What is Rilcoin?

Rilcoin is a Fintech project that began to take shape in February 2018 with the goal of improving the financial system in Venezuela and the American continent. Blockchain technology allows Rilcoin to verify, transmit, and secure the information of all transactions in a decentralized manner, distributed equitably among peers (Nodes), ensuring that they are transparent, efficient, and anonymous.

Rilcoin users, regardless of their location, have the ability to use technology that enables fast, secure, simple, and decentralized transactions, avoiding the delays and waiting times of traditional banks. In addition to protecting their savings, its value is tied to the trust of its users, achieving price stabilization based on a supply-and-demand system driven by necessity.

At the Rilcoin team, we understand the severe situation the country is facing, which is why we aim to bring technology to the places most affected by the inflationary crisis, while also laying the groundwork for a more efficient economic and financial system that does not rely on third parties. Our proposal seeks to preserve the intrinsic value of RIL as a digital monetary instrument for the payment of goods and the hiring of services, facilitating transactions and extending its reach worldwide as a universal public monetary system. This system is designed to be accessible to all, transcending borders and centralized control, fostering a globally inclusive financial framework.

Currently, Blockchain technology, or the “Chain of Blocks,” is revolutionizing the technological and financial world. In this sense, cryptocurrencies have begun to be used in projects with political, medical, and scientific foundations.

What Are Cryptocurrencies?

Cryptocurrencies, commonly referred to as electronic money, differ in that they use cryptography and Blockchain to provide security, transparency, and complete anonymity.

What Is Blockchain?

Blockchain, or the Chain of Blocks, is essentially a large ledger. To be more specific: it is a digital accounting book of transactions, agreements, contracts—essentially anything that needs to be independently recorded and verified.

What sets this technology apart is that it is not stored in a single location; it is distributed globally across many computers known as “Nodes.” Furthermore, anyone can access this information, making it a completely transparent technology.

Why Was Rilcoin Created?

Rilcoin was born out of the need to provide a solution to the monetary crisis in Venezuela, offering a real alternative for payments for goods and services without relying on centralized third-party systems. These systems, influenced by political, economic, and other interests, manipulate the flow of cash, increasing its circulation costs and causing widespread chaos in the normal course of transactions.

Due to our developers’ direct involvement in the tourism sector, the first solution was presented to various hotels, inns, and tourism agencies in general, later expanding to other commercial sectors in the country. This simplified and facilitated transactions 24 hours a day, 7 days a week, without third-party intervention and in a secure manner.

What Does Rilcoin Offer?

Rilcoin is not just another cryptocurrency in the international market.

Rilcoin’s proposal is tied to providing a direct solution to a growing economic crisis caused by poor management of welfare policies in the region, while establishing itself as a universal public monetary system that empowers individuals and communities worldwide.

Four main drivers propel Rilcoin toward its goal of being as accessible, educational, and user-friendly as possible:

• Technological: Bringing a complex system of integration, consensus, and self-verification of transactions through blockchain technology, translated into simple and easy-to-understand language, to educate citizens pedagogically in the use of cryptocurrencies.
• Financial and Economic: Creating a digital instrument that serves as a solid foundation to restore trust in generating fast, secure, simple, and decentralized transactions, free from third-party manipulation, consolidating its intrinsic value and directly addressing inflation to achieve a fair valuation based on its utility.
• Social: Establishing a unique system of endogenous self-management that enables real symbiosis between production and consumption, giving each individual genuine participation and responsibility in building their own well-being, sustained over time and independent of third parties. Opening a gateway where, regardless of a user’s size, condition, or geography, they can always access it and quickly learn to use it to enjoy all its advantages.
• Legal: Developing and presenting a legislative proposal that serves as an example and allows, without any restrictions, the determination and freedom to generate well-being through an emerging decentralized economic system.

Within the Rilcoin team, we also decided not only to support the country and the world by offering what we believe is the true use of a cryptocurrency but also to launch an educational campaign on its use. Additionally, we provide incentives and donations to charitable institutions and, in other cases, a solid digital instrument to drive entrepreneurial ventures that generate a positive social and economic impact on the well-being of each region.

Rilcoin should not be seen as a speculative asset; rather, it is a stable, non-inflationary digital monetary instrument with low fees, ensuring complete user satisfaction while avoiding sharp, speculative fluctuations and respecting the right to free trade.

