Rimbit is a crypto currency, sharing many features of Bitcoin, but has shifted from Proof of Work (POW) to Proof of Stake (POS) to enable a more bank-like operation.
Proof of Stake means that Rimbit users can “stake” their coin balance by keeping their wallets open and online, eventually gaining 5% stake on the balance of their Rimbit per annum. To ease confusion, Rimbit refers to “stake” as “interest,” as the concept of interest is easier for many users to understand.
On April 23, 2014, Rimbit launched a crowdfunding campaign on Indiegogo to acquire funds for the development of wallets for Windows, Mac and Linux operating systems, to enable the transfer of Rimbit coins to users around the world, no matter which operating system they were on.
One month later, Rimbit had become the most successful crypto currency crowdfunded campaign on Indiegogo—which, to this date, has yet to be matched by another crypto currency platform.
The main feature of Rimbit is that all coins where mined before the release of the wallets and stored in cold wallets (offline and not connected to the Internet), which removes the need for any association with the crypto currency mining industry, making Rimbit a more stable currency as it is never influenced by the cost of hardware, electricity or profit.
Rimbit launched all 360 million Rimbit coins in 2014, which, at the time, was the maximum available primary allotment that could be built into the wallet code. Today, another 30 million Rimbit have been added to the primary allotment, which has been created by users' wallets in form of stake (interest).
Distribution of Rimbit is via direct sales of the coin to members of the public, which is used for the maintenance of the network, future updates of the wallet, and development of services such as exchanges and marketing.
As Rimbit does not rely on mining and instead relies on the users' wallets being networked online, Rimbit does not suffer outages, delays or technical issues that have often hampered Bitcoin's development, as the Rimbit blockchain is decentralized among its user base, regardless of the specifications of the computer equipment.
The future for Rimbit was built into its core code when the first Rimbit coin was sold in 2014. Because of that, it is now impossible to shut down Rimbit due to its decentralized blockchain as long as there is at least one Rimbit wallet operating anywhere in the world.
The CEO of Rimbit has initiated the second phase of his plan, which is to relinquish all ownership and management of the Rimbit ecosystem to selected members on the Rimbit forum who have shown a willingness to work with the community for the betterment of Rimbit.
In conclusion, Rimbit is the perfect solution for those companies in the financial industry. It is the purest form of crypto currency available because the community and the coin are the sole components of the entire structure and transactional movement—there is no third party interference whatsoever.
