Sergiu Fala REMAP Coin (RMC)
Table of contents
- 1. Conceptual Architecture of REMAP
- 2. Technical Architecture Concept
- 3. REMAP Ecosystem Governance
- 4. Tokenomics
- 5. REMAP Token-Economic Design
- 6. REMAP Coin (RMC)
- 7. Starting the Ecosystem
- 8. Technology Stacks: Identity and Access Control in REMAP
- 9. Technology Stacks: Applications of REMAP - Modules and Interactions
- 10. Technology Stacks: Cosmos-Specific REMAP Architecture
REMAP Coin (RMC)
RMC is the native coin of the REMAP ecosystem and its primary currency. It is central for processing transactions and transferring value. As already presented in Conceptual Architecture, REMAP seeks to provide a central hub that connects with other PropTech application-specific blockchains capable of communicating and exchanging information in real-time. In this ecosystem, RMC serves as a universal token, but to facilitate its use across diverse application-specific blockchains (app chains), it is ’wrapped’. Wrapped RMCs are a form of the original RMC token, adapted for use on different app chains within the REMAP network. This wrapping process involves representing the original RMC on various app chains, maintaining its value and utility while ensuring compatibility with the specific blockchain protocols of each app chain. This approach not only simplifies the token economy within the REMAP ecosystem by avoiding the need for multiple tokens but also enhances liquidity and seamless transactions across different applications. By employing a cumulative minting process based on the number of validated blocks on the main REMAP hub, the REMAP Project ensures a balanced token supply, preventing extreme inflation or deflation in specific app chains due to varying network traffic, thereby mitigating arbitrage risks and fostering price stability for the tokens. Hence, RMC tokens are only created on the central REMAP hub and are distributed across the rest of the app chains as wrapped RMC (wRMC).
One-Coin Approach
The main goal of adopting a one-coin approach in the REMAP network is to simplify user interactions within its ecosystem by ensuring that users, developers, and other stakeholders interact with a singular, multifunctional asset. All value transfer, governance, reputation, and incentive mechanisms are based on a unified medium of exchange. The one-coin approach also avoids the potential pitfalls and complexities of managing multiple tokens with different use cases, making it easier for participants to understand and interact with the coin.
An example of a one-coin approach that creates a non-complex, seamlessly user-friendly environment where the same asset can be used for various functionalities within the ecosystem is the Binance Coin (BNB) 10 . BNB functions not only as a medium of exchange within the Binance platform. It also extends its utility across a variety of applications, including transaction fee discounts on the Binance exchange, participating in token sales on the Binance Launchpad, making in-store payments, and much more. The value of BNB is tied to the Binance ecosystem’s overall activity and utility, as it serves not only as a transactive token but also enables various features within the Binance environment.
Similarly, RMC serves as the main means of value exchange and extrinsic incentive mechanism in the REMAP ecosystem. Each user will earn and spend coins based on their activities. For example, RMC can be used to pay any fees, get more resources, to participate in network governance, access network services and more. Additionally, RMC is utilized for accessing validation roles via the staking mechanism and for granting access to governance.
| Use Case | Description |
|---|---|
| Transaction Fees | wRMC is used to make payment transactions between the different modules and DAOs. |
| Staking | Users can stake RMC to enhance network security and become validators for the network. |
| Access to governance | RMC allows users to participate in the governance of the network, granting them access to governance roles and the ability to vote on improvement proposals |
| Sub-chain Interoperability | wRMC enables users to make transactions and operate across various REMAP appchains. |
| Peer-to-Peer Payments | Users can use RMC to make peer-to-peer transactions within the ecosystem. |
| Method | Description |
|---|---|
| Direct Purchase | Users can buy RMC directly within the REMAP ecosystem, using stable coins such as USDT or USDC. |
| Transaction Payment Fees | Users receive RMC as a form of payment for the different services provided in the ecosystem. |
| Governance Rewards | Users involved in REMAP governance can earn RMC as a reward for their active participation. |
| Airdrop Campaigns | RMC can be distributed to users’ wallets for free or as a reward for completing specific tasks that benefit the ecosystem. |
| Testing Rewards | Users can earn RMC as a reward for testing new modules or changes implemented through governance proposal processes. |
| Development Incentives (e.g., Grants) | Software developers can obtain RMC by building within the REMAP ecosystem, thanks to grant programs established by REMAP governance. |
RMC issuance and redemption
Participants can get REMAP Coin (RMC) in different ways (shown in Table 2). The RMC is issued in two ways: Layer 1 issuance and Layer 2 issuance. With Layer 1 issuance, RMCs are issued through a block validation reward using hybrid consensus mechanisms. The REMAP network comprises of the main hub that connects with the rest of the app chains, hence, different consensus methods can be deployed in the REMAP network. Since new RMCs can only be created on the hub level, a Byzantine-based consensus method will be used on the hub, while various adaptations of proof of stake (PoS) consensus methods are applied to the app chains. As RMCs issued in this way have no collateral, this issuance of RMCs is limited to small volumes compared to the total RMCs in circulation. The volume of RMC issued by this mechanism per day can serve as an indicator of ecosystem productivity. With Layer 2 issuance, RMCs are issued against payment of a stablecoin such as USDT or USDC using an ABC-based purchasing logic. Using an ABC in this instance also serves as a mechanism to guarantee liquidity and stability. This way of issuance is responsible for initially issuing large volumes of RMC to kickstart the ecosystem as shown in Figure 6 in the pre-hatch and hatch phases 11 . These two issuance mechanisms will be working in parallel from the beginning of the ecosystem. RMCs are repurchased by other users through the ABC when users redeem their coins to the ecosystem. Here, the ABC mathematical selling logic comes into effect. To ensure the stability of RMC, this mechanism includes the initial rules of the vesting plan for users who purchase RMC in the pre-hatch and hatch phases. Other vesting plans are subject to governance processes.
In the REMAP ecosystem, the supply and pricing of the REMAP Coin (RMC) are intrinsically linked through the Augmented Bonding Curve mechanism. The mechanism works in a way that ensures predictability to the investor/user of the RMC. The ecosystem will have 3 distinct phases during launch: the Pre-Hatch Phase, the Hatch-Phase and the Open Phase. During these phases, the mechanisms to determine the supply and the price of RMC differ.
On-Ramp, Off-Ramp and Customer Due Diligence: On-ramps and off-ramps in the cryptocurrency context refer to services that allow users to convert between fiat currencies (like Dollars or Euros) and cryptocurrencies. The on-ramp process enables users to purchase cryptocurrencies with fiat and enter the ecosystem. In contrast, the off-ramp process lets users sell their RMC for fiat or any currency of preference and exit the system.
On-ramp: Once connected, users can buy RMCs with their currency of preference based on the purchase price set by the ABC at that moment.
Off-ramp: Users can sell their RMCs and obtain their currency of preference in exchange through a withdrawal request. The sell price is also determined via the ABC at that moment. To ensure RMC stability, two types of withdrawals apply:
• Instant withdrawal (including fees): For immediate withdrawal requests, the withdrawal fee is determined by the requested withdrawal amount. The goal of the fee is to ensure RMC stability.
• Standard withdrawal (without fees): Withdrawal requests that adhere to the vesting plan period or the timelines set by ecosystem governance are free of charge. The goal is to ensure RMC stability.
