RiCHAIN, a Consortium Blockchain Unlocking the Web 3.0 Digital Economy

RiCHAIN ​​​​was developed to meet the needs of enterprises, developers and individual users by digitally transforming their businesses, giving them flexible options to create their own blockchain solutions

RiCHAIN ​​​​is one of RiVERSE’s infrastructures towards a Web 3.0 digital economy. RiCHAIN ​​helps companies and developers to digitally transform their business.

SINGAPORE, November 30, 2022 /EINPresswire.com/ — RiCHAIN, A Consortium Blockchain Unlocking the Web 3.0 Digital Economy

The Web 3.0 era is here, and with it comes an explosion of new technologies, concepts and applications. Many technologies are now transitioning to an era of Web 3.0 development. One of the Web3.0 technologies is blockchain, which is a decentralized database that allows people to make transactions without any intermediary. There are many blockchains in the world and most of them are preparing for the incoming Web 3.0 revolution, including RiCHAIN.

What is RiCHAIN?

RiCHAIN ​​​​is one of RiVERSE’s key infrastructures towards a Web 3.0 digital economy. It is RiVERSE’s consortium blockchain powered by Tencent Cloud.

It was developed to meet the needs of enterprises, developers and individual users by digitally transforming their businesses, giving them flexible options to create their own blockchain solutions. RiCHAIN’s consortium blockchain offers a higher level of security, better control over the infrastructure, a lower energy requirement, along with easy to establish agreements.

Thanks to these advantages, RiCHAIN ​​allows users to quickly build their own IT infrastructure and blockchain services on an elastic and open cloud platform. It also allows users to seamlessly create Dapp (Decentralized Applications) in various industries such as finance and retail.

Features of RiCHAIN ​​as a Service (RiCaaS)

In the development of Web 3.0, RiCHAIN ​​addresses technical issues faced by previous blockchain models, enabling faster transactions and the ability to expand without compromising security by building its own private distribution network operation and maintenance and an efficient management capability.

Here are some of RiCaaS’s main features:
• Cloud services : Since RiCaaS operates on a concept of one alliance, one system, different alliance chains, it allows users to build alliance chains according to their business needs, with each chain having its own physical resources, effectively improving the credibility of the blockchain

• Privacy: RiCaaS boasts strong security through its various protection mechanisms such as two-factor authentication, multi-chain isolation, information encryption and smart contract control

• Multi Chain and Cross Chain Support : RiCaaS’s multi-chain support ensures that users can have different access rights in different roles without increasing hardware costs, while the cross-chain support makes RiCaaS compatible with other blockchains

• Contract Management : RiCaaS’s smart contract management process can greatly shorten the user development cycle and reduce development pressure

• Consensus and open mechanism: RiCaaS supports user-defined and approved consensus plug-ins to facilitate users for flexible choice while being an open service platform, also supports other blockchain partners such as BCOS and TrustSQL

• On Demand Storage: RiCaaS offers a large number of storage layer solutions to meet the various needs of users

• Network management : RiCaaS is able to provide a high-speed, low-latency blockchain network, which can provide high-reliability communication without congestion

• Account management : An organization will have its accounts located in Tencent Cloud’s blockchain.

• Payment Supported: RiCaaS also supports FIAT payments with debit and credit cards, offering users more flexible payment options and digital assets.

How can RiCHAIN ​​help other industries?
As a Web 3.0-oriented blockchain, RiCHAIN ​​is able to help many businesses from various industries to increase their business using the digital economy, either by lowering the threshold to enter various industries or providing users with more freedom around repetitive tasks to devote their time to other tasks. Its advantages as a consortium blockchain contribute to the implementation for many of these use cases, often simplifying their processes and giving users better control. Here are some examples of how RiCaaS can help to strengthen the industries

• Create shared accounts: RiCaaS can help shorten the process for creating insurance claim documents, cross-border money transfers and bank settlements. It can also simplify audit processes while reducing costs

• Notarizations and registrations: RiCaaS can help create, preserve and issue authentic digital records such as certificates, invoices and contracts, effectively improving the supply chain finance process.

• Anti-counterfeit traceability: RiCaaS can prevent the use of counterfeit or fake products such as medical drugs, food and prescriptions by offering traceability using the unique data printed on these products

• Sharing economy : The power of sharing economy allows you to save money on wasting unnecessary resources by pooling them and sharing them in a consortium chain.

• Reduced costs: Companies switching to RiCHAIN ​​will have reduced operating costs by eliminating unnecessary resources and intermediaries

• Enhanced Security: RiCHAIN’s immutability, visibility and traceability can help protect companies and businesses from fraud and scams

Case study: NFTs
NFTs are digital certificates that are stored and verified on a blockchain to represent ownership of a unique digital asset, such as artwork. The NFTs created by users are then stored on a blockchain for trading purposes in NFT marketplaces between buyers, sellers, collectors or even creators themselves. RiCHAIN ​​plays a very important role for buyers, sellers and creators as it offers:
• A secure and protected platform that uses data isolation that will keep creators and users’ assets safe from hacks and malware.

• Possibility of Fiat payment

• Fast and responsive transaction speed of up to 5000 transactions per second

• A stable and reliable network 24/7

• Low transaction fees

• Easy programming as RiCHAIN ​​supports Golang, Javascript, Java, EVM and Solidity

Find out more about RiCHAIN
Email us at [email protected] and follow us on our social media:
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RIVER
RiVERSE is a Web 3.0-oriented solution provider that focuses on a 360-degree revolution of the digital economy by creating innovative products, services and applications that allow the masses and businesses to adopt and transition to a digital economy through RiVERSE’s infrastructure:

 RiLEX – An NFT marketplace
 RiCHAIN ​​​​– A consortium blockchain
 MemoRi – A virtual universe where users from all heritages

Dear Yee Choo
RiVERSE Singapore Pte Ltd
[email protected]
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