A review by Allan Ewart
Always on the lookout for new crypto opportunities, I was intrigued enough to delve a little deeper into Royal Kingdom Coin (RKC) when a link popped up in a Telegram chat room.
The usual questions flash into your mind when a new token appears, seemingly out of nowhere. Such as, where are they based? How many tokens? Is this just another scam coin?
What do they offer that’s new, if anything? Are the team legit? You know the usual stuff.
I kind of had the same feelings and similar questions about Bitcoin when I first learned about it in 2011. And to be honest I thought it was “Mickey Mouse”. It really didn’t sound like a quality item at the time (no disrespect to Mickey). Fortunately though, I bought some. The unfortunate part is I sold them for $4 just before the initial spike up to $1200 on MtGox. The rest, as they say, is history already. Ever since then I’ve been seeking out cryptos that offer potential to be like the next Bitcoin. But as we know Blockchain technology has moved on quite a bit.
The amazing thing is, Crypto still hasn’t gone mainstream and is very much in its infancy. There lies an opportunity in itself. There are entire regions of the World that are just beginning to embrace the Blockchain. To give an example, the United Arab Emirates (UAE) represents one such region. So, when I think of Royal Kingdom Coin (RKC), I get the sense that what we could be looking at here is the Arabian version of Bitcoin.
But let’s take an objective look at what appears to be on offer here.
Royal Kingdom Coin (RKC) is the token developed by Royal Kingdom Enterprise Ltd, a Middle Eastern start up Company based in Dubai (United Arab Emirates), and with a decentralised team who are based around the World from Brazil, Dubai and Russia.
Here’s a quote in the whitepaper from Co-Founder and CEO Abu Sulayman Saleh:
“Nowadays Dubai is the most appropriate place in the world to start the development of blockchain-based prototypes, and has become incubator of startups for this market segment. In this regard, we aim to make Royal Kingdom Enterprise a benchmark in software development, blockchain applications and smart contracts for public and private institutions.”
Abu Sulayman Saleh (Co-Founder and CEO)
I had some questions relating to the project and Chief Technology Officer & Co-Founder Serge Uvarov kindly provided the following responses:
AE:
Q1. Could you please expand on what you consider your core competencies to be, and the mission of the company / Project?
Serge:
Our mission is to lay the foundation for a more decentralized tech. The initial excitement about Ethereum was that it would decentralize the internet and all its services, but somehow the only significant dApps we see are ICOs and gambling.
Decentralised exchanges (that could compete with centralized), peer-to-peer messengers and forums, proper and secure Internet of Things, decentralized file cloud — all this is still in the future. We have a long way to go there, but Royal Kingdom Enterprise is determined to dedicate its efforts to get closer to this future.
Our core competencies are blockchain-related tech, building sophisticated financial applications and information security. We also believe that we understand this specific market segment and what they want and dream about when it comes to blockchain apps. Combined, this should be a good basis for achieving our goals.
AE:
Q2. Re Venture Kingdom Exchange & Palmex:
Is the Venture Kingdom Exchange a separate entity from the Palmex venture, or are they one and the same? In other words is the Venture Kingdom Exchange the main one that is to be used as a result of the collaboration with Palmex?
Serge:
Before the ICO, we were in the white label business. Startups, instead of creating their own exchange from zero and spending money and time on that, could just create a new white label with us and spend much less on that. All white label exchanges are running on the same code and the same server, but their feature set and style are different and based on client’s requirements. Running them on the same server also provides a cool benefit: shared liquidity. Whenever a client creates a new white label and adds a popular exchange pair, it shares its order book with all other white labels and can immediately have liquidity on there.
Our revenue, in this case, comes from custom development and percentage of the fees.
Also, we intended our white labels to be themed and tailored to a specific market. That way, rather than Royal Kingdom Enterprise spending time and money on marketing our only exchange to the whole world, the clients would market their exchanges instead, bringing users, and we would just receive a slice of the profit pie.
