Altcoins, - Rimbit the Next Generation Digital Currency
Credit Cards are the most useful ways people transact on the Internet, whether it be as standalone transactions or via 3rd party companies such as PayPal, MoneyBookers and so on.
One of their biggest downfalls is the security that follows every transaction as Credit Card information can be obtained via skimming, hacking websites that store users Credit Card details and of course, the theft of a Credit Card.
So we are looking at a method to integrate a person Credit Card details with the security of the blockchain to combine a one time wallet address or QR code, within a transaction that will relegate a transaction as void, should the 2 identifiable "items" not match.
This is only a speculative idea for now and something to be discussed, but the way we could possibly see a function would be like:
- Credit Card details along with a CVV code transmitted
- At the exact time, a send from a designated wallet tied to that particular transaction is also sent
- The Credit Card transaction contains the wallet address during the transaction, along with a send of xxxxx amount
- The issuing company or Bank would first verify that the two match point for point
- If they match, the transaction completes, if they fail, the transaction is voided and notifications are sent out to parties related to the Credit Card for security
I do need to stress that this is only an idea and one of many we are looking into, not just for Crypto Currency, but also to ease back the fraud by increasing verifiable details, so that peoples finances are not tampered by outside parties.
Its a sad fact that Altcoins have emulated Bitcoins mining system to generate, distribute and confirm crypto currency throughout the community and the Internet. This system which is used by all crypto currency has "caution" stamped all over it, since the simple fact of sending and receiving coins is flawed by the need to setup mining pools and mine coins. Disable mining for any crypto currency (apart from Rimbit) and you will kill a coin, quicker that you can say "The coin is dead"
So why do some coins die?
When coins first come alive, they are usually mined within a small circle, many times via a LAN and then begin to make its way out to the public. Websites are built to promote that particular coin and efforts are made to engage new users. Mining pools are setup for the purpose of mining and all seems great as the community begins the buzz over the new coin.
Then as time goes on, some people begin dropping out, as some find newer coins to mine, while others just cannot justify the time and expenses of paying excessive electricity bills that their mining equipment needs. So as more and more people drop out, the coins network slows down till it gets to a point that it can no longer confirm transactions and is then dead.
So why Rimbit?
Rimbit is the worlds only miner-less coin, meaning that once you decide to participate in Rimbit, the only thing that is required to generate new coins, send and receive coins and confirm transactions is by the network having a wallet running somewhere on the planet. This simple process means that Rimbit is not subject to the powers of mining, special hardware or even community mining pools. Rimbit cannot die, not matter how hard you try and destroy it.
Why does Rimbit offer an Exchange for my dead and useless altcoin?
Rimbit recognizes the user of a dead coin and not the dead coin itself. We know that you at some stage had faith in the Altcoin of your choosing and we hope that by exchanging your dead coin for Rimbit, your faith will also move over to Rimbit.
Once an exchange is made, we destroy the "other" altcoin, simply as it has no use to anyone and is best relegated back to nothingness as holding it is a burden.
The exchange rate is decided upon by a forum of Rimbit users who have adopted Rimbit as their first coin and they are the ones that decide on the exchange rate.
You can now exchange your dead or dying coins for Rimbit at http://rimbitforum.com/forum/47-altcoin-buyout/
One of the many goals that Rimbit has is the distribution of Rimbit to community projects.
One of the many reasons Rimbit can be used over other Crypto Currency is that Rimbit is not mined. That means students, teachers and schools do not need to spend $1000's of dollars each time difficulty levels render hardware obsolete. Students can learn the inner workings of Rimbit and also how it offers Interest instead of the old fashion way that is mining!
Shattuck-St. Mary's is a private boarding school in Faribault, Minnesota, USA. Shattuck provides a college preparatory education for students in grades 6 - 12, many of whom specialize in one of a number of focused, specialized, activities including Hockey, Soccer, Figure Skating, Golf, Music Performance, Biomedical, and... Engineering! One of the engineering classes offered at Shattuck is a Robotics/Electronics class, as described below.
The Robotics Class will teach robotics to students by having students build their own robot, powered by the Raspberry Pi B+, and accomplish a list of tasks. Each task will be assigned a value in Rimbit; when a given task is completed, the corresponding amount of rimbit will be sent to that student's wallet. The initial tasks are designed to familiarize students with the Raspberry Pi and its many capabilities in order to remove their fear of the technology and, hopefully, inspire some ideas on what they can do with their robot. Later tasks will provide increasingly difficult robot challenges.
At the end of the course, students are able to purchase (at cost) their robot if they want and students with an A or B grade will be able to keep 10% of their wallet (this may be adjusted later if interest does not keep up with the outflows...).
Grades will be issued each week according to the amount of RBT in each student's wallet. The final grade will also be based on the Student's wallet balance.