Rimbit Prepares for Decentralisation

Cryptocurrency Rimbit has announced its intention to become fully decentralised and run by the community as its CEO states his intent to step down in 2017, relinquishing all ownership and management of the Rimbit ecosystem to selected members on the Rimbit forum who have shown a willingness to work with the community to progress the cryptocurrency.

The system has also shifted from Proof of Work to Proof of Stake to enable a more bank-like operation. The main feature of Rimbit is that all coins were mined before the release of the wallets and stored in cold wallets, which removes the need for any long-term mining to take place and reducing the costs associated with hardware and electricity.

Using Proof of Stake, Rimbit users can ‘stake’ their coin balance by keeping their wallets open and online, eventually gaining 5% stake on the balance of their Rimbit per annum. This is being referred to by Rimbit as ‘interest’ to make it more relatable to users. Rimbit launched all 360 million Rimbit coins in 2014, which, at the time, was the maximum available primary allotment that could be built into the wallet code. Today, another 30 million Rimbit have been added to the primary allotment, which has been created by users’ wallets in form of stake or interest.

Distribution of Rimbit is done through direct sales of the coin to members of the public, which is used for the maintenance of the network, future updates of the wallet, and development of services such as exchanges and marketing.

On April 23, 2014, Rimbit launched a crowdfunding campaign on Indiegogo to acquire funds for the development of wallets for Windows, Mac and Linux operating systems, to enable global exposure. In this event, the company reported it had become the most successful cryptocurrency crowdfunded campaign on Indiegogo.