“Yesterday is gone. Tomorrow has not yet come. We have only today. Let us begin.”
― Mother Theresa
Past: What lead us to here?
When Aasim (Mobay) started the Rupaya project back in 2014, it received little interest from the cryptocurrency community despite being listed on Bittrex. He continued working hard on the project and saw massive interest in 2017 during the cryptocurrency explosion, which was also when Rupaya hit its all-time-high (ATH). Since the beginning, Aasim has committed large amounts of money and significant time into seeing the success of Rupaya. The funding was largely sustained by Aasim’s proficiency trading crypto from the early days, which he decided to continue using to finance the project. 2018 brought with it the bear market destroying valuations across the crypto landscape.
At this critical moment several team members took the opportunity to leave the project, resulting in just a handful of active members remaining. During this same time Aasim was doing his best to cope with a serious illness affecting his son. He spent months traveling between various doctors in order to get the best treatment possible for his son. With his anxiety rising, he decided to try a big and risky trade to take the project to the next level. Unfortunately, that trade went badly, and he lost it all. We (Aasim, TooShameless (Kevin)) have not sold any of our personal RUPX holdings and continue to purchase what we can afford from the market. Both of us have used large amounts of our personal RUPX holdings to compensate team members for efforts, engage the community, or incentivize social advertising. By the start of 2019, our active team members had now been reduced to three. The team members that remain (Mobay, TooShameless, gdiscord) have not taken a single payment from the community, dedicating our time and efforts for free to maintain the project.
Present: What are we working on now?
Late 2018/2019 arrived with two exploits affecting our project’s codebase, FakeStake and Zerocoin. We responded quickly and disabled Zerocoin protocol, along with putting the code fix in place for the FakeStake exploit. We provided a chain analysis showing that malicious actors had not succeeded using either of the attack methods on the RUPX chain. We continued to monitor PIVX’s GitHub closely, since they had been actively working on the fix for Zerocoin. The PIVX team are now starting their work on a new privacy protocol to replace the vulnerable Zerocoin library. Impatient with the progress, Aasim had begun researching alternative codebases to use.
Pleased with the initial results from his research, we are preparing a new codebase in which we are confident will open new opportunities for our project. Aasim has successfully forked the Tomochain codebase and for the past couple months have been testing and fixing various components of the system. This represents a major change to how all aspects of the current Rupaya network operate. This is an Ethereum based Proof of Stake (POS) chain supported by masternodes (150 maximum nodes with Proof of stake voting consensus), with ability to support low transaction fees and 2-second confirmation times. The chain will support all EVM compatible smart contracts which will also enable the creation of dapps and in the future token issuance/integrations.
Future: What comes next?
We are actively seeking more testers for validation of the chain and all functionality therein. Interested parties need to join our discord https://discord.me/rupaya and then message Aasim (Mobay) or myself (TooShameless) to be added to the program.
Outside of codebase change is another critically important decision. When we finally swap over to this new chain, should we take this opportunity to contract the supply somewhat and modify masternode requirements/rewards distribution to better accommodate our situation and architecture? For example, there is a finite quantity of masternode positions available (150), so the team has had internal discussions on whether to substantially raise the value commitment required for masternode status. Another discussion that is taking place surrounds the supply issue and whether to contract the supply by one-tenth or one-hundredth.
Lastly for those holding Zerocoin we intend for you to be able to swap those coins back shortly. Please join our discord https://discord.me/rupaya for the latest updates and information.
The Rupaya team has prided themselves in always being open and honest with the community. We don’t shy away from tough questions and we continue to work towards success despite how insurmountable the tasks seem. We acknowledge that our communication with the community has been lacking and most people have lost confidence in our project. Let this be the first step in correcting that behavior and a symbol of progress towards a better future for all Rupayans!
“No one saves us but ourselves. No one can and no one may. We ourselves must walk the path.”