FAQ

FAQ

  • Q. What is ReapChain? open

    ReapChain is a hybrid Blockchain to solve the trilemma problems of existing Blockchain and to converge the Blockchain and IoT industry.

  • Q. What advantages does ReapChain have over other Blockchain projects? open

    The Shell-Core structure is a private Blockchain technology with high security and relatively fast speed, which is first processed in time, and the public Blockchain technology element with strong transparency, openness, and decentralization is inside. It is a hybrid Blockchain that is placed in and post-processed in time.
    ReapChain solves the trilemma problem through this shell-core structure.

  • Q. How did ReapChain solve the problems of the existing IoT market? open

    The problems of the existing IoT market are the security problems due to the lack of authentication of IoT devices and the processing and speed reduction of large data due to the centralized processing method.
    ReapChain increases authentication and security of individual devices through DID of IoT devices utilizing Reap SDK, and realizes large-capacity data processing and speed improvement through ReapChain’s unique Shell-Core structure.

  • Q. When does the ReapChain mainnet start? open

    TAfter moving from the testnet to the mainnet in the first quarter of 2021, we will officially open the mainnet in the third quarter of 2021.

  • Q. What is ReapChain's technology roadmap schedule? open

    ReapChain plans to release a testnet in the second quarter of 2020, plans to launch a DApp Reap Platform in the third quarter of 2020, and finally moves from the testnet to the mainnet in the first quarter of 2021. The mainnet will be officially opened in the third quarter of 2021.

  • Q. What is ReapChain's future plan? open

    As data is expected to arrive in the new 'Data Economy' era, which serves as a catalyst for the development of all industries and the creation of new values, ReapChain ​​utilizes the infrastructure of ReapChain ​​to collect and store numerous IoT data. Based on the data, the data is shared with other industrial platforms such as medicine and finance, and data is shared with each other. Based on this open data-sharing platform, high-quality data distribution among all industries is promoted. We want to realize a Blockchain-based sharing economy ecosystem by acting as a hub for a platform ecosystem where we can register, search, and trade easily and quickly.

  • Q. When will Reap tokens be listed? open

    It will be listed in 3Q 2020 after the end of pre-sale.

  • Q. How much does Reap tokens sell? open

    The price of each token is 0.03 USD.

  • Q. What is the sales period of Reap tokens? open

    1. Seed Sale : 2020.01.15
    2. 1st Private : 2020.05.15 ~ 2020.06.14
    3. 2nd Private : 2020.06.20 ~ 2020.07.05
    4. Pre-Sale : 2020.07.22
    5. Listing : 2020.3Q

  • Q. Where and how to purchase Reap tokens? open

    You can purchase through the 1st, 2nd private sale and Pre-Sale.
    Details can be found at www.reapchain.com

  • Q. In what currency can I buy tokens? open

    You can purchase through USDT, ETH.

  • Q. What about unsold tokens? open

    For unsold tokens, they will be sold after listing.

  • Q. What is different about each Reap token sale round? (Each bonus (seed sale / 1,2 private / Pre-Sale)) open

    The sooner you participate, the higher the bonus rate may be applied. The supply of tokens is limited, and tokens can be obtained on a first-come, first-served basis.
    Token sale will be held as follows, and bonus rate will be announced separately at the time of sale.

  • Q. What is the ReapChain ecosystem? open

    ReapChain BaaS consists of Reap SDK, the core of IoT devices, ReapChain and ReapMiddleChain, and a Reap Platform that supports them.
    Ecosystem members of ReapChain based on this infrastructure are IoT device manufacturers that can utilize and introduce ReapChain BaaS, and individuals/enterprises/government and public institutions to build IoT-based systems. It consists of operators and companies for processing, analyzing, and utilizing IoT-based data.

  • Q. What is the role of the Reap token? open

    Reap, which serves as a fuel for the ReapChain ecosystem, is paid as transaction fees, rewards, and incentives to users who hold a certain stake or maintain the ReapChain network through transaction verification and block creation.
    In addition, ReapChain provides rewards to Reap holders, standing committees, steering committees, and candidates to revitalize the ecosystem.

  • Q. What is ReapChain's specific revenue distribution system? open

    Rewards and incentives are paid for transaction fees to users who maintain the ReapChain network.
    The reward is the total commission income and is paid when the commission accrual of 1 million Reap is met, and if the accrual exceeds the upper limit at the time of distribution, it is summed up.
    The allocation ratio of total reserves is 70% for all REAP holders, 20% for the Steering Committee and Candidates, and 10% for the Standing Committee and duplicate payments are permitted. Apart from the reward for the total commission income as an additional incentive (10%), 10% of the total amount of REAP issued is a reward for ecosystem participation and provision 1% annually over 10 years. When the 1.2 millionth block is created, it is paid to all REAP holders in proportion to individual REAP holdings.
    These REAP holders contribute to the maintenance of the ReapChain network through transaction verification and block generation and receive REAPs as compensation.

  • Q. Where is ReapChain used? open

    Users, manufacturers, and related service providers in the IoT industry are both providers and consumers in the ReapChain ecosystem.
    The Reap SDK is a software service (SaaS, Software as a Service), and when it is provided to IoT device companies, a license fee is incurred, and the Reap Platform is a service operation platform and a data store platform, which incurs the cost of data transaction. In addition, all IoT-based users and operators will incur a fee for data transactions by default and will pay a certain fee for the use of Reap HUT, private temporary storage.

