Raicoin is designed for real life & daily use, it's a crypto system with: high performance, low latency, well decentralized, easily extendable. We introduce many novel designs to achieve these goals.
Block-lattice with Staking Reward
All nodes with election weight can earn reward. The block-lattice idea is first introduced by NANO, by the amazing technique, transaction latency is reduced to less than 1 second. But NANO and those similar coins do not have reward for nodes, most of coin holders have no incentive to run their own nodes, they just put coins in exchanges or set official nodes as their representatives. We can see only Binance Exchange itself controls more than 20% NANO total supply (https://nanocean.org/top/ @2020/08/24). It is basically impossible to achieve well decentralization without node incentive.
Another reason Raicoin introduces reward is we need it to motivate third parties to develop various extensions.
Distributed DPoS (DDPoS)
We designed the unique DDPoS consensus algorithm for Raicoin, make it Infinitely Scalable and High Efficiency. How the DDPoS works?
- By default, nodes accept the first arriving block.
- Then only nodes related to the block, which is from its delegators or subscribers, try to confirm the blocks by inquiring to all other nodes if the block accepted or forked.
- If fork not found, then done.
- If fork found, the fork will be broadcast to whole network, then all nodes will do a election to decide the winner.
- If forks from an account exceed the limit, the account will be treated as an attacker and the network will restrict it up to 90 days to make new transactions.
Credit Secure Mechanism
- Accounts destroy little amount coin to get credits from the network, than allowed to do (20 x credits) transactions every day(In a word, buy once for life).
- Any account must have at least 1 credit when it is created.
- The cost of credit will gradually decrease.
- Transactions from accounts with high remaining percentage of allowed transactions will be processed first when the network is busy.
Achievable and Sustainable high performance
- Two types of nodes are designed: light node and full node. light nodes can do not only pruning but also unpruning when needed.
- light nodes are designed to run on ramdisk/NVMe/SSD as election nodes, and full nodes run on HDD as backup nodes.
- Rough performance on different device: 200k+ tx/s (ramdisk), 2k+ tx/s (NVMe), 1k tx/s (SSD), 100 tx/s (HDD).
Fullmesh Network & Bandwidth Saving
We design a fullmesh network layer for the DDPos system, it will save up to 90% bandwidth cost. The fullmesh network is also used for fair proven airdrop.
More than 50% of the block content can be programed by the upper layer services and third party apps. By this feature, we can easily add new features for the project (such as RAI20 token&swap). The system is also suitable for running various third-party apps (such as DEX, coin mixer, p2p instant message, fair proven lottery...).
Coin mixer can be developed based on the Programmable feature. Third party may be happy to develop and run a mixer to get users and node reward. An official implementation may also be developed if necessary.
There are three kinds of accounts: Transaction, Airdrop, Representative. Transaction accounts are generated in wallet for normal use, these accounts are allowed to Send, Receive, Change Representative, Increase Credit. Airdrop accounts are used to fulfill airdrop, these accounts are allowed to Receive, Change Representative, Destroy Self, the coins in airdrop accounts can't be spent. Representative accounts are running on nodes, equivalent to node account.
- All coins except those in airdrop accounts are generated by node reward.
- How node reward works:
The reward is transaction driven, that is any new block created by Airdrop accounts or Transaction accounts will allow their Representative node account to create a reward block with average 24 hours delay.
- New generated coins of each year:
1st year: 40M,
2nd year: 30M,
3rd year: 20M,
4th year: 10M, from 5th year: about 5% coins.
- There are 10000 Airdrop accounts as genesis accounts, each of them have 1000 RAI coins that can't be spent. These accounts are running on rai_airdrop app automatically.
- These airdrop accounts change their representatives every 24 hour. The choice is randomly and based on the cumulative online time of the qualified nodes, that is, the higher online time, the higher probability to be chosen.
- Because the Raicoin network is a full mesh network, every node connects with each other, so all participants can count and get same result of the whole network's online statistics, then check it with the actual airdrops to verify fairness.
- Airdrop will last 4 years, the approximate amounts by time:
1st quarter of 1st year: 7M,
2nd quarter of 1st year: 4M,
3rd quarter of 1st year: 3M,
4th quarter of 1st year: 2M,
2nd year: 5M,
3rd year: 2M,
4th year: 1M.
- To anti sybil attack, in the first 2 quarters, only invited nodes can get airdrop. And after then all nodes can get airdrop.
- How to get invitations?
- To be active github contributors for the project.
- By donation, the minimum amounts of BTC/NANO for an invitation are as follows(UTC time):
Sep. 2019: 0.001BTC/10NANO
Oct. 2019: 0.005BTC/50NANO
Nov. 2019: 0.01BTC/100NANO
Dec. 2019: 0.02BTC/200NANO
Jan. 2020: 0.03BTC/300NANO
Feb. 2020: 0.04BTC/400NANO
Mar. 2020: 0.05BTC/500NANO
Apr. 2020: 0.06BTC/600NANO
May 2020: 0.07BTC/700NANO
June 2020: 0.08BTC/800NANO
July 2020: 0.09BTC/900NANO
Aug. 2020: 0.1BTC/1000NANO
After then: 0.2BTC/2000NANO
- There will be 16 official invited nodes: 8 light nodes, 8 full nodes.
- Developer Fund: Donations and the airdrop that official invited nodes get.
- Sep. 2020: Mainnet & Key Features
- Oct. 2020: Exchange List
- Jan. 2021: Web wallet
- May. 2021: BEP20 RAI and bridge to binance smart chain
- Jul. 2021: Pancakeswap LP reward, free faucet
- Aug. 2021: dApp framework
- Oct. 2021: Account alias and verification, sub-account
- Dec. 2021: RAI20 token and swap, custom wallet server
- Mar. 2022: Cross chain
- Jun. 2022: Pruning and light node
(Please send from an address you control, not an exchange address. To get invitation, you will need to sign your raicoin node id with the BTC/NANO address.)