How Recast coin is playing the numbers to create a user oriented coin
The developers of Recast1 coin believe their creation has what it takes to be the first true user oriented coin. To get there, the team looked hard at the competition, and in the process, they made some interesting discoveries.
“In developing R1, we spent a long time looking over the top performing coins trying to find out what, if anything, connected them. We looked at the top 20 coins, but during a deep dive of four of them we found some intriguing data.” A Spokesperson for Recast1
Safety in numbers
Their research looked at four of the most valuable coins. Tron (TRX), Stellar (XLM), Ripple (XRP), and Litecoin (LTC). The team looked at the coins ranking in a couple of different metrics. First, their overall ranking in terms of price, and second, their ranking in terms of active wallets. Unsurprisingly perhaps, the recast team found that speed and cost of transaction played a significant part in each coin’s ranking. What wasn’t so evident, however, was the role the number of active wallets played not only in terms of the volume of transactions but also in determining a coin’s price. They noticed that the number of active wallets appeared to be a factor in the stability of a given coin’s value.
More is less
Their findings highlighted something the Recast1 developers had long suspected. A stable number of active wallets has a stabilising effect on the price of the coin, which was good news for their project. Unlike other coins, R1 will reward active wallet holders by giving them tokens in exchange for trading the Recast1 token. The plan is to incentivise traders to use their tokens and keep their wallets active. This rewards system will also replace traditional transaction fees meaning that token holders will receive coins rather than spend them in each transaction. The Recast1 team’s concept suggests that because one of the most significant factors in a coin’s value is low fees and if we then factor in the effect of having lots of active wallets, the coin has every chance of becoming a top twenty coin.
On the up
Only the future will know if R1’s ambitious plan and carefully considered concept had the legs to top the crypto-charts, but if the team’s number work, there’s every chance it might. To find out more about
Recast1 and the developer’s goal of creating the first true user oriented coin check out their whitepaper here.