  • Q. What is your business model? Is there a profit-generating structure? open

    There are 4 basic profit models according to the Business Model.
    1. Initial license fee to introduce ReapChain BaaS
    2. Data transaction fees
    3. Reap HUT fee
    4. Data transactions
    It is the cost according to the above.

  • Q. Can I get economic incentives just by participating in the Blockchain ecosystem? open

    Apart from the reward for the total commission income, 10% of the total amount of Reap issued is a reward for ecosystem participation, and provision 1% annually over 10 years. When the 1.2 millionth block is created, it is paid to all Reap holders in proportion to individual Reap holdings.

  • Q. Are rewards and incentives different systems? open

    Rewards allocate and pay the total fees of ReapChain transactions, and incentives are rewards for participation in the ecosystem, apart from rewards, in proportion to the total amount of Reap held to all Reap holders.

  • Q. What is ReapChain's consensus algorithm? open

    ReapChain is a Proof of Double Committee (PoDC) consensus algorithm that improves DPoS (Proof of Delegate) and Byzantine Problem (BFT).
    ReapChain combines 14 standing committee nodes and 15 steering committee nodes, and a total of 29 nodes participate in the consensus process for block creation.
    The proportion of nodes participating in the Steering Committee node is always maintained at 51% or higher, and the Steering Committee node is randomly selected as a strong quantum random number among general nodes. It operates transparently.

  • Q. How does the PoDC consensus algorithm work? open

    The block generation cycle of ReapChain is 2 seconds, and a coordinator is selected from among standing executives to reach an agreement quickly.
    The remaining 28 nodes, centered on the selected coordinator, reach consensus with minimal network traffic in the TCP / IP communication state during the consensus process.
    These coordinators eventually become block producers and can generate blocks, and if blocks are not created within 2 seconds, block generation of the cycle is skipped.

  • Q. When using ReapChain, why can it be processed at high speed? open

    ReapChain aims at 2,500 TPS and ReapMiddleChain aims at 100,000 TPS.
    The block generation cycle of ReapChain is 2 seconds, and a coordinator is selected from among standing executives to reach consensus through minimal network traffic.
    ReapMiddleChain maximizes speed by processing time-series data generated in short intervals of milliseconds (1/100 second) through cell block processing.

  • Q. How does ReapChain work? open

    ReapChain is a hybrid Blockchain that combines public and private Blockchain that has a Shell-Core structure.
    ReapChain consists of 14 always-on standing committee nodes and 15 operating committee nodes (15 nodes selected using secure quantum random numbers out of the typical nodes), with a total of 29 nodes participating in the block creation agreement process.

  • Q. What is the core technology of ReapChain? open

    Integrates with IoT systems based on Shell-Core structure and ReapMiddleChain, implements high-speed processing of large-capacity data and improves authentication and data reliability between individual devices through ID (Invisible ID) of MCU-based IoT devices using Reap SDK.

  • Q. What are the advantages of ReapChain's dual Blockchain structure? open

    The Shell-Core structure is a private Blockchain technology with strong security and relatively high speed, which is first processed in time, and the public Blockchain technology element with strong transparency, openness, and decentralization is placed inside. It is a hybrid Blockchain that is post-processed in time.
    ReapChain solves the trilemma problem through this shell-core structure.

  • Q. Does ReapChain have patent technology related to Blockchain? open

    ReapChain has the following list of patents related to Blockchain mainnet construction.
    1. How to provide a consensus service for the bilateral system using Blockchain-based quantum random
    2. A method of providing a high-speed transaction processing service executed in a middleware layer based on a dual Blockchain structure
    3. Blockchain-based cryptocurrency revenue distribution system and method
    have.

  • Q. What is the function and purpose of each node in ReapChain? open

    1. Standing Committee Node : This node is always operated in ReapChain and participates in the consensus process and has the authority to create blocks.
    2. General Node : A node that anyone can install, and can participate selectively in the transaction verification process by a random selection method using quantum random numbers. The nodes participating in transaction verification are defined as the Steering Committee and Validator.
    3. Governance Node : This is a special node that includes fees, dividend policy, random general node selection policy, and all types of node management policy functions.
    4. Q-Manager : Generates and manages quantum random numbers, and uses the node information provided by governance to support the process of selecting candidate groups for coordinator and steering committee of quantum random numbers.

  • Q. What does the Governance Node do? open

    It is a special node that includes fees, dividend policy, random general node selection policy, and all kinds of node management policy functions.

  • Q. How is ReapChain's coordinator selected? open

    The block generation cycle of ReapChain is 2 seconds, and a coordinator is selected from among standing executives to reach an agreement quickly.
    Quantum random numbers are used to fairly determine the coordination of the standing committee.
    Q-manager provides a coordinator using a quantum random number, but it's unknown from the Q-manager that generated the quantum random number which node is the actual coordinator.

  • Q. What information is stored on the Blockchain? open

    All data generated in the IoT industry to which ReapChain BaaS is applied can be stored in ReapChain.
    For example, in the distribution and logistics industry, information related to products, such as the origin of the product and producers, is stored, and inventory information or location information generated during the distribution process are also included.

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WHITEPAPER

The objective of this Whitepaper is to present a brief summary of the business model,
technology, and value proposition of the ReapChain.

Whitepaper

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Yellowpaper

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Businesspaper

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Onepager

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Thesis

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