RenCap [ICO Review]
RenCap is a decentralized payment solution for business, retail and consumer transactions. With the adoption of blockchain technology and a buyback scheme, RenCap are significantly decreasing, and in some cases, eliminating the fees associated with currency transactions. The RenCap token (RNP) is designed to simplify transactions while giving the stakeholders more control of their assets in the form of RNP blockchain tokens. As well, the ability to use their tokens instantly in the real world, in everyday life without avoidable currency conversion fees.
RenCap was founded in Singapore and already has 10+ businesses throughout South East Asia who are contracted to adopt the RenCap payment solution once the token goes live. The project is set to expand throughout Asia as its first incremental step towards global expansion. While the B2B feature is already in play, within 5 years RenCap plan to create a B2C (Business-to-Consumer) application where instant payments can be made via the RNP debit card which will connect to the RNP blockchain wallet. Users will be able to access their wallet instantly via the RNP mobile app, which provides the ability to view and manage accounts. RenCap is an ERC20 token, running on the Ethereum Blockchain Network, which means you can use all ETH wallets to store RNP, for example ‘MyEtherWallet’.
The Payment Solution
Digital currency is a global phenomenon that isn’t burdened by international transaction fees, due to its decentralization. The mainstream method of electronic payments via credit or debit card incurs a fee of up to 3%. When dealing with large transactions or even small but frequent transactions the amount of money lost is substantial. It’s standard practise for merchants to incur roughly a 2-3% fee when receiving payment and the payee to incur a currency conversion fee when making international payments of around 3% also.
Foreign transaction fees can add up fast when using your debit card abroad. The fees are often 1-3% of the amount of a purchase, and many banks also apply the fee to ATM withdrawals. Globally, sending remittances costs an average of 7.13% of the amount sent. On top of that we have our annual bank fees which can amount to anywhere between $100-200.
The good news is there is a better way, by utilizing blockchain technology, RenCap will eliminate:
- Telegraphic transfer charges (electronic transfer fees)
- Card processing fee for merchants
- Currency exchange charges
- Investment withdrawal charges
- Remittance charges
- Annual debit card account fees
What this means for us in real life application is the freedom to liberate our assets, which the user can control and manage in the most affordable and secure way possible. RNP users can avoid unnecessary fees and use their crypto outside of the cyber world, with the debit card and via cooperating businesses, or their very own business.
The RenCap BuyBack System Makes it Easy
RenCap buyback it’s tokens in bulk from merchants and consumers each yearly-quarter in order to release local currency to RNP token holders throughout the year. The benefit of this is that merchants don’t need to have crypto exchange accounts, neither have to go to the hassle of registering for one such as Binance if they don’t want to. RenCap merchant partners have 2 options when receiving RNP payment; either immediately receive payment in their local currency, or alternatively receive and hold RNP to sell or exchange when the price is right for them. When RNP holders do sell their tokens, it’s made easy as RenCap will buy it back with the user’s local currency, provided is in a cryptocurrency supported country. This can be done as often and whenever they chose to do so and the price will be based off the given buyback price of that quarter. This can be done with or without exchange accounts, wherever RNP is available. RNP could be the next revolution of digital payments.
What RenCap plan to do is to provide a more affordable, efficient and convenient payment system for all. Blockchain technology is paving the way for the future, with so many innovative ideas coming into fruition. RenCap is yet another example of how the world is becoming more accessible, no matter where you are in it.
The RenCap token sale is broken into 4 stages, the first stage starts in only 3 days from the 16th – 30th of April and offers a 50% bonus. Stage two offers 30% bonus from the 7th – 28th of May. Stay tuned for stage 3 and 4 as they are yet to be advised.
The total RNP tokens offered to the public is 20,000,000 throughout the 4 stages:
Stage 1 – 3,000,000 Hard-cap
Stage 2 – 10,000,000 Hard-cap
Stage 3 – 4,000,000 Hard-cap
Stage 4 – 3,000,000 Hard-cap
(1 x RNP = 0.001 ETH/$1.50 SGD/$1.00 USD)
*Plus, an additional 5,000,000 public bonus RNP tokens will be released.
For more information on how to get involved head to http://www.rencap.asia/