REDPILL COIN. Whitepaper

Transcription

1 REDPILL COIN Whitepaper

2 i Disclaimer/ICO Conditions Red Pill Coin is not a security, a security is a tradable financial asset that is regulated by the SEC in The United States, and government bodies in their respective countries. Purchasing and owning Red Pill Coin does not in any way stipulate that the purchaser will receive shares, liquidity, stocks, bonds or an investment agreement in any asset. Red Pill coin is a decentralized crypto-currency. Supply and demand determine the value of Red Pill coin. The purchaser may use Red Pill coins in legal manners, as stipulated in their country of residence. Red Pill coin is a decentralized digital currency that exists on the Ethereum blockchain. Anyone who purchases Red Pill coin must agree to these terms.

3 ii ABSTRACT The introduction of bitcoin was the beginning of the blockchainrevolution, and since then blockchain technology has continued to grow into diverse areas of applicability. Ethereum, the second most popular blockchain in the world today has revolutionized the entire computing space with its use of thesmart contract in consonance with blockchain technology. Red Pill coin is an Ethereum based digital cryptocurrency asset regulated by smart contracts. It belongs to the subset of non-bitcoin cryptocurrencies referred to as Altcoins. Like all cryptocurrencies, it makes use of decentralized distributed ledger framework in the form of blockchain technology, in this case, the Ethereum blockchain. It is a peer-to-peer cryptocurrency which runs seamlessly on the Ethereum blockchain network and is compatible with numerous cryptocurrency wallets. There is no central control over transactions involving Red Pill coins thus giving Red Pill users greater control and the ability to use their funds anonymously. Red Pill thrives on being more than just another cryptocurrency variant but a community of people dedicated to exercising control over their finances. This emphasis on the communal nature of Red Pills sets the tone for what will make Red Pill be not only a form of currency for the Red Pill community but also for the Ethereum network and the world wide community as a whole.

4 iii Contents ABSTRACT... ii Contents... iii Introduction... 1 Block chain... 2 Advantages of Block chain Technology:... 2 Growth and Development of Block chain Technology:... 3 Architecture Framework and Content Technologies... 8 Design:... 8 Transaction Security:... 9 Key Information... 9 Initial Distribution:... 9 Setting Up MyEtherWallet for Red Pill Coins: Setting Up Hardware Wallet for Red Pill Coins: Transferring Red Pill Coins: Red Pill Roadmap Escrow Team Technical Implementation Conclusion References... 17

5 01 Introduction The 21st century has seen a remarkable increase in the transition towards an entirely virtual world. Many aspects of human interaction are fast leaving the so-called real plane into the virtual environment of computers. The financial services sector isn t left out in this revolution as seen by the emergence of cryptocurrencies as means of processing financial transactions. Cryptocurrencies refer to the virtual currencies; digital cash. They are in many ways, the digital counterpart of fiat currency like the US Dollar and the Euro. The name cryptocurrency is derived from the utilization of cryptography in the process of encrypting financial transactions. By way of definition, cryptocurrencies may be defined as a medium that uses encryption to encrypt (secure) financial transactions. All financial operations are characterized by the transfer of value from one entity to another. For any financial transaction to be deemed valid, there must be a means of providing authorization and authentication of the transfer of value. For financial transactions involving cryptocurrencies, this is achievedusing a blockchain. Every cryptocurrency utilizes a blockchain with the Bitcoin and Ethereum block chains being the most popular. Red Pillis built on the Ethereum blockchain which is a traditionalblock chain used by millions of people. This provides robust network integrity for the Red Pill cryptocurrency. There are some different digital wallets and support services provided by Ethereum for users of Red Pill. Red Pill is a currency designed to enrich online communities. Red Pill can be used for many different purposes. Communities can, for example, use Red Pill to reward their members for everything from meeting certain milestones (e.g., making a certain number of posts on a forum) or to reward them for their loyalty (e.g., awarding members pills for being amember for a year). Red Pill can also be used to reward subscribers of a product or service. Furthermore at Red Pill also makes a great tip 1 1 A brief introduction of block chain technologies-background

