About Us

DRIP - Why the name?
DRIP Coin

Decentralized Rewarding Instant Payments

Decentralized

DRIP is truly decentralized

Decentralized is a word that’s used in the marketing material of almost every cryptocurrency today – yet a lot of these coins are in no way, shape or form decentralized.

If we look at coins that offer masternode sales during their early life in particular, the premine and reward structure is set up in a manner that the developers are able to set up a large number of masternodes on day 1. The masternode rewards are then set at the extremely high level required to attract these masternode investors in the first place. A review of the split between masternode rewards and those of miners or stakers quickly reveals that 90%+ of the coins are under the control of the developers and masternode buyers – and remain so until these groups dump their coins on the exchange. We ask you – is such a setup truly decentralized?

DRIP is operating differently. We had a 290,000 premine – with 250,000 of these coins being allocated to miners, and miners alone. We do not sell coins or masternodes. The miners are mining LUX and RVN, two ASIC-resistant coins that are unavailable on Nicehash, and being rewarded with DRIP coin. The LUX and RVN is being used to fund our exchange listings.

The DRIP model ensures that any miner, large or small, can secure a good allocation of DRIP coins and keeps the rich investors with their endless supply of Bitcoin at bay. Our goal during month 1 is to have a fair distribution of coins among 100’s of miners – not an allocation of 90% of supply to masternode investors.

Our 40,000 allocation from the premine is used to set up four masternodes, the rewards for which are only 10% of block rewards during the first month. After the first month, our see-saw algorithm kicks in. The see-saw algorithm attempts to have the block reward approximately halved between masternode and staker – with a slight skew towards masternode rewards to cover the costs of running a masternode (about $10 per month).

Rewarding

DRIP rewards all that use it's platform

DRIP is a proof-of-stake cryptocurrency and uses masternodes to assist in offering very specific functions.

The masternodes enable the privacy aspect of DRIP as well as the monthly voting system that allows masternode owners to analyze proposals put forward by the DRIP community and vote on which are moved forward with.

The stakers own DRIP coins and have a wallet connected to the internet and enabled for staking. For each block, a random staker is chosen from the network and that staker is responsible for creating the new block and processing the transactions within it. A stakers chance of being chosen increases dependent upon the number of coins they hold – but even 1 coin can be staked.

As with most other currencies, DRIP offers DRIP coins at every block to each of these two groups  as a reward for performing the duties assigned to them.

However, there is a third group of people that are needed if a cryptocurrency is ever to gain widespread adoption – those that accept DRIP as payment for their goods and services. There are hundreds of coins today that a retailer can choose when deciding on whether to accept crypto as payment – DRIP’s goal is to be the coin of choice. We are doing this by offering ‘Retailer Rewards’.

In short, a retailer reward is a third reward tied to each block of transactions processed on the DRIP network. This reward will go to the last person to whom the randomly selecting stake-reward winner had sent DRIP payment to.

Imagine the developer of Candy Crush, or some other mobile app, as a retailer scouring the market in an effort to find their cryptocurrency of choice for payments. With DRIP, consumers would pay them in full for their goods or services – but they would also be eligible for potential retailer rewards in the future. 

Instant

Payments Broadcast Instantly

One of the first things that anyone new to the world of cryptocurrency quickly comes to realize is that Bitcoin can never become the ‘payments system’ that it was first envisioned to be. With 10-minute blocktimes and multiple confirmations required before the received funds can be considered truly safe, it isn’t feasible as a system to be used by the everyday consumer.

With DRIP, transactions are visible within the recipients wallet within a split-second. The blocktime is 60 seconds, meaning that confirmations come ten times faster than they do with Bitcoin.

This is all well and good for online purchases and large transactions where one is willing to wait a minutes for the first confirmation. However, what about point-of-sale systems such as the purchase of a cup of coffee at your local Starbucks? This is where Swiftx comes in. 

Switftx is a feature within the DRIP wallet that allows users to send a transaction like any other transaction – but with an option selected that results in 5 confirmations being in place within less than a second. These transactions are guaranteed by our masternodes as not being exposed to double spends that other cryptocurrencies are susceptible to. The fee for this service is just 0.01 DRIP – with the recommended fee for a standard transaction being 0.001 DRIP (although free is possible).

Payments

DRIP aims for widespread adoption as a fiat replacement

With transaction fees at ridiculously low levels, even for SwiftX transactions, DRIP can be used for even the smallest of purchases. 

Our retailer rewards will give our marketing team material that will enable them to be truly convincing when it comes to enticing new retailers to become part of the DRIP ecosystem.

Our SwiftX offering enables DRIP to be used, not just online, but for point-of-sale payments – and at speeds matching, or exceeding, that off contactless payments today.

After the final phase in our rewards structure, in Q4 2019, we intend to offer point-of-sale apps that will give retailers a platform to allow ease of acceptance of DRIP payments. Basically, this will incorporate an app within a mobile device that allows the retailer to create a QR code requesting payment. The DRIP mobile app belonging to the purchaser of their goods or services will then be used to scan this QR code and make payment.

The system will be designed with the business-owner in mind. The handheld device used by the cashier will not be enabled for making payments – just receiving them. It will also not be a ‘wallet’ in the traditional sense. It will be designed in a manner that, should it be stolen or damaged beyond repair, all funds will be safe. This is possible anyway via secure storage of private keys – but isn’t as user-friendly as the system we intend to offer those that will accept DRIP as payment in the future.