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Renos is a minimalistic crypto-currency which focuses on promoting community values in its contributors and followers of the project. Launched on the 26th of February 2017, it has amassed over 1000 users in less than a month (at the time of writing.) This was partly due to a airdrop of 90% of the total supply (30,000,000 RNS) in which 30,000 RNS were given to anyone who downloaded the wallet and sent their wallet address to the development team. The airdrop was a huge success with all funds being given away in less than 3 days. There was a 9% development fund allocated which is currently held in escrow by community member ParmaBTC and 1% (also held in escrow) for giveaways and promotions to be spent over time. The project works by encouraging community members to complete development tasks (Often referred to as “Bounties”) in return for a predetermined share of Renos Coins.
- Ticker: RNS
- Algorithm: Scrypt
- Network power: POS
- Block Time: 60 seconds
- Stake rate: 1% annually
- Maturity: 60 Blocks
- TX Fee: 0.2 RNS
List of commissioned and/or completed work so far:
- Online Wallet – Completed with ongoing improvements to UI and API development
- Renos Telegram client for Android – Completed
- RenosBot for Telegram – Completed
- Multipool – Ongoing (completion expected by early April 2017)
- Crowdfunding tool for Telegram – Completed
Short Term Goals (0-1 Months)
Currently www.renoscoin.com is in a rough template of the original announcement page. This will be going through a redesign in the next few weeks to include our new logo and theme, a wider range of information on Renos and a directory of available services and resources.
2. Github Commits
So far, although a lot of work has been done, there haven’t been any updates to the source code of Renos. We are going to be reviewing bounties for specific code development and promoting Renos as an open source project in the crypto-currency community but also the wider open source community.
3. 3rd Party Services Groundwork
One of the main Renos Ethos’ is this: We are all stronger together. Over this coming month we will be researching and building a list of companies, services and merchants that we believe Renos could be a strong part of. If you have any suggestions or want to take part in communications about Renos integration then let us know as we are exploring a referral fee strategy.
4. Android App Promotion
There is a wide Telegram community and an even wider Android user base. The app itself aside from being tailored for Renos still functions as an overall Telegram client and could be used as a way to bring a wider audience to Renos. We will be doing promotion in the Crypto community and also exploring ways to bring newcomers into the scene.
5. Multipool Completion
We believe a key part to a successful cryptocurrency economy is a consistent buying power in the coin markets. Due to using an airdrop as our method of release and making our coin Proof of Stake, we missed out a key sector which features in most cryptocurrency economies – the miner. Getting them on board will increase our user base and create demand in the market.
Mid Term Goals (1-6 Months)
- Public Escrow
One of our biggest aims is to act in an open and transparent manner, while allowing the community to have as much of a say on the direction of the coin as possible. Something we have been collaborating about is a Public Escrow. There will be a platform which provides relevant statistics, information and history about the Renos Development fund. Proposals will be submitted in which the community can vote on whether to approve the development.
2. Expansion of the Renos Team
Aside from myself and core team of 3 others, we currently depend on outsourcing for a lot of our ideas and development. Long term, this will prove to be expensive and potentially even unsustainable. Due to our launching method, we don’t have the reserves and funds that an ICO created coin would typically hold. We need code developers who share the same philosophy as Renos and are passionate about creating meaningful technology and driving cryptocurrency as a whole into the mainstream. Our development fund allows us to make sure that those who contribute are not out of pocket but we can’t spend frivolously and depend on a touch of generosity and community support.
3. Continuing push for Services
We don’t expect results overnight on our quest to get Renos accepted in as many places as possible so we will be continuing to work hard to communicate with potential partners to reach agreements which benefit everyone. We are confident that we can get Renos accepted by at least 10 merchants in the first 3 months as a payment method.
4. Prediction Market
This would be a further advancement upon our Renosbot. It acts similar to the Augur project however it will be designed for the Telegram platform. The tool would give people the ability to wager Renos on an outcome of a question with the losing sides funds being distributed between those who wagered on the correct result. The tool would give people the ability to wager for weekly events such as sport events for example.
5. Further expanding the crowdfunding tool
Once we have our public escrow set up, we will be exploring the possibility of integrating it with our crowdfunding tool. This means the funds would go straight into escrow terms and provide security to those who took part. We are also looking to provide a “Due Diligence” report for each crowdfunding venture raising funds this way and maybe opening this up to a website which provides a report for all ICO/Crowdfunding if it’s a success. We will also be exploring the possibility of adding other currencies to the crowdfunding this way too.
6. Smart Contract Orientated Chain
One of the main developments we will be pursuing during this time is a move to a Smart Contract orientated chain. Most likely this will be based off of the Ethereum codebase however we will be exploring other options. It gives us the opportunity to build applications and services on the blockchain rather than building external applications that are designed to accept Renos. This is where we estimate that most of our development resources will go as once it has been created it will provide a number of possibilities for us to generate an income which will make development self sustainable.
Long Term Goals (6-12 Months)
- Roadmap review
The cryptocurrency scene is fast paced with new ideas and developments being revealed every month. We will be reviewing our roadmap at this point to see if the goals we have are still relevant to the industry and beneficial to Renos. We will also be adding new items to this 6-12 month bracket as we and the community see fit.
2. Crypto Credit Union
Credit unions, in fiat terms, are quiet competitors to the banking industry which generally provide banking services to a small town or a specific geographical location. The union has no shareholders so any profits generated are split amongst its members. Creating this with a cryptocurrency will be a great way to reward our community for their efforts and support and establish us as the community coin in the cryptocurrency industry.
The way this would work is by allocating tokens to those who deposit Renos into the union. Renos can be withdrawn at any time and loans and other banking services can be provided by the utilisation of smart contracts. Secure collateral will be the main challenge in the quest to provide banking services. The main ways would be strict identity verification or by bounding a digital asset or IoT to a smart contract. There will be a more in depth whitepaper on the credit union nearer the time of development.
3. Renos Foundation
At the end of the first year we feel we will have developed enough of a business model to take Renos official. It will provide us with the opportunity to expand as a brand and with our business relationships. We will be looking to employ a team full time at this point and set up our first office. We also want to increase Renos’ exposure by attending conference and events to build reputation and rapport with other enterprises in the crypto and fintech industry.
Beyond (1+ Years)
A lot can change in a year so it’s difficult make specific plans as circumstances often change. The community will always remain important as without those using the currency and voicing their opinions on our path, Renos would be nothing. Our vision for Renos is to get involved in as many areas as possible and work to make an advancement, either on our own or with other people and teams. We are all still early adopters of cryptocurrency and I believe we should all be working together the best we can to bring cryptocurrency to the forefront of the world. I got involved in cryptocurrency nearly 4 years ago now and what inspired me was the opportunity it has to change the world for the better. Not only can it act as a currency or an asset but the blockchain technology can provide solutions for transparency in banking, secure medical records or other ways that we haven’t forseen yet.
We want to thank everyone who has made the journey possible so far and for the support the community gave us since day one. It means a lot to see such a positive reception and it only drives us to try and do even better with each hurdle we jump. We are looking forward to completing this roadmap and looking back in a year’s time and being able to tick off all the targets.
The Renos Team