What is Rupee Coin?
Rupee Coin is a cryptocurrency developed for the South Asian region and especially for India. Here, the intended cryptocurrency guided by the strong economic history of this economic area and help that strong market growth will not be realized. The service is currently under construction, but the developers have announced numerous framework conditions. The verification of transactions is based on the proof-of-work principle, so that mining new tokens will play an important role. Here, the miners complete each two blocks and then receive as a reward 50 rupee tokens. It is envisaged that the verification of a block takes about 5 minutes. In addition, approximately 22 million tokens are to be circulated. The final code should be published on November 10, 2017, so that from this point on insights into the Blockchain are possible.
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Which team is behind the development of the Rupee Coin?
The Rupee Coin team currently has four members, with Adam S. being the founder of the cryptocurrency. Adam developed the cryptocurrency because of the many benefits of using them and the fast-growing Asian economy, especially in India. Adam wants Rupee solve several problems, which he sees above all in the high transaction fees for the transfer of money. Many Indians live abroad due to employment and have to pay high fees for transferring monthly amounts, so Rupee should address this issue. In addition, many Indians have no bank account and should be enabled by Rupee to receive money. Rupee should also serve as an investment channel to promote social projects. The development team sees Rupee not as a channel to generate money, but as a project that should promote social justice. Besides Adam, Alexander Will and Raj Reddy are two partners who want to establish service in the US. In addition, several external developers are responsible for development.
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What is the current market capitalization of the Rupee Coin?
The cryptocurrency Rupee Coin is traded on the market under the symbol RUP and completed the Initial Coin Offering on July 11, 2017. At this time, the market capitalization was around $ 800 and the token price was $ 0.001. At the current time records the cryptocurrency at $ 0.27 per token, resulting in a market capitalization of $ 5.98 million. However, the cryptocurrency is characterized by a very high volatility, so that fluctuations between 100,000 USD and several million USD in the market capitalization were observed. The future development of the cryptocurrency will also be significantly influenced by the new white paper. At the current time, market expectations are very high, with strong price gains, and on November 2, the highest ever high for a market capitalization of $ 7.5 million. The daily trading volume is currently around 190,000 USD. This trading volume is realized mainly through the trade between Bitcoin and Rupee. The Dodge Coin and Litecoin are also recorded in the trade, but their share is negligible.