What is ReapChain (REAP)?
REAP is the native token of ReapChain, which acts as a blockchain-as-a-service for the Internet of Things (IoT). Check out the current REAP price featured on the ReapChain price chart above.
IoT requires strong data security since it deals with big data, some of which may be sensitive. Thus, there have been many efforts to implement blockchain technology in IoT to provide this much-needed security. However, applying blockchain to IoT requires distributed and high-speed data processing, which is where the blockchain trilemma comes in.
This trilemma revolves around the difficulty of balancing scalability, security, and decentralization. When blockchain is not scalable, it cannot support more transactions. This problem arises from the fact that blockchain is decentralized. It requires many nodes to confirm a transaction. An attempt to make it more scalable may affect the decentralization and security of the network. This is where ReapChain comes to the rescue.
ReapChain protocol was created to achieve blockchain scalability without affecting the decentralization and security features. Therefore, it can introduce blockchain-standard security and transparency to the IoT ecosystem.
ReapChain protocol uses a shell-core structure that combines private and public blockchains. It also has a unique consensus mechanism called Proof-of-Double-Committee (PoDC). ReapMiddleChain (a private chain) is placed on the outer layer of the shell-core structure to provide security and speed, while the public blockchain is placed on the inner layer. Public blockchain consists of steering committee nodes that participate in the consensus process. This committee secures scalability and decentralization.
Besides, ReapChain also employs a unique solution called Reap SDK to enhance the security of IoT devices.
Who Founded ReapChain (REAP)?
ReapChain was founded by a team of skilled members in tech and business operations. This includes Jake Lee (CEO), Khan Kim (CSO), Seungjong Lee (COO), Sungjin Kim (CTO), Jay Yoo (CMO), and Suho Kwon (R&D CTO). The team released two white paper versions in 2020. Ver 0.8 was released in the first quarter and Ver 0.9 in the third quarter. Other initial events, such as presale, token generation, and exchange listing, also occurred in the third quarter of 2020.
Use Cases of REAP Tokens
ReapChain token (REAP) is the fuel powering the ReapChain crypto project. REAP facilitates the reward system, thus, it's mainly used to reward network participants for maintaining the ReapChain network and verifying transactions.
Besides that, ReapChain crypto assets are listed on various exchanges, hence, they can be traded for other crypto assets.
Tokenomics of REAP
ReapChain has a max supply of 4.9 billion tokens. 30% of the total REAP token supply was sold during the token sale. The ReapChain price at launch was $0.03. Considering further distribution, 28% of the supply was dedicated to rewarding Standing Committee Nodes. The remaining portion was distributed between the founders, the core team, and early contributors, as well as set aside for ecosystem participation incentives, marketing purposes, and ReapChain reserves.
While ReapChain crypto offers utility, and you may want to invest in it, it is essential to note that crypto assets tend to get quite volatile. Therefore, you should research the REAP price to make more informed purchasing decisions.