RYO meaning in Cryptocurrency ?
Answer: What Is Ryo Currency (RYO)?
Ryo Currency is a privacy coin based on a proof-of-work consensus mechanism. It is similar to other privacy coins like Monero (XMR) or Z-Cash (ZEC), since it is actually a fork of Monero. Ryo aims to be a privacy-focused cryptocurrency that can be easily used by average users. Its high privacy setting makes Ryo suitable for all high confidential transactions as well as for storage of value without being traced, monitored or identified.
To achieve this goal, it focuses on several key areas:
Developing and maintaining the Ryo wallets;Working with payment gateways to make Ryo widely accepted among merchants;Improving coin security, untraceability, privacy and speed;Spreading awareness about Ryo.Who Are the Founders of Ryo Currency?Ryo was founded by its pseudonymous lead developers @Fireiceuk and @Mosuforge. As a fork of Monero, it is also based on the CryptoNote protocol and is supported by an active community of mostly pseudonymous developers (@PiousFox and @RyoRU) and contributors (@Kesior, @Nostradamus411, @Psychocrypt and @SoapyFresh).
What Makes Ryo Currency Unique?Although Ryo is a fork of Monero, it wants to create a more secure cryptocurrency by enabling higher ring size and implementing a new private transaction system that retrofits to support the old payment ID system. To achieve this goal, Ring Confidential Transactions with a minimum ring size of 25 were implemented to conceal every transaction in the Ryo network.
According to Ryo, the current emergence of ZK-proofs will make the tracing of Ryo recipients close to impossible. Since privacy is Ryo’s core value proposition, sending and receiving addresses are encrypted, and transaction amounts are obfuscated by default. The real Ryo address is concealed from senders through a disposable ghost address, allowing for truly anonymous and untraceable transactions. Ryo allows for a new ghost address for every transaction, meaning users never use the same address twice.
Thanks to its built-in privacy features, Ryo aims to be the closest equivalent to cash, as it is truly fungible, and nobody knows who had possession of any particular coin before them. Improving upon cash, nobody knows the identity of who they’re sending their coins to. That makes Ryo extremely unlikely to ever be blacklisted by any third party due to any association in prior transactions.
Users can choose from the Ryo Wallet Atom and the Web Wallet Quasar to store, send, and receive Ryo. Both are available on desktop and mobile and Atom also supports GPU solo mining.
Related Pages:Check out Monero (XMR) — a popular privacy coin.
Check out Z-Cash (ZEC) — another privacy coin.
Learn more about privacy coins in our detailed guide to privacy coins.
Get the latest crypto news and latest trading insights with CoinMarketCap’s education portal — Alexandria.
How Many Ryo Currency (RYO) Coins Are There in Circulation?The total supply of Ryo is 88,188,188. Currently, 32.7 million RYO are in circulation. Similar to Bitcoin, Ryo is being mined, and its block rewards follow a “Plateau Curve” distribution model. The emission scheme was inspired by real-world mining production comparable to crude oil, coal and gas, with most coins to be mined into existence in the next 20 years. The emission curve is very similar to that of Bitcoin.
How Is the Ryo Currency Network Secured?Ryo uses a Cryptonight GPU mining algorithm and is the first coin to utilize FP32 math. That means anyone with a GPU can mine Ryo, making it more decentralized than other cryptocurrencies that rely on ASICs for mining. Furthermore, CN-GPU utilizes FP32 math at single-precision, meaning its performance relies on a physical core count and is not relying on memory performance. The outcome is a fairer and more distributed mining process that is open to everyone.
Can Ryo Currency Hit $1?Ryo has an interesting solution to safely and securely sending cryptocurrency. However, awareness of the project is very low, making a 15X increase needed to hit a valuation of $1 highly unlikely in the near term. If Ryo can increase its visibility and recognition as a privacy coin, this may change in the future.
Where Can You Buy Ryo Currency (RYO)?RYO is available on TradeOgre.
reference
Comments(0)
Ever curious about what that abbreviation stands for? fullforms has got them all listed out for you to explore. Simply,Choose a subject/topic and get started on a self-paced learning journey in a world of fullforms.