How to Obtain Rilcoin

1. Mining:

   Rilcoin’s consensus mechanism is designed as an endogenous, self-sustaining system based on the interactive symbiosis between production and transaction usage. Each user benefits from the system and is simultaneously responsible for its maintenance through their RIL wallet. This wallet acts as a personal and individual custodian, as well as a block generator in the chain that keeps the network operational, earning random rewards for completed transactions. It is a complex yet simple system that ensures total transparency, generates minimal environmental impact, aligns with the principle of decentralization, and secures the ecosystem.

2. Buying and Selling:

   Any user with a Rilcoin wallet and internet access can, in addition to automatically mining, perform direct exchanges with other Rilcoin network users or even with other cryptocurrencies and fiat money (USD, EUR, Bolívar, etc.) without any limitations. Rilcoin is a decentralized digital monetary instrument that does not answer to any specific entity or restrict itself to a particular geographic system.

The Rilcoin team, aware of the need for interaction and as part of its educational campaign, conducts ongoing incentive programs through exchanges and direct promotional campaigns, providing RIL for startups, testing, development, donations, and more.

Rilcoin 3.0 Technology

Rilcoin is a modified fork of Litecoin, utilizing a blockchain developed with a cryptographic system (algorithm) called Scrypt, a password-based key derivation function. This algorithm was specifically designed to make large-scale custom hardware attacks costly by requiring significant amounts of memory. Scrypt is used in many cryptocurrencies as a proof-of-work algorithm. It was first implemented for Tenebrix (released in September 2011) and served as the basis for Litecoin and, consequently, Rilcoin.

In its early stages in 2018, Rilcoin implemented its first version, a faithful and exact replica of Litecoin’s Proof of Work (PoW) system. Later that year, a fork was carried out, improving the initial work of the team and incorporating security and performance patches. Unsatisfied with the basic implementation and facing significant challenges—ranging from a lack of material resources for network maintenance to interference in project development—the team focused on designing an evolved consensus mechanism that was cost-effective, less resource-dependent, secure, viable over time, and capable of self-sustaining with minimal energy consumption.

After thorough study and qualitative analysis, Rilcoin advanced its proposal with what will be the future of cryptocurrencies as a digital monetary instrument, creating RIL 3.0 and its new consensus mechanism called SPoW (Subsequent Proof of Work). By the time of the transition to SPoW, the community had mined the entire supply of 18,500,000 RIL using the initial PoW system.

What Is SPoW?

SPoW, or Subsequent Proof of Work, is Rilcoin’s custom-designed consensus mechanism introduced with the RIL 3.0 upgrade. It is an evolution of the traditional Proof of Work (PoW) system, tailored to address decentralization, sustainability, minimal energy consumption, and equitable participation. The term “Subsequent” indicates that it follows the complete mining of the total 18,500,000 RIL coin supply by the community under the initial PoW phase. With all coins mined, SPoW shifts the focus to mining blocks solely for transaction-based rewards, rather than generating new coins. SPoW realizes Bitcoin’s original vision by Satoshi Nakamoto: an electronic cash system enabling direct transactions between two parties without requiring a trusted third party for validation, while improving on the energy inefficiency and inaccessibility of traditional PoW.

How SPoW Works

1. Decentralized Participation via Wallets:

   Every Rilcoin user with a RIL wallet becomes an active participant in the network. The wallet serves dual purposes: it acts as a personal custodian for holding RIL and as a node that helps maintain the blockchain. Unlike traditional PoW, where miners use specialized hardware (e.g., ASICs) to solve complex mathematical problems, SPoW integrates block validation into the wallet software. This eliminates the need for dedicated mining rigs, making participation accessible to anyone with a basic device and internet connection.

2. Transaction-Based Rewards:

   With the entire 18,500,000 RIL supply mined by the community, SPoW does not create new coins. Instead, it mines blocks to process transactions, distributing rewards based on transaction activity. When users conduct transactions (e.g., paying for goods or services), their wallets validate and add these transactions to the blockchain. The block reward is “based on transactions,” meaning rewards are tied to the volume or frequency of transactions processed, incentivizing active use of RIL as a currency rather than speculative mining.