VentureKingdom is the main white label that we use in Royal Kingdom Enterprise. We also used it in the token sale, and it continues to serve us as an official exchange for Royal Kingdom Coin. Palmex is another white label we created for ArabianChain Technologies. It’s oriented for the Middle Eastern market, where we have 20% profit share starting from 3 months after launch. Of course, now that we had our ICO, all the profit will be poured into RKC, including everything we have from Palmex: 50% monthly would go to buy-back and sending those tokens to RKC holders, and 50% reinvested onto the next month. Despite having an ambition for more exciting projects, we don’t want to abandon white label business altogether, and we will use it as an additional revenue stream.
AE:
Q3. Are there any new and specific ventures / projects in the pipeline that can be mentioned that might generate additional excitement and anticipation?
Serge:
Yes, of course, we are working on several projects that are not announced yet, and when they will be announced, I believe there’s going to be enough content for even more articles.
From the RKE Website:
“Tomorrow Exchange is a distributed cryptocurrency exchange, a sweet spot between centralized and decentralized (non-existent at all yet) exchanges, combining security and usability of both.”
“Instead of going to the exchange website, you download a light weight Open Source client which runs on your computer. It has a multi-currency wallet functionality, as well as providing the way to trade the currencies safely. The exchange servers never have your private keys, and the money are either securely stored on your device and controlled by you (Satoshi’s way) or are in transit on the order, but with the signed guarantee from the exchange, making it cryptographically accountable for every satoshi it operates with. See the Whitepaper for the detailed description of inner workings.”
Screenshot of the Beta Version of the Tomorrow Exchange App
Having read the Tomorrow Exchange whitepaper, I was impressed by the detailed review Serge gives on just about every type of Crypto Exchange in existence since the advent of Bitcoin. It is abundantly clear to me at least, that Serge has done his homework to the enth degree and knows Exchange technology pretty much inside out. I suspect that could be the reason why my experience on the Venture Kingdom Exchange was such a positive one. It’s refreshing when things work the way they’re supposed to, smoothly, quickly and without a hitch.
But the whole idea about Tomorrow Exchange is to take what is supposed to be decentralisation to the next level. The concept bridges the gap between existing exchange technology and strides towards full-fledged decentralised exchange. As serge points out at length, the exchanges we have right now, defeat the whole purpose as laid out by Satoshi of true decentralisation. Tomorrow Exchange serves to address that issue, even although the product is still in beta I believe Serge certainly seems to be the man who is capable of making it work.
Venture Kingdom is RKE’s very own exchange where you can buy RKC tokens. I did, and I have to say it was a very slick process. Transfers both in and out were quick and easy with no fuss and no issues whatsoever. It was also completely free of fees for deposits and withdrawals. Their zero fees promotion probably won’t last though so if you want to take advantage of that, sooner rather than later might be a good time to get some. I presume the VK exchange is an example of one of RKE’s White Label products they allude to in their literature.
RKC is an Ethereum based token and conforms to the ERC20 standard, so it can be easily stored in MEW (MyEtherWallet.com) and other ERC20 compatible wallets. As noted above I managed to transfer my tokens out of the VK Exchange and into MEW quickly and without a hitch.
RKC is also available on other exchanges such as:
C-CEX
It is also listed on CoinMarketCap.com
Here’s a screenshot I took at time of writing (as at 24-Oct-2017):
Total RKC Token Supply: 15,000,000
ICO Start Date: 11-July-2017
ICO End Date: 18-Aug-2017
Amount Raised: $577,200 (1,924 ETH)
ICO Token price: $0.10
Royal Kingdom Coin (RKC) Website: https://www.royalkingdomcoin.com
Royal Kingdom Enterprise Website: https://royalkingdomenterprise.com
Venture Kingdom Exchange: https://venturekingdom.com
RKE Whitepaper: https://drive.google.com/file/d/0B7zprSHHmD_0T2tCcXdjb2NZbUE/view
One of the things I like best about it though is the profit sharing aspect for token holders. As from the end of January 2018, token holders who hold tokens at the end of December 2017 will be sharing in the profits of the Company paid out in RKC tokens. The mind boggles at what RKE can achieve long term. One thing is for sure though, I will be watching with interest and holding on to my RKC tokens for dear life this time!
