by Future Blockchain
Part 5: The RUFF token
Last time we checked the RuffChain smart contract and how it is supposed to improve real-life industries like finance, supply chain, property management and many more by offering blockchain-controlled IoT ecosystem.
We already know that all these smart contracts on RuffChain will be settled using the company’s very own token – RUFF. The currency will be the benchmark for incentives, spending, and trading within the Ruff public chain ecosystem.
Additionally, the vision of the Ruff team is for the platform to become fully open-source, and efficient, so different actors can obtain their desired resources through a marketplace where the provision of resources is rewarded in tokens which can, in turn, be used to obtain resources, forming an autonomous economic entity.
According to the official whitepaper, "one or several types of tokens are generated as a standard of settlement” within the Ruffchain ecosystem, which suggests we might see something similar to the NEO/GAS pair in the near future.
Blockchain participants will accumulate (buy or receive through staking) tokens and use them for standard operations like device initialization or data transactions through the control nodes. Operators, end users and all kind of providers can initiate Call transaction contract to a contact address with a specific requirement and use it for multiple commands or activities.
Providers who participate in verification, accounting, and other activities within the IoT ecosystem will also use the RUFF tokens, and consumers will also deploy contracts and consume resources using RUFF tokens. Use of equipment rights and data generating transactions will also be settled using tokens.
Some of the commands include device initialization, device binding, control command verification, Logging command history onto the master chain. Once the control node receives the command it verifies if the requestor has enough tokens and proceeds further with the activity, sending the command to the relevant node (IoT device).
Tokenomics
RUFF is an ERC20 token, it has a suggested total supply of 2,000,000,000 RUFF with 930,800,000 RUFF already in circulation. ICO sale ended on 20th of January 2018 with a great success and the coin was already listed on multiple exchanges.
The graph below represents the token allocation with approximately 30% being kept by the team and developers for business development, marketing, and strategic reserves, 35% distributed during ICO and 35% remaining for the ecosystem to operate with.
Ruff is currently available for trading on 13 exchanges including Huobi.pro, OTCBTC, gate.io, Coinegg, DigFinex, FEX, 7EBIT, YEX, SABTC, A.mom, CEX, FCoin, and Bi.top - the world’s first fully-ecological digital trading platform. According to the data provided by Coinmarketcap it has a total market capitalization of about $18,985,993 USD making it #210 on the global chart.
In part 6 I will get to know the team behind the project and will review the roadmap and the Ruff public chain open-source plan.
Social media
Twitter: https://twitter.com/Ruff_Chain
Facebook: https://www.facebook.com/RuffChainProject/
English Telegram: https://t.me/ruffchain
Official Blog: https://ruffchain.com/blog/
Future Blockchain
Medium: https://medium.com/@futurebchain
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