Guide for mining renec coin by Smart phone - Remitano exchange
The steps are as follows:
Step 1. Register with Remitano (Click here to register)
The registration is very simple and completely free.
Step 2. Verify (KYC) account with your phone number.
You send 1 message according to remitano's instructions to complete
Step 3. Login Remitano and download Remitano App, install App on your phone.
How to mine renec coin?
Log in to the app daily to mine. Open the app once a day and you're done.
REMITANO NETWORK
Why blockchain and cryptocurrencies
Blockchain and cryptocurrencies allow everything to be transparent, permissionless, at the sametime, secure. You cannot fake a transaction on the blockchain because everything is rigorously verified by computers. At the same time, your personal information is protected because an easily generated private key is everything you need to transact on the blockchain. A corrupted organization cannot block your transaction because in a blockchain, every transaction is replicated all over the world.
Blockchain has made it possible to transact globally cheaply. You can transfer value across the globe in seconds at an incredibly small amount of fee, sometimes for free. Filling a long form of paper to justify your 500$ transfer to your relative overseas and waiting 10 working days for it to arrive is just a terrible distant past.
Remitano Network N Chains Model
Once in a while, a new blockchain comes to the market promising something exciting, either an improvement in performance or new capabilities. Together with it, a new TOKEN will be sold to you so you can utilize the new capabilities. This is not necessary a bad thing, however the new TOKEN bring all the new problems with it, and it will take serious effort to marketing the new token, at the same time put the early investor at risk because the new TOKEN value may very well go to zero.
Remitano Network blockchain is designed with such problem awareness from beginning. The blockchain is designed so that it is possible to add new capabilities and leverage the latest exciting technology in the blockchain space to the network without the need to introduce a new token.
Remitano Network is not a single blockchain, rather it is a set of blockchains designed to be interchangeable from the beginning. The initial network will be a simple value transfer one, similar to bitcoin, litecoin but with faster block time and more efficient consensus protocol. Then we will add a token decentralized exchange to the network, and then the decentralized fiat-token escrow, and last, a full ledge smart contract platform. As we discover new technologies in the blockchain space, we will add it to the Remitano Network, so with the RENEC token, investor should have the ability to transact quickly, exchange cheaply, escrow reliably, and performing sophisticated smart contracts.
Scalability
Each blockchain will have a specific scalability capacity. With the initial blockchain, we don’t expect it to be huge. But since the network is designed to be extensible from the beginning, we will be adding multiple new blockchain technologies to the network, allowing it to achieve the level of scalability second to none.
Cross-chain communication
In order for RENEC to be utilized on different technologies, every blockchain in the Remitano Network will need to implement cross-chain communication capability, allowing a specific amount of TOKEN to be locked on a blockchain and simultaneously unlocked on the other blockchain.
Auto checksum wallet
Addresses without checksum have cost many users serious loss of money. Remitano Network takes this issue seriously and all addresses on the network will have checksum capability. If you type just one letter wrong in the address, the transaction will be stopped and no loss will happen. Also, Remitano Network uses a distinctive address format compared to other networks, so that it’s impossible to incorrectly send your coin to an address that your wallet or exchange can’t (or not willing to) recover.
Mis-sending has happened a lot in the past due to similarity in address format among BTC/BCH/LTC, ETH/BSC.
The current draft of the address format is renec[CHAINCODE][20bytesAddressPubkeyHash][Checksum]
We will see if it need to be improved until the launch of the first mainnet
Products
4 products have been initially planned to be developed on the Remitano Network. All products will be running on 1 single node software. So when a new blockchain is added to the network, users only need to download the new node software and replace the existing one. The node software shall be available on Linux, Windows and Mac OSX.
Low fee decentralized P2P electronic cash with multisig capability
The first blockchain offers just a simple ability to transfer RENEC from one person to another.
The network will also support TOKENs, which are other coins wrapped on the network. The TOKEN is similar to the ERC20 token on ETH, except it will be much more simpler. You can’t do crazy smart contracts with it yet.
The network will also support multisig wallets, allowing multiple people to co-control a wallet. We don’t offer a lot of crazy things in the first blockchain, except a built-in ability for the token to be transferred to the next blockchain. RENEC will be premined 100% and all circulating tokens will be airdropped to users who joined the mining program prior to the launch of mainnet. The rest of the token will be burned to ensure the fair distribution and limited supply of the TOKEN. There will be no ICO or IEO. You need to join the mining program to own RENEC.