6 02 Blockchain Definition: A blockchain is a ledger of transactions that are distributed across the participating nodes in a network. It is a decentralized database of the records of every single transaction that has been executed, finalized and divided among the participants of the blockchainsystem. Blockchains run on peer-to-peer (P2P) networks where there is no central server and all the nodes (computers) in the network are responsible for maintaining node integrity [1]. Blockchain technology utilizes cryptography as a means to allow each participating node in the P2P network to update the blockchain without the need for a central authority. Each node maintains a list of the complete blockchain which is updated upon every completed transaction. As stated earlier, Red Pillis built on the Ethereum blockchain which utilizes smart contracts. Smart contracts are small computer programs that carry out computations which are replicated and distributed within the Ethereum blockchain network. Just like the Bitcoin blockchain, the Ethereum is also decentralized. However, the Ethereum protocol is more flexible and adaptable than the Bitcoin protocol [2]. This flexibility and adaptability of Ethereum lend itself to being a programmable blockchain, and as such, it is suitable for cryptocurrency applications like Red Pill. With Ethereum being colloquially referred to as world computer, Red Pill is running on a platform that provides robust functionality for all users and aspiring users. Advantages of Blockchain Technology: Since Red Pill runs on the Ethereum blockchain, it enjoys all the main benefits of the blockchain applications of the distributed ledger technology. The main advantages are as follows:

7 03 Immutability One of the biggest selling points of blockchain technology is its logical immutability. This means that transactions once completed and recorded in the blockchaincannot be altered or deleted from the ledger. As the Ethereum blockchain grows in size, this immutability becomes even more assured. Any changes made to pre-existing entries are viewed by the entire blockchain and as such the possibility of successfully manipulating the system is zero [3]. Trustless Encryption Financial transactions can be carried out in a blockchain without the need of a central oversight body providing authentication and authorization. This elimination of the thirdparty significantly reduces risk and associated fees. Anonymity Transactions in the blockchain are completely anonymous and as such identities of the participants are completely protected. Users are in complete control of their personal information thus reducing the risk of identity theft. Enhanced Security Being decentralized, block chains do not have a central point of failure. There is no entry point for malicious attacks, and this makes block chains durable and reliable. Growth and Development of Blockchain Technology: Blockchains, in essence, is just an underlying implementation of the full potential of the distributed ledgers. The Ethereum blockchain represents a significant leap forward in the growth and development of blockchain technology. By incorporating smart contracts within the blockchain framework, the applicability of distributed ledgers is being expandedsubstantially.

8 04 Smart contracts open up new vistas for blockchain technology. In addition to the primary function of processing and validating transfer of digital assets, thesmart contract provides opportunities for automated processing and enforcement of contracts between participating computer nodes. There is a still a long way to go as far the block chains and distributed ledgers are concerned, but the signs look positive. By the current digital landscape, a large percentage of emerging technologies are going to be based on blockchain and its derivative protocols. The fact that Governments and large Corporations the world over are investing resources into developing more robust blockchain technology application solutions greatly enhances the future of blockchain [1]. With all of this growth and development of the core technology, it is a safe bet to expect the creation of a plethora of cryptocurrencies. As blockchain technology becomes more popular in mainstream use, there will be renewed efforts in creating different cryptocurrencies by individuals and organizations looking to buy into the market. Red Pill is more than just iteration in the ever-expanding cryptocurrency market [2]. Red Pill represents more than just a cryptocurrency; it is a community with a shared philosophy for greater control and autonomy over its finances. It is not just another Altcoin but rather, it is a representation of the freedom to use one s funds anonymously. All of these core 2 How the block chain technology has advanced over the years

9 05 Philosophies are built into the architecture and main features of Red Pill, making it a one of a kind cryptocurrency. Bank Spending on blockchain is expected to surge (US$ millions) e2015 e2016 e2017 e2018 e2019 Source: Aite Group The blockchain industry is predicted to grow to higher heights by The graph below shows the predictions;

10 06 Blockchain Market, by Region, 2021 (USD Million) Asia-pacific Latin America CAGR ( ) Europe Middle East and Africa North America Market Size in 2021 Therefore, Blockchain is the investment for the future since there is no possibility of inflation for cryptocurrencies as it is to apaper currency like the US Dollars. The future of any economy is cryptocurrencies [3]. 3 The Future of Block chain technologies.

