One new altcoin hoping to separate itself from the pack is Recast1. The R1 token is a new concept which its developers are touting as the first potential non-fiat stable coin. Now, there have been plenty of hopefuls after that particular crown, so what makes the team behind Recast1 think their offspring has the royal genes?
“Recast1 is not like other coins. In its creation, we looked at both traditional fiat currencies and virtual currencies and we saw patterns in what gives each unique model its value. In fiat terms, this value comes in the shapes of a guarantee underpinned against collateral, whereas in the crypto world it is in part ownership itself that lends a coin its worth. In short, virtual currencies hold their value because they are valued by those who own them. So, we thought instead of airdrops or buybacks, why not reward Recast1 holders for holding them and better yet using them?” Imran Tariq, CEO Recast1.
Less is more
The concept is actually very simple. Instead of paying fees on Recast1 transactions, traders will instead be rewarded with more coins from an infinite supply. The system will protect itself by capping generation in line with inflation, but in theory, if traders are using the coin, they’ll continue to generate more as a result.
Shifting Gear
This new algorithm represents a shift in the way Recast1 holders stake their coins. The new system called Creation Proof of stake is a hybrid of traditional Proof of Stake (PoS) and Delegated Proof of Stake (DPoS). The main difference is that instead of paying gas or other transaction fees, with Recast1 the opposite occurs, and traders earn rewards. These rewards come courtesy of Recast1’s proprietary algorithm and are based on the volume of the token traded. Every trader who meets a specific hourly target will receive a bonus.
Money for nothing and your fees for free…
In commercial terms is Recast1 is successful it would offer frequent traders an attractive fee-less alternative. The developers claim that just by using Recast1 regular traders could save an estimated 2-5% in transaction fees every year.
Find out more
Time will tell whether R1 can go the distance and claim the non-fiat stable coin crown, but for now, the project is worth keeping an eye on. If you’d like to read more about Recast1 and the team behind it, you can find their white paper here or follow their progress on their roadmap here.
Disclaimer: This is a sponsored press release, and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice
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