The P2P electronic cash will be using Delegated Proof of Stake (DPoS) which is one of the most efficient consensus protocols so far. DPoS is the consensus protocol powered EOS, Tron and Cardano network
Low fee decentralized tokens exchange
The second blockchain will be featuring a decentralized tokens exchange. Remitano.com will be providing a gateway where users will be able to convert between tokens and its equivalent assets, so users can then transfer to the decentralized tokens exchange to be able to swap any tokens easily and cheaply.
A pair that swap from/to RENEC will incur a fee that is only 40% to a pair that doesn’t. If a pair featuring RENEC, the swap fee will always be collected in RENEC. In other case, the swap fee is always collected on the receiving amount.
Low fee decentralized escrow service
The third blockchain will be a decentralized escrow, which allows the transacting between fiat and crypto securely. Although it’s generally believed that it’s possible to skip KYC on the decentralized escrow, it’s known that KYC provides necessary protection from fraud money. So although it’s a decentralized solution, there will be oracles on the network that provide KYC information and seller will be able to require buyers to complete KYC with at least an oracle among his trusted list to be able to perform in the escrow. An escrow on RENEC token incur 0.4% in fee paid to the arbitrator. An escrow of other TOKEN will incur 1% fee paid to the selected arbitrator.
Low fee smart contracts system
The fourth blockchain will be a full-ledge smart contract with the ability to perform sophisticated contracts, similar to the one on the Ethereum network. RENEC will be used to pay for gas to run contract on the network
Supply
RENEC will not have a predefined cap initially, but rather the cap will be decided as a result of the mining program.
Users from all around the world can participate in the mining program to claim his share of RENEC. The mining program will be announced sometime during July 2021, and is estimated to last around a year, when the first blockchain mainnet is possible, and a at least 5 million users has successfully claimed his RENEC. In case of less than 5 million users has successfully claimed the RENEC, the mining program can be extended for another 3 months at most.
For every RENEC claimed by the community, 0.25 RENEC will be awarded to the development team and be unlocked over a period of time to fund the development and marketing of Remitano Network.
Mining power
In order to prevent spamming, each user must complete at least Level 1 verification at remitano.com. Currently this means a phone number verification.
Mining speed corresponding to level of verification at remitano.com:
Referral mining bonus
If a user introduced other users to the program, he will be rewarded 20% as their referred users mine RENEC.
Plan for the usage of the development fund
The schedule for the development fund unlock:
After 5 year, 30% of the fund will remain, and a voting mechanism will be developed so different teams can bid on the next improvements to the network and be granted appropriate amount by RENEC holders.
Who backed Remitano Network
Remitano.com commits to deliver the first 3 products for the Remitano Network, namely:
- Low fee decentralized P2P electronic cash with multisig capability
- Low fee decentralized tokens exchange
- Low fee decentralized escrow service
After that, remitano.com will work closely with the community in order to build other products.
In the first 5 years since the launch of the first mainnet, remitano.com will continue to manage the development fund and spend it according to the unlock plan to fund the development of these products. After that, a committee will be formed to further manage how the development fund will be used to aid the further development of the network. The committee will be set up in a totally decentralized manner and voting power will be decided via RENEC holding.
Roadmap
The Remitano Network will be built through a series of phases which usually last for a quarter each. Through each phase new product will be brought through 3 states: development state, testnet state and then mainnet state. It is estimated that each product will be stable after 3 quarters since its inception.
Notice: The roadmap below is just for reference, it’s up to remitano.com to adjust the roadmap along the way to ensure the appropriate quality of the Remitano Network.
Phase 1 - Q2 & Q3 2021
In phase 1, a mining program via remitano.com will be launched, allow users to start claiming RENEC
Phase 2 - Q4 2021
Development of decentralized P2P cash product
Phase 3 - Q1 2022
Launch testnet of Decentralized P2P electronic cash product
Development of decentralized token exchange
Phase 4 - Q2 2022
Launch testnet of decentralized token exchange
Launch mainet of decentralized P2P electronic cash product - Airdrop RENEC to miners
Development of decentralized escrow service
Phase 5 - Q3 2022
Launch mainnet of decentralized token exchange
Launch testnet of decentralized escrow service
Phase 6 and onwards
From phase 6, we will continue to perform further research for great blockchain solutions and add similar capabilities to the Remitano Network
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