xRhodium is not a fork of Bitcoin, the white paper already starts with that as a fact. And that’s good to know because, even though Bitcoin is a good store of value, xRhodium offers much more than that.
In this article I’ll dive into the world of xRhodium, but also of Freemarket.one. This is a decentralised marketplace where goods can be traded anonymously and where XRC – the ticker code for xRhodium – is the default currency (base currency).
- 1 What is xRhodium?
- 2 What makes xRhodium unique?
- 3 Freemarket.one
What is xRhodium?
Conceived in 2017, born in 2018. First xRhodium was known as ‘Bitcoin Rhodium’. But because xRhodium has its own blockchain, a use case, a different way of mining (X13) and even more features that have nothing to do with Bitcoin, the team chose to change the name and remove Bitcoin from it. xRhodium has been the name since the end of 2020.
At the moment, many new cryptocurrency and blockchain projects are being launched. Unfortunately, we’re seeing a turnaround. Projects such as Safemoon, SafeMars or Shiba Inu have a large maximum supply of several hundreds of billions tokens. The prices at the launch of these projects have just 8 or 10 digits after the dema. And yet they are very popular.
Then there are the meme coins. Dogecoin is best known and most extreme example of this. With an unlimited amount of Doge available, it is a miracle that the price could climb so high in 2021. It will undoubtedly come from Dogecoin’s self-proclaimed CEO Elon Musk. Elon has 54 million followers on Twitter and therefore has a lot of influence on the (crypto) world.
Looking for a #crypto project but want to be an early investor?— Kelly Johnson | HODLer of $XRC $XVG $DGB and more. (@KellyJohnsonFX) July 22, 2021
A. 2,100,000 supply (1,6M currently)
B. ~$1 right now
C. Base currency @FreeMarketOne
D. Crypto Trinity /w $BTC and $LTC
Talk to team on #Discord: https://t.co/pyIrSJ1TSu#xRhodium #Litecoin #Bitcoin $XRC
Kelly is an ambassador for xRhodium and Freemarket One. Follow her on Twitter for the latest news on forex, crypto and OTC stocks.
No, xRhodium is a completely different story and doesn’t fit the list above. xRhodium is designed as the base currency for the Freemarket.one marketplace. It has a real use case, unlike a lot of other coins or tokens.
What are the characteristics of xRhodium? Here is an overview:
|Maximum supply||2.1 million|
|Mining algorithm||X13 (Proof of Work)|
|Block interval||10 minutes|
|Block halving||Every 210,000 blocks|
|Anonymization||CoinJoin, Confidential Transactions of MimbleWimble|
|Genesis Block||October 20, 2018 at 6:18 AM|
The most common feature in the table above is the maximum available amount of tokens: 2.1 million.
Compare that with the following coins and tokens and their all-time high price:
|Coin/Token||Max Supply||All time high (checked: June 5th, 2021)|
In the table above I have chosen to put in addition to Bitcoin some coins with a very large maximum supply (Doge, XRP) and some with a much lower supply than Bitcoin (Compound, Yearn, Dash).
The first thing you might notice is that the coins with a very low supply show a very high unit price. This has to do, among other things, with the phenomenon that we call ‘scarcity’. With Yearn, it stands out.
A small caveat: a prerequisite for a high price at a low supply is that the user base increases. A token that is not used will never see a substantial increase in value.
And that is why XRC does not yet record a high price when only 2.1 million of it are in circulation. So that’s only 10 percent of what’s in circulation of the maximum amount of Bitcoin.
We don’t expect XRC to suddenly touch the $100,000 per coin. But if the Freemarket.one marketplace is going to provide liquidity, you can expect the price not to stay at $2.00 for as long as it does at the time of writing.
What makes xRhodium unique?
As an investor in a yet to be launched project, you want to know exactly in what you are investing. Of course, you can assume if you invest in a project that is still in development, that you should be able to miss your money for a while.
After all, only when the project is really finished and the general public can work with it the price of the corresponding coin move higher. Until then, it’s a bit of a bite. But you know that before you even get started in a project.