3. Low Energy Consumption:

   Traditional PoW systems like Bitcoin’s require significant energy to perform hashing calculations. SPoW reduces this burden by using a lighter cryptographic process (building on the Scrypt algorithm) that requires less processing power and memory-intensive operations, making it feasible to run on everyday devices like smartphones or laptops, thus minimizing environmental impact.

4. Endogenous Self-Sustainability:

   SPoW creates a symbiotic relationship between production (mining new blocks) and consumption (using RIL for transactions). Each user’s wallet generates blocks as part of its normal operation, ensuring the network remains functional without external miners or centralized entities. This self-sustaining loop keeps the network secure and operational as long as users transact, aligning with Rilcoin’s goal of being a practical monetary instrument.

5. Randomized Rewards:

   Users who process transactions through their wallets may receive small, unpredictable amounts of RIL as rewards, sourced from transaction fees rather than new coin issuance. This randomness prevents gaming of the system and encourages widespread participation.

Key Features of SPoW

• Eco-Friendly: By avoiding energy-intensive mining hardware, SPoW reduces the carbon footprint compared to traditional PoW systems.
• Decentralized and Equitable: Every user, regardless of resources or location, can contribute to the network and earn rewards, democratizing participation.
• Simple and Secure: Integrated into the wallet, SPoW is user-friendly while maintaining blockchain security through distributed consensus.
• Stable Supply: With a fixed total supply of 18,500,000 RIL fully mined by the community, SPoW ensures non-inflationary stability, with rewards derived from transaction fees.

How It Differs from Traditional PoW

• Energy Efficiency: Traditional PoW (e.g., Bitcoin) consumes vast electricity for competitive mining. SPoW uses lightweight, transaction-driven validation.
• Accessibility: Traditional PoW favors those with specialized hardware, while SPoW allows anyone with a wallet to participate.
• Coin Issuance: Traditional PoW mines new coins; SPoW only mines blocks for rewards since all RIL coins were mined by the community.

Technical Implementation

SPoW builds on the Scrypt algorithm, which is memory-intensive rather than CPU-intensive, reducing energy demands compared to Bitcoin’s SHA-256. Each wallet runs a lightweight client that validates transactions and adds blocks, using a simplified PoW process. Consensus is achieved when a majority of wallet-nodes agree on block validity, potentially weighted by transaction activity.

Why It Matters

SPoW supports Rilcoin’s vision of financial freedom and inclusion, particularly in crisis-hit regions like Venezuela. By making block validation accessible and tying rewards to usage, it encourages adoption as a practical currency. Its low energy requirements position Rilcoin as an eco-conscious alternative in the cryptocurrency space.

When you hold RIL in your wallet and use it to pay for goods and services, you are directly generating progress and well-being within your community’s ecosystem. Each RIL wallet functions as a node and, through low-impact ecological mining, generates rewards that can be used within the same community.

Technical Specifications

• Name: Rilcoin
• Symbol: RIL
• Algorithm: Scrypt (modified)
• Consensus Mechanism: SPoW (Subsequent Proof of Work)
• RPC Port: 26579
• P2P Port: 26580
• Block Reward: Based on transactions
• Block Time: 60 seconds
• Total Supply: 18,500,000 RIL
• Circulating Supply: 18,500,000 RIL
• Subdivision: Tur

Comparison with Major Cryptocurrencies

Rilcoin’s SPoW distinguishes it from major cryptocurrencies like Bitcoin and Litecoin, which rely on energy-intensive PoW mining, Ethereum’s staking-based PoS, and Ripple’s centralized consensus. By transitioning to transaction-based block rewards after the community mined its full 18,500,000 RIL supply, Rilcoin prioritizes practicality, sustainability, and decentralization, aligning with its mission as a universal public monetary system rather than a speculative asset or institutional tool.

Summary

At RIL, we firmly believe and are convinced that the community and each user are active, not passive, participants in achieving this proposal. Using RIL as a digital monetary instrument to pay for and receive payments for services or the purchase and sale of consumer goods is essential to its existence. The symbiosis between production and consumption creates a sustainable endogenous system over time, allowing the RIL concept to be passed down to new generations. The true decentralization of all actors creates equity in the ecosystem, seamlessly integrating into every daily aspect of society.