During August and September 2020, we examined the DeFi projects, especially how they composed and executed their game theories. We learned a lot and decided to convert Rising Coin into a more decentralized structure. We replaced some of the concepts with better ones while keeping the main idea intact.
The smart contract that enforces the Production Price, which is the top market price, is now named Adjuster. Adjuster will work in a decentralized way; anyone can be able to call it. Adjuster has to be called when the market price exceeds the Production Price so that it can add supply and move the price back to daily set Production Price. To incentivize people to call Adjuster, the wallet who makes a successful price adjustment will be rewarded handsomely, to make it worth spending the gas to run it.
Another major decision we made is to launch Rising Coin directly to mainnet. Instead of having an ICO and dealing with the legal hassle of it, we will directly go live. Our ICO is cancelled, along with our Referral Program. All KYC/AML data we collected so far has been deleted. We will not even have user logins any more, so we destroyed all personal information we have been keeping.
Rising Coin will start with very small supply and we will leave it to the market forces to add supply. This way, supply will be added only if there is a strong demand for it. As new supply will be added from Production Cost, which is the daily top price, adding new supply will have minimal effect on price.