Review on Rubycoin by Jesmin Akter

RubyCoin is a global payment system that accepts payments from individuals all over the world via the internet. The digital money is handled entirely by the user, with no participation from financial institutions or governments. When it comes to RBY, the Proof of Stake (PoS) method is utilized to secure the transaction. RubyCoin, instead than using the Proof of Work (PoW) consensus method, mines new coins by using the currencies already in the wallet. To prove that your wallet contains RBY coins, the Proof-of-Stake system first verifies your wallet and then produces new coins entirely on its own initiative. A wallet's total number of coins is proportional to the amount of coins in the wallet (inflationary or otherwise). With an inflation rate of 2%, a wallet that is fully stocked with RBY coins will have 2 new coins added to it at the end of the day. This method of stake payments is available to all wallets with a balance greater than zero. It is added once every 1.5 minutes after the last addition. Accounts with higher balances are eligible for higher reward amounts. Currently, the inflationary payment for every RBY user is 5 percent each month.



It seems like RubyCoin is now undervalued in the near term. During the previous alt-season, the cryptocurrency's value soared dramatically, putting it on a steep learning curve as a result. Because it does not have an overarching governing body, it differs from other tools. The transaction system is fully transparent and consumes minimal energy, while also benefitting the investors by providing them with the opportunity to earn from their active participation.



RubyCoin has been in existence since its first release in 2009. User participation serves as the primary authority for governance in this decentralized network. In order to achieve this, a democratic approach should be used. But it is not the first time that such an idea has been put into practice in a formalized manner. Aspects of its operation as a barebones currency with the main goal of delivering basic services have led some analysts to believe that RBY may become profitable in the long term. The cryptocurrency market is also being challenged by other, more established cryptocurrencies. In terms of future enhancements, there is currently no roadmap or formal project plan in place. There is also a white paper that is missing. Many investors may be wary of investing in cryptocurrencies at this time, which is reasonable given the current market climate. During the course of a year, the coin's worth has merely dropped.