Frequently Asked Questions

Is the RHOVIT platform built on blockchain?

RHOVIT is a cloud based platform which means all content is stored and distributed through the cloud. However, all transactions i.e anytime a Coin or Rbit is exchanged, is recorded on the blockchain.

What is the difference between an Rbit Token and a Coin?

Rbits are ECR20 Tokens built atop the Ethereum platform and as such their value may flucuate. There is also a limited number of Rbits that can be mined a year, making them more scarce then a Coin.
Coins are RHOVIT’S in-platform currency that have a set value of $.005. They are only used to view and purchase content. There is also no limit to the amount of Coins that can be “Created”.

What is the purpose of the Rbit Token?

Rbits are used by providers and advertisers on RHOVIT to promote content and incentivize social sharing.

Can Users use Rbits on the platform?

At first Users will only be able to use Coins on the site to purchase and view content. But we do plan in the future for Users to be able to use Rbits to promote their comments and their own profiles on the platform.

Will Rbits be able to be exchanged off site?

While their function is to fuel promotion on the RHOVIT platform, because they are an ECR20 token they will be able to be exchanged off site. We will update with details as we go.

Is there a definitive number of Rbits that will be created?

Because of how our system is set up, there will be an initial amount created with a set number after that able to mined each year. This is done so there is always something for providers and users to earn on the platform for their participation.
We imagine though the amount of Rbits created will be insignificant to the amount of holders of the token, making them scarce by the sheer numbers of participants in the ecosystem.

Can anyone open up a Provider account on RHOVIT?

When RHOVIT opens to the public, anyone who has a product to sell, rent or stream in the verticals we carrry – films, series, books, comics, music, games, podcasts, and vlogs will be able to open an account.

Will it be free to have an account on RHOVIT?

User accounts are free. Providers pay a subscription fee that will start at just $5 a month. RHOVIT does this for a couple of reasons:
  1. Help cover costs of running the platform
  2. Make at least a minimum barrier to entry for Providers so they content they add is deemed worth the small investment they are making.

Is there a Whitepaper?

Yes. Just click on the Whitepaper in the navigation header

Yes. We are working on an exact date so stay tuned!

Yes. The ICO will be held at the end of October. We will announce an exact date soon.

Are you operating a Private or Public Blockchain?

The token sale will take place on the public blockchain but after that it will revert to private. There are multiple reasons for this which include speed and scalability. Also, the Rbits main purpose is to create and disperse value directly to Providers and Users, who are essentially our “miners”. We feel the only way to accomplish these goals is through a private blockchain.