Welcome to Ring! (RNG)
Ring will be the world’s first 4 way fork.
Private keys from 4 different blockchains will be valid for import into a new wallet in order to claim the new coin.
This will be accomplished by snapshooting balances of these 4 chains on a predetermined date, with the first 30000 or so Ring blocks paying all holders of coins on these chains a proportionate amount of Ring.
The snapshot of all four chains will be taken at once.
The first and most important of these chains to be announced is Litecoin Cash.
We are very excited to also announce Bitcoin as the second forked coin.
The third one is Dash, happy birthday, already 6 years in the crypto universe.
The remaining chain will be announced in the following week.
The team at Litecoin cash are delighted to announce the claim ratio for both BTC AND LCC:
Holders of BTC at the snapshot point will be rewarded:
1 BTC = 1 Ring = 100 000 000 Ringsat.
Holders of LCC at the snapshot point will be rewarded:
1 LCC = 0.00020000 Ring= 20000 Ringsat,
5000 LCC = 1 Ring = 100 000 000 Ringsat.
The DASH rewarding claim amount of Rings will be depending on the BTC/DASH converting value at the time of the snapshot.
The DOGE rewarding claim amount of Rings will be depending on the BTC/DOGE converting value at the time of the snapshot.
We are proud to announce that the Snapshot date will be 18-Feb-2020, (the second anniversary of LCC live activation) Holders of coins for the 4 chains on this date will receive a proportionate entitlement of Ring.
We simply want to opening up Hive to the wider world, in this way it should generate a significant amount of interest, not only from Crypto enthusiasts and miners but also to the general public. Providing a platform for all.
For the tech Savvy!
“There is more goodness to come. Like LCC, the new chain will be a hybrid Hive chain, but the pow algorithm will not be SHA256.
We have developed a custom CPU mining algorithm, Code-named Minotaur. This is designed to be ASIC resistance and if not “GPU resistant” then at least “GPU tricky” by resisting parellelilisation via pipelining or tree flattening techniques.
There will be a simple to use multithreaded miner built right into the wallet. ANY hashing algo advertised as “cpu only” is really only an opportunity to restart the arms race with GPU coders, and this algo will likely be no different. This will be an agile chain. If hashpower which can only be explained by new private GPU miners appears on the network, we will aim to thwart them by changing our hash algo via UASFs”
Tanner, LCC/RNG Development lead.
However, that’s still not all. Ring’s hybrid chain will feature a third mining method.
Proof of play.
We have developed a framework for implementing gameplay that can be used to secure the network. The first game that users will be able to play will be available upon activation and built right within the wallet in order to earn Ring while playing.
So guys, to conclude.
Hive technology has evolved over the time and has proven to be a great success. The team at Litecoin Cash are delighted to be able to introduce and bring Hive to a Global audience.
The next step on our Journey together!
Once again, special thanks to our community for the support and involvement. Well appreciated. It is an exciting time to be part of this great project.
We look forward to a bright future together.
The Litecoin Cash team.
Additional information and regular updates may be found at our Discord and Social media channels.
Information about the RNG Wallet and Exchanges for RNG will be announced later on, so stick with us to get the latest updates first.
All of the information was written and published by Fred Newbloke, I just compressed it a little bit ;-)
Additional sources:
Ringpage: https://ringcoin.tech/
Twitter: https://twitter.com/ringcointech
Discord: https://discord.gg/JASgmgz
Facebook: https://www.facebook.com/ringcointech/
Reddit: https://www.reddit.com/r/RingCoin/
Medium: https://medium.com/@ringcointech
Telegram: https://t.me/ringcointech
