustainability.
History of RateCoin (XRA)
RateCoin has not experienced an easy entrance into the cryptocurrency sector. The entire program has been built from scratch, torn down, and rebuilt again multiple times without seeing any influence into the market. This can be observed by multiple posts on the Bitcoin Talk Forum, none of which have picked up in popularity and instead lead to new posts regarding the revamped currency. The coin has passed through several developers as the original developer no longer had the time to dedicate to continuing the coin.
This has, unfortunately, done some damage to the coin’s reputation. While some continue to hold onto the coin, others have sold their assets in hopes of moving on or to encourage higher circulation of the coin to push a wider-spread adoption. While this is a noble effort by coin enthusiasts, it hasn’t done much to help the coin due to several factors.
The developers have been unreachable at times before reemerging with a newly designed coin. RateCoin also lacks an official website, although information about the coin’s technical specifications can be found on Crypto City. Unfortunately, the lack of easily accessible information does not help the coin’s credibility within the community.
XRA – RateCoin’s Cryptocurrency
RateCoin’s currency, XRA, is Proof-of-Stake. It was originally a Proof-of-Work/Proof-of-Stake hybrid coin, but PoW was reached at the 20,000 block. Since then, RateCoin has turned to offering high stake rewards for holding XRA to raise its value.
The goal of this coin is to offer realistic sustainability of the coin and increased profit for holders. This is partially done by encouraging competitive Proof-of-Stake options; the percentage of interest XRA gathers is directly tied to Coin Age and rewards improve over specific periods of time. 0 – 1 days in the wallet will garner a 0.25% interest, and the maximum is 256 days which will reward a 25.6% interest rate.
RateCoin believes that these rewards are high enough to encourage holding and minting but low enough to minimize the effects of inflation. The model behind this technique encourages people to purchase the coin from exchanges and not sell it, which causes further demand for the coin and raises its value.
XRA is also designed to scale in the long term. Smaller blockchains can run into scaling problems quickly, while larger ones can demand too many resources. RateCoin is confident that their three-minute block target will create a balance that encourages easy scaling over time.
RateCoin seems to have a lot of great ideas going for it, but it is currently struggling in the market. Unfortunately, lack of development communication and no website can hurt a coin’s credibility. Hopefully, RateCoin can overcome these problems to offer a viable, valuable coin in the future.