Raptoreum is a Proof-of-Work (PoW) blockchain similar to Bitcoin that serves as a cryptocurrency and NFT platform. The network aims to solve several issues faced by blockchain technology when it comes to smart contracts, NFTs, security, and decentralization.
This article will delve into the Raptoreum blockchain and its native token RTM to understand the project and determine whether it is real or fake.
So, let’s get started.
What is Raptoreum?
The Raptoreum mainnet was launched in February 2021 as an asset creation, futures, and smart contracts platform that aims to remain resistant to the 51% double-spend attack.
The blockchain which is under constant development intends to solve certain important issues faced by decentralized networks.
Raptoreum allows developers to write smart contracts in common programming languages such as Java, Python, R, and Scala. This achieves the ability for Web2 developers to easily transition into blockchain and smart contract technology without forcing themselves to learn a blockchain-specific language like Solidity.
On the scalability front, Raptoreum has put forward multiple ways in which it could solve the issue of scalability on blockchains where NFTs are widely used.
To stop a 51% attack from crippling its network, Raptoreum combines its POW with a smart node network to enable LLMQ-based Chainlocks. This way, an attacker won’t be able to take over the blockchain by controlling 51% of the network hash rate but would also need to own or control 60% of the nodes on Raptoreum.
Then there is the ethos of increasing decentralization through participation. Rapoteorum’s Ghostrider algorithm is anti-FPGA and ASIC. The RTM tokens can only be mined using either CPU or GPU, with CPUs having a definitive edge when it comes to efficiency.
This mechanism increases Raptoreum’s decentralization by enabling anyone, anywhere in the world to mine RTM tokens and receive a reasonable reward for their efforts.
What is the RTM Token?
RTM is the native cryptocurrency powering the Raptoreum blockchain. The utility token can be used to interact with the network for transactions, as a medium of exchange, or for paying network fees.
Out of a maximum supply of 21 billion tokens, 3.6 billion RTM are currently in circulation. At the time of writing, Raptoreum is trading at $0.00156 – down 0.1% in the last 24 hours.
The token has a market capitalization of $5.7 million and a 24-hour trading volume of $29,701. The fully diluted valuation of RTM stands at $32.87 million.
RTM reached an all-time high of $0.0803 in November 2021 and recorded its all-time low in June 2021 when it was trading at $0.000708.
Is Raptoreum Real or Fake?
Raptoreum is an interesting blockchain project that sprouted at a time when POW protocols are considered a dying breed and something that seems unsustainable. The cryptocurrency and NFT platform aims to solve several problems faced by blockchain technology, such as scalability, security, accessibility, and decentralization.
The network is anti-FPGA and anti-ASIC, meaning that no dedicated mining rigs can be used to mine RTM tokens. Instead, Raptoreum supports CPU and GPU mining, allowing anybody from anywhere in the world to mine the tokens using their personal computers.
The blockchain also employs a Chainlock system to shield itself from a 51% attack, wherein the hacker not only has to take control of 51% of the network hash rate but also own or control 60% of the nodes maintaining the network.
The RTM token is a relatively cheap asset and among the very few crypto tokens that you could mine today. Raptoreum is a project that is staying true to the ethos of blockchain technology and Proof-of-Work algorithms. It also allows programmers to easily build blockchain-specific applications using existing programming languages such as Python, Java, and R, making it effortless to launch apps or services on the network.
All things considered, I would say Rapotoreum is a credible cryptocurrency project and RTM is not a fake cryptocurrency.
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Conclusion
Like every other cryptocurrency, Raptoreum is a highly volatile asset that can experience massive price fluctuations. Therefore, it is important to consider all necessary aspects of the project before investing in it.
This article is only for your reference and should not be taken as investment advice. It is highly recommended to do your research before making investment decisions.
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