In my view, there is fiat money and cryptocurrencies. In a way, stablecoins are the marriage of these two financial tools and were created to give cryptocurrencies predictable value. The RHT, in turn, is a hybrid between stablecoins and the usual volatile cryptocurrencies. It is stabilized by 100% BUSD backing, but still uses SmartContracts technology to increase its value by moving it. In my opinion, these properties make the RHT the ideal base token for crypto projects, since its value can only stagnate or increase. It gives the connected projects stability and longevity. But it also has its advantages for traders and long-term investors, as I want to make clear with this white paper.
SmartContract: 0x90D5eb808e8463239262c0f476A2BF0f29B6811b
BSC-Scan: https://bscscan.com/address/0x90D5eb808e8463239262c0f476A2BF0f29B6811b
The token is called RaddixHodlToken, RHT. It is essentially an BEP-20 token, launched on May 21, 2022 on BinanceSmartChain. Its starting value was $0.10. It is mined by depositing BUSD and is 100% covered by this. It can be exchanged for BUSD again by redeeming the RHT in the SmartContract, in which case the RHT is burned. Burning and minting works 100% autonomously using SmartContract only. The theoretical supply quantity of RHT is unlimited depending on the deposited BUSD. The following is a brief overview of the basic mode of action of the RHT:
Why did I develop the RHT? I have already listed some problems that the RHT can solve. However, the actual intention behind the RHT is to make it available as a token for gaming-focused projects. The decision of the respective blockchain and the stablecoin BUSD is based on these considerations, the reasons for which I will now explain.
The BinanceSmartChain, BSC, is often accused of lacking decentralization. It is roughly true that the BSC does not have the degree of decentralization that Etherum, for example, has. While Ethereum has 300,000 validators confirming the blocks, BSC has only 21. However, these 21 validators are not solely under Binance’s control. If a number of requirements are met, anyone can also be a validator for the BSC. These requirements exist to protect the BSC from dangerous attacks. Since Binance controls access as a validator, this is the weak point, which is why the accusation of limited decentralization is partly justified. However, we have the advantage that the BinanceSmartChain is very cheap and fast, and the choice of BSC also results in advantages for various marketing measures. These are advantages that also benefit the community. With regard to the fact that the RHT is mainly intended to function as a base token for gaming, we have decided that the choice of the BSC is also justifiable with regard to its centralized / decentralized properties. However, this decision does not have to be fixed. If problems arise in the future due to this basic decision or if this corresponds to the majority of the will of the community, the move of the RHT is quite conceivable. However, this is not an issue to weigh on the RHT at this time and I just wanted to point out the possibilities.
The RHT is backed by depositing BUSD with the minten. This applies to every RHT that exists. Therefore, we will collect some information about the BUSD at this point. BUSD is a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS), issued in partnership with Paxos. Each BUSD is also deposited 1:1 with US dollars in a bank account. Binance and Paxos don't charge a fee for the purchase or redemption of Binance USD (BUSD) however bank charges/wire fees may apply. In our view, BUSD is a very safe token within the crypto ecosystem, which is why we chose it as the cover token for the RHT.