The Rupee Blockchain is a type of cryptocurrency. It was established in November 2016. This unique cryptocurrency is based on the Litecoin source code. The Rupee is an open source digital currency and has no relationship to fiat currency issued by central banks.
The Mission Of Rupee
The main inspiration for the creation of Rupee is the cheaper transaction costs, especially for people in South Asia. A good inspiration for the Rupee was the total amount of transaction costs that people incur. According to the calculations of its creators, people spend over $10 billion each year in transaction costs to send money.
With the power of the blockchain, Rupee will be able to offer a cheaper way to send money. Thus, the aim is to make Rupee a trusted source of value globally. Besides that, Rupee aims to be a trusted banking option for Indians.
In India, there are over 233 million with no access to banking services. The Rupee hopes to be able to help people transact online with no need to have a bank account. Best of all, the system cannot be tampered with in any way.
Why Create A New Cryptocurrency
Using Rupee in South East Asia aids with brand recognition. For over 2 billion people, the word Rupee is part of their daily lives. Thus, a new crypto coin named Rupee will aid with market penetration. Even people who may not fully grasp the concept of digital currency will be able to relate to it.
How Rupee Will Generate Revenue
Rupee will do this by providing a POS application to those that wish to use it. Since the Rupee is open source, they can develop this application on their own or contact the Rupee team. Since the team will have to develop the app, they will charge merchants a small fee.
They will also charge a small transaction cost to merchants who use the POS apps. There will be a small fee of one percent for every transaction. Compared to what is charged by other payment systems, it is quite cheap. The money will be used for the non-profit activities of Rupee.
The Current Supply Of Rupee
Today, there is about 21 million Rupee in circulation around the world. The creators of Rupee capped it at 84 million. It will take some time to get there and mining it will only get harder as its value grows.
Establishment Of The Fiat Currency Exchange Conversion
By 2019, Rupeebase.com is expected to go live. This will allow those who wish to trade their crypto coins for fiat currency. Work on this platform is expected to begin in the second quarter of 2018 so as to meet its 2019 launch date.