There is a simple reason why we at Rubius Inc. decided to build our first platform on the Ethereum blockchain. Ethereum is cheaper and faster than Bitcoin (BTC).
In times of peak trading volume, the cost of sending bitcoin skyrockets. On December 22, 2018, the average Ether (ETH) transaction cost only $1 to complete, while the average Bitcoin transaction cost a whopping $55, BitinfoCharts calculated. On more normal days, the cost of sending Ether is still less than half the cost of sending Bitcoin.
Speed is an even greater problem than cost; it took an average of 12 minutes to conduct a Bitcoin transaction on June 24, 2018. That speed was actually faster on January 22, 2018, it was taking 11,453 minutes (or nearly 191 hours) to process a Bitcoin transaction, Blockchain.info estimated.
RUBYs will be Cheaper and Faster than Bitcoin
These figures explain why the Rubius Inc. team will issue its own ERC20 or Ethereum-based cryptocurrency Rubius (RUBY) in August. ERC20 tokens benefit from the same speed and cost as Ether because all the transactions on the Ethereum blockchain are processed by the Ethereum Virtual Machine.
It takes only takes roughly 14 seconds to process a RUBY (and Ether) transaction, which is over 40 times faster than Bitcoin transactions.
Eventually, the Rubius team plans to implement their own blockchain platform, similar to Ethereum. They will migrate the Rubius cryptocurrency from the Ethereum blockchain to the Rubius blockchain by pausing trades and swapping out new coins for old. This novel blockchain infrastructure will have the potential to revolutionize the blockchain industry.
How the Rubius Blockchain Could Reduce Cryptocurrency Costs
Cryptocurrency transaction costs will be further reduced when the Rubius blockchain comes online. The Rubius blockchain will use the latest computational science and numerical methods to reduce the processing power needed to conduct transactions.
Cutting the processing power saves money because less electricity and computer power will be needed to complete a transaction. This method is more energy-efficient and more ecofriendly as well as being cheaper.
On the Rubius blockchain, all of the transactions will be processed by Rubius Virtual Machine. And, the Rubius (RUBY) cryptocurrency will be used as the main currency on the platform, acting as fuel or gas for transactions similar to Ether does on Ethereum.
The long-term goal at Rubius Inc. is to make cryptocurrency transactions as cheap and as fast as possible. Super-fast and super-cheap cryptocurrency transactions will encourage everybody to use altcoins leading to a mass market for them.
The Rubius platform is designed to both