These are some unique features of xRhodium:
- Stong hands programme
- The Crypto Trinity
- XRC as base currency on decentralised marketplace
Strong Hands Programme
Do you know the difference between paper hands and diamond hands? They are terms from the world of ‘Crypto Twitter’ (that is also a term itself 😊).
- Paper hands: is sometimes referred to as weak hands. Traders or investors who, in the event of a bit of panic in the market, close all their positions by selling the cryptos.
- Diamond hands: crypto traders who don’t care about a little volatility have diamond hands. So they don’t sell if the price moves a little.
To reward investors who hold the XRC in their electrum wallet, bonuses are handed out every quarter.
Especially for the Strong Hands Programme there are a number of coins available: 16.072 XRC. They are automatically shipped in the first week of a new quarter. So that’s in January, April, July and October.
There are a number of hard requirements for participation in the Strong Hands Programme:
- You must have the coins in a desktop wallet and not on an exchange.
- You are not allowed to send coins from your wallet. Only receiving is possible when you want to qualify for the dividend payments.
- The coins must remain in your wallet for the entire quarter.
- Anyone with xRhodium in a desktop wallet (Ex. Electrum wallet) is automatically eligible for the Strong Hands Programme and does not have to register separately.
- You may deposit coins in your wallet, but they will only count towards the Strong Hands Programmein the next quarter.
When xRhodium was conceived in 2017, this was the first and only crypto project that rewarded HODLers for not selling the coins. A trend setter!
The Crypto Trinity
According to the xRhodium philosophy, there is only room for 3 different cryptocurrencies in the world:
- Bitcoin – store of value (slow blockchain, low supply)
- Litecoin – to pay with it (enough supply, fast transaction time)
- xRhodium – transparent towards users, ultra-low supply, fast blockchain, dividend payments.
As I mentioned earlier in this article, there is of course a wide choice of altcoins that can also work on a marketplace. But a lot of coins don’t have a use case (yet) at the moment and then you are at the mercy of the developers. Choosing a native token for your marketplace makes you pay attention to the reliability and lifespan of such a token.
Precisely for that reason, the developers team has chosen to add the most well-known and most used coins (in 2017) to the trio, The Crypto Trinity.
As it says on the website:
Where LTC has traditionally primarily offered its users transaction properties and BTC rules the market with speculative investments, xRhodium emerges as the natural complement to meet the demand for a long-term crypto investment tied to traditional markets through its role in the Freemarket.one solution.
For these reasons, xRhodium represents the last piece of the puzzle, the Crypto Trinity, whose efficient coexistence meets the full spectrum of investors and their diverse needs.
xRhodium Price and Marketcap
Freemarket.one is an emerging decentralized marketplace that is also anonymous and secure.
That was a whole mouthful. Let me explain what I mean.
Freemarket.one doesn’t come from anyone. Of course, developers are working on it, but they voluntarily work on the code of (xRhodium and) Freemarket.one. The benefit for them is that when the marketplace becomes mainstream, the XRC coins they have also become worth more. You can think of it as a defer reward.
As mentioned, Freemarket.one is owned by nobody. In this case, that also means that it is everyone’s. Anyone can install the software and start a marketplace on it.
We call that a white label software solution and it is part of the yet to be launched OneX version of Freemarket.one.
Through the white label solution, users can create a marketplace that offers specific goods or focuses on a specific region.
In the early stages, Freemarket.one focuses on the trade of commodities (precious metals) and at a slightly later stage more categories are added.
But what makes FM1 so anonymous and safe? Well, there are several traits for that. Here they are:
- No verification
- Review system
Because there is no central owner, you do not have to identify yourself. No passport, no phone number, no email address, no selfie with your passport. None of this is necessary. You’re just 100% anonymous.
That also means that scammers can be active, just like on regular online marketplaces. Therefore, there is a waterproof review system. Honest and active merchants get more attention for their ads. So if you can be trusted and customers leave a review on your profile (your wallet address), the system understands that you are an honest trader and so your ads come into view more often.
The Freemarket.one Blockchain
Decentralized means something like: not in one place. That is also the core of blockchain technology!!
Therefore, due to a non-central location of the marketplace, it cannot happen that your account is closed by a government.
To further ensure the anonymity of the traders, Freemarket.one has added an additional layer of security: a double blockchain.