11 07 What Blockchain Adoption Could Look Like EXPLORATION AND DEVELOPMENT EARLY ADOPTION GROWTH Initial capability and use-case assessments Leading banks see the value and begin deployments for asset classes bilaterally traded and/or have no central clearing authority Banks begin to see the benefits experienced by early adopters and, combined with regulatory guidance and certainty, the network effect takes hold Early adoption likely for internal reconciliation Regulatory certainty drivers adoption for external uses Regulatory authorities realise the benefits for auditing and complaince; rule-making begins New service providers and models emerge Deployments go viral across numerous asset classes New products/ services are created; incumbent processes/services are discraded Source: Accenture 2025 MATURITY Blockchain adoption is considered mainstream and integral to the capital markets ecosystem

12 08 Architecture Framework and Content Technologies Design: Red Pill is an Ethereum blockchain based cryptocurrency regulated by smart contracts that providing support for a plethora of financial transactions. The Ethereum blockchain provides robust functionality that enables the efficient operations of Red Pill as a cryptocurrency. Red Pill financial transactions in the form of smart contracts are validated and processed across the entire network. All the rules of implementation for Red Pill cryptocurrency protocols are compatible with the smart contract framework of the Ethereum blockchain. The fact that Red Pill as a cryptocurrency is built on the Ethereum network also provides an extra layer of security against malicious attacks on the Red Pill coin system [4]. All Red Pill transactions are processed, validated, recorded, stored and distributed on the Ethereum blockchain. Red Pill coin users have the freedom to choose from a variety of wallet options available to them to store their coins. These wallets come in both online and cold storage options. Our favorite wallet option is MyEtherWallet which apart from providing online storage for Red Pill coins also gives users the opportunity to generate Paper Wallets that can be used as offline storage options. These offline (cold) storage options provide access to your Red Pill coins on the go. There are numerous ways users can access their MyEtherWallets such as Ledger, Mnemonic Phrases, and UTC/JSON files. Users are also free to store Red Pills on the official Ethereum Wallet; Mist. Mist is available on is available for download on GitHub. Cloud provides advanced security for your Red Pill coins with constant improvements and updates to the framework. It is used by millions of cryptocurrency users in the Ethereum block chain network. 4 How Red pill is designed by the people for the people

13 09 Transaction Security: Red Pill operates on the philosophy of complete anonymity with regards to financial transactions. As a decentralized cryptocurrency, there is a great emphasis placed on the security and integrity of all transactions. The vision behind Red Pill stems from a community of people with a justified shared distrust for mainstream financial institutions who want greater autonomy and control over their finances. There is virtually no way to know who owns a wallet [5]. Attacks on the Ethereum wallet will not provide information on the owner since the wallet providers do not store hashes or any identifying information about the owners and creators of the portfolio. The only way to obtain this information is if the owners and creators themselves divulge this information. Thus, Red Pill users can safely and securely send and ReceiveRed Pills without fear of being tracked. The system employs robust cryptographic encryption mechanisms that make it theoretically impossible for anyone to acquire another user s Red Pills. All Red Pill transactions require a private key or UTC/JSON file to be processed and validated. As long as users keep their private keys secure, their Red Pillscannotbe tamperedwith. Critical Information Initial Distribution: The target plan for the initial distribution of Red Pill coins begins with an Initial Coin Offering (ICO) of 100 Million Coins. The total supply of Red Pill coins is 200 Million which means that the ICO will account for 50% of the total supply. In subsequent years, 10 million coins will be made available until the total currency amount is reached. The minimum bidding price for the coin auction will be determined by the current market value of Red Pill coins as at the time of the sale. Red Pill coins will be listed based on Ethereum upon release, with one eth being equivalent to 5361 Red Pills [6].

