Rilcoin is an asset management system built on blockchain technology. Find out how the platform and its upcoming ICO work today in our review.
What Is Rilcoin?
Rilcoin, found online at Rilcoin.io, is a digital currency that aims to represent real-world assets. The company describes its digital currency as being part of an asset management system, or AMS.
The goal of Rilcoin is, according to the first paragraph of the whitepaper, “to provide a platform designed purely for everyone, regardless of geographical barriers and present a digital currency affordable & usable by each of us by providing everyone the medium to achieve, influence & control in their creative ventures.”
Obviously, that’s a bit vague. To be more specific, Rilcoin is a peer-to-peer virtual currency that promises fast transactions, low fees, and borderless payments – similar to most other digital currencies available today.
What makes Rilcoin different from the hundreds of other coins? The developers claim to have created “the first virtual currency involving qualities of fiat currency.”
There’s also a mining system in place.
The Rilcoin ICO began on October 15. There are 30 million Rilcoin (RIL) tokens priced at $1 apiece. Although only 30 million tokens will be sold during the initial sale, the company plans to create a total of 5.4 billion Rilcoins.
Overall, the Rilcoin website is filled with spelling and grammatical errors. The brief whitepaper doesn’t disclose any technical details about the platform, the currency, or how it works. And there’s an overall lack of transparency about the Dubai-based development team – like who’s running the company or what their background is.
How Does Rilcoin Work?
Rilcoin is part of an asset management system. Asset management refers to any system that manages and analyzes things of value to an entity, according to the whitepaper.
Rilcoin can be used to represent assets across a wide variety of industries and sectors. The company mentions self-driving vehicles through a platform called “Smartdust’, for example, as well as autonomous agriculture, renewable energy, real estate, worldwide banking, and more.
Apparently, Rilcoin can somehow be used to represent assets in all of these sectors. We would love to tell you more about how Rilcoin plans to represent assets in these sectors – but the whitepaper doesn’t go into further technical details.
Overall, the whitepaper and website do a poor job of explaining how Rilcoin works.
The Rilcoin ICO
The Rilcoin ICO began on October 15. During the first phase of the token sale, 30 million RIL tokens will be released. A second phase is scheduled for November 14 to December 13, during which 10 million tokens will be released, and a third phase is scheduled for December 14 to January 13, during which 10 million more RIL tokens will be released.
At the end of each period, any unsold tokens will be carried forward to the next round.
Although only 50 million tokens are being sold through the ICO, the company claims to be creating a total supply of 5.4 billion RIL tokens. It’s unclear how the tokens are being distributed. However, the official website breaks down the total supply like this:
- 52%: Available in Rilcoin’s cold storage wallet.
- 20%: For the development team.
- 13%: For business development.
- 9%: For research and development.
- 4%: For bounties.
- 2%: For the founders.
It’s unclear how the token sale fits into this breakdown. As mentioned above, the whitepaper claims there are 5.4 billion tokens scheduled to be created, although only 50 million of those tokens are scheduled for release during the ICO. This is unusual, to say the least.
Who’s Behind Rilcoin?
Rilcoin is led by Sahara Software FZE, a Dubai-based company. The whitepaper describes Rilcoin’s founders as “strong leaders and visionary [sic].”
The whitepaper gives no further details about the company – like who’s running it, what their background is, or why they’re qualified to run a company.
Ultimately, when someone asks you to send money online, but refuses to disclose their identity, that’s a red flag that you could be being scammed.
Rilcoin is an unusual cryptocurrency project that may be a scam. The company’s whitepaper and website are riddled with awkward grammar, spelling mistakes, and poor English translations. It’s hard to understand anything the developers are trying to state.
Speaking of the developers, neither the website nor the whitepaper list any information about the team behind Rilcoin. The company claims to be based in Dubai and led by “strong leaders” – but we have no further information about these people or their background.
Ultimately, it’s hard to understand anything Rilcoin is trying to state. The company vaguely mentions that it’s the first cryptocurrency with fiat currency features. However, they don’t expand further. They also vaguely mention that their currency can be used to represent assets in self-driving cars, worldwide banking, and more.
We didn’t even mention the weird ICO: the company plans to issue 5.4 billion tokens in total, although only 50 million tokens will be available during the ICO. That’s bizarre.
For all of these reasons, Rilcoin is one company you may want to avoid until more information becomes available online. Based on the information we see online today, the company may be an ICO scam.