You read that right, FM1 actually works with 2 blockchains.
What is the case with a blockchain? Of course, it keeps track of the dates of the transactions. And so transactions on the marketplace can be traced back to a wallet address. And a wallet address may be traced back to an IP address. Maybe not yet, but in the future, of course, it could be.
That’s why two blockchains are used. I’ll explain them to you.
The basic blockchain is the blockchain which stores information about the users, such as encrypted data, reviews and the trading volume to determine whether it is a reliable trader. This information is permanent thus cannot be changed.
The blockchain market contains data on the trader’s offer and trading history.
This means that the public blockchain registers transactions (the ledger) between traders (peers) will be periodically discarded. As a result, traders always get an empty trading history behind their name. To do this, a new genesis block is created every so often and the old one is removed. And that is also very unique in the crypto world.
So why is Freemarket.com so safe for the users?
In addition to replacing the genesis block with the transactions every so often for a new genesis block, there are some techniques that ensure the safety and anonymity of the users.
To ensure the anonymity of the traders, after installing the Freemarket.one software, Tor integration is enabled. Tor stands for The Onion Router and ensures that all your internet traffic is distributed via a dozen different computers. This way no one can see what your real IP address is and you are 99.999999999999% anonymous.
Tor, unlike a VPN (Virtual Private Network), is much more anonymous because it doesn’t connect to a server anywhere in the world but just with a lot of servers run by volunteers. That’s what we call nodes.
So the great thing is that it works immediately and you don’t have to install of enable anything.
How does Tor work in the Freemarket.one application?
- FM1 Tor client selects 3 random relays from the global Tor network to form a path to its destination. The request is encrypted 3 times and sent to the first relay.
- The first relay removes the first encoding layer, but does not know where the request is going.
- The second relay removes another encoding layer and forwards the request further.
- The third relay removes the last layer of encryption and forwards the request to its destination, but does not know where it comes from, because each relay knows only the caller and the next relay.
- Connection to the FM1 network is not necessarily encrypted, but only knows exit relay and not the original requester.
The last way of security can be found in the chat with the seller. Once you click on the ‘Buy now’ button to buy a product, you will not be taken to a shopping cart. No, a chat with the seller opens instead.
In the chat you can agree on the price and delivery of the goods.
What you need to know about the chat feature is that an E2E encryption is taking place. This is short for end-to-end encryption and means that the connection between both the transmitter and the receiver is encrypted. As a result, the messages that are sent cannot be read by others, unless they are next to the sender or receiver at the computer.
Where does the Freemarket.one app store my private information?
No data is stored at FM1. Everything is stored on your own computer. Make sure you keep the seed key somewhere safe so that it is protected from fire, flooding, theft and more.
If you have lost the key, you have lost you money in the wallet and your account in FM1 as well. Do not lose it!
Can I use Freemarket.one for other products that are not related to precious metals?
At the time I write this article (June 2021) it is not yet possible to create your own categories. That is something that is planned, but will be added at a later stage.
In this article you have been able to read about the white label function of Freemarket.one and this will also include the function to create your own categories.
Does Freemarket.one support Bitcoin, altcoins or fiat currencies ($, £, €) as a payment method?
No, XRC is the only cryptocurrency currently supported. There will be a wXRC to conveniently and quickly convert other coins into XRC via Uniswap. At the time of writing, this wXRC (wrapped XRC) is under development and is expected to become available in the third quarter of 2021.
Why does Freemarket.one use XRC as its own currency and not other, more well-known cryptocurrencies like Bitcoin, Ethereum or Litecoin?
Because we are working very hard to expand the number of features of the platform, there is no room to build in support for other cryptos.
The developers team works around the clock and adding other cryptos takes a lot of time and effort. It just doesn’t have a priority at the moment.
How do I make sure XRC uses it on Freemarket.one?
You can buy XRC on various exchanges such as Changelly, Bisq or HitBTC. There are more and more exchanges that want to support XRC.
Can I use Freemarket.one without Tor? Is Tor optional?
No, you can’t turn it off right now. We don’t recommend it. Nor is it necessary.
At a later stage, there might be a tor button to turn off. There are still countries in the world that block Tor traffic. By disabling this, the market can be expanded.