14 10 Setting Up MyEtherWallet for Red Pill Coins: The first step taken to use Red Pill coins is to create a cryptocurrency wallet, preferably a MyEtherWallet. Creating a cryptocurrency wallet just means the actions taken in specifying the wallet address, token symbol, and decimals. The first step is to unlock your wallet account by determining how you wish to access your wallet. There are several means such as UTC/JSON Keystore File, TREZOR, Mnemonic Phrase, and Private Key, etc. Once this is done, your wallet is unlocked, active and ready to receive your Red Pill coins for safekeeping. The next step is to add the Red Pill coin tokens that you own into the wallet. You will need to specifyanaddress, token symbol, and decimal. Once this is done, click the save button and your Red Pill coins are stored securely in your wallet.

15 11 Setting Up Hardware Wallet for Red Pill Coins: Hardware wallets offer an extra layer of security for your Red Pill coins than online and paper wallets. While it is highly unlikely that online portfolio options can become vulnerable to malicious attack, storing your valuable Red Pill coins more securely is certainly something that should interest all Red Pill users. There are two popular Hardware wallet options available: the TREZOR and the LEDGER Nano S. Red Pill coins are compatible with both of these deviceportfolio options. They both provide passcode security functionality and are incredibly easy to use. All you have to do is plug and play the hardware device on your computer, enter your passcode and gain access to your Red Pill coins. The LEDGER Nano S is considerably cheaper than the TREZOR so those on a tight budget can consider getting the LEDGER Nano S. even To provide more security for your Red Pill coins, you can get both options and split your coins halfway each between them. In this way, in the unlikely event that something catastrophic happens to one wallet option, half of your funds are still kept safe. Transferring Red Pill Coins: The process for sending Red Pill coins is simple and straightforward and follows the same ground rules as other Ethereum based cryptocurrencies. If the receiver of the Red Pill coins is a fellow member of the Red Pill community (i.e., the person has a Red Pill coin address), all you need to do is log into your wallet and click on send ether & tokens. The next step is to specify the number of coins while making sure that you have enough Ether (ETH) for the transaction. Some coins being will determine the gas price for the purchase. Once all is set, you can proceed with the transfer and the recipient will receive the coins almost instantaneously. If the recipient is not yet a member of the Red Pill community (i.e., the person does not have a Red Pill coin address), as long as that person has an Ethereum address, you can still send Red Pill coins. All that is required is informing the recipient of your desire to carry Red Pill coins and requesting that the person sets up Red Pills on their wallet. Alternatively, you can go ahead and send the Red Pills to the non-red Pill coin Ethereum based user but ensure the recipient knows to use the Red Pill coins contract address for the funds to show up. By so doing, the recipient s wallet becomes automatically set up to receive Red Pills.

16 12 Login to your ether Wallet, Once you put the password and unlock, the following screen will appear

17 13 You need to have gas to send Etherium to other people, for example, your favorite content writers. Most of the content writers usually leave your Etherium wallet account on their description so what you need to do is just check their portfolio and send Red Pill to them. It is comfortable and convenient 5 Crucial information on how to use as well as set up your Ether wallet in order to start sending Pills. 5

18 14 Red Pill Roadmap Launch Red Pill Coin ICO Round 1 October 1st 2017 October 31st 2017 Launch Red Pill Coin ICO Round 2 December 1st 2017 December 31st 2017 February 2018 Launch Red Pill Chrome extension that allows Red Pill owners to tip their favorite content creators on (YouTube, with support for twitter, and Instagram planned). April 2018 Launch Red Pill Send And Receive Application for Android with IOS version following in Fall Escrow Red Pill will not be es-crowing any of the received funds. Funds will be used to develop red pill product and services. Funds are released from the crowdsale contract to the Red Pill team at the end of each ICO round. Of The 200 Million Red Pills created, 100 Million Red Pill coins will be made available to buyers during the round 1 ICO. Any remaining coins will then be made available during the Round 2 ICO. If no coins are remaining after the round 1 ICO ends, then the Round 2 ICO will be cancelled. 50 Million Red Pill Coins will be kept for the Red Pill Team, while 20 Million were set aside for Pre-sale buyers. The Remaining Red Pill coins will be sold yearly at market price. Team The Red Pill development team are a group of developers whom have worked together collectively to bring Red Pill to the public. Red Pill prides itself on facilitating the ability of users to safely use Red Pills as they so choose to, while following all the laws, rules and regulations, as stipulated in their respective countries.

19 15 Technical Implementation Red Pill Coin is an ERC20 Compliant Token. This means that Red Pill can been stored and traded on virtually any platform or wallet that supports the ERC20 standard. The purpose of Red Pill is to support creators, empower fans, and also serve as a system of wealth management/growth, for those that choose to invest in it. This decision was made deliberately so that Red Pills could not be walled off into their own closed ecosystem, and would remain accessible across multiple Ethereum platforms. Stage 1: The first stage of Red Pills technical implementation, was the development of the coin itself. By making the coin ERC20 compliant, it is now capable of being stored and traded on multiple platforms. Stage 2: The second stage of the technical implementation, is the development of a chrome extention and mobile apps, that will allow users to easily store and or send Red Pills to their favorite content creators, bloggers ect. The extension and apps works by allowing users to enter an Ethereum address of the creator or person that they want to send funds to, or to search for verified users on the platform, that will have, a little checkmark like on YouTube and twitter (next to a verified creators name), verifying that they are the creators/public figures that they claim to be; this will also make it easier for people to quickly send funds. The Chrome extension is slated to arrive in first quarter 2018 The Android Application is slated to arrive in second quarter 2018 The IOS App is slated to arrive Summer/Fall 2018

20 16 Conclusion With millions of people likely to support and adopt the currency, Red Pill coins are uniquely positioned to becoming the global cryptocurrency of choice. It is incredibly popular with miners on the Ethereum network, and it is fast becoming the default currency of the Ethereum network. Though it is still early days as Red Pill coins are concerned and the entire blockchain space is still very niche, there are a lot of benefits attached to it as the most promising emerging technology of this present time. Red Pill coins can be exchanged on various cryptocurrency exchangers. Red Pills can also be exchanged for bitcoins which can easily be converted to cash. Thus, it constitutes a safe and secure means of storing wealth. Red Pills also functions as payment for products and services just like mainstream fiat currency. Red Pills can also be used for a variety of online payment processes such as tipping as well as on virtual platforms. Red Pills are scalable and divisible up to 8 decimal places and with an estimated 200 million total supply over the next 16 years; stability of the currency is assured. Red Pills are compatible with numerous wallet options for secure storage of user coins as well as accessible for transfer of coins. The Ethereum blockchain is known for its use of smart contracts and its fast transaction time. By being built on the Ethereum blockchain, Red Pillscan provide premium cryptocurrency services that are far superior to other players in the market. The Red Pill community is an ever growing one with more people who are determined to exercise greater control over their finances. For more information on the upcoming Red Pill ICO and other inquiries, visit the Red Pill coin website.

21 17 References Global Industry Analysts, Inc, BlockChain Technology, BlockChain Technology, January E. Novoseltseva, Blockchain technology: use cases, statistics, benefits, startups & events, Apiumhub, 07 April M. Pisa and M. Juden, Blockchain and Economic Development: Hype vs. Reality, CGD Policy Paper 107, Washington DC , July Carol Schwyzer, Architecture on Coins, MoneyMuseum, vol. 1, no. 14, p. 14, Adam, The Red Pill Episode, The LTB Network Forum, p. 1, 11 July N. Hayase, Is Bitcoin the Red Pill? Unplugging the Matrix., Bitcoin Magazine, 24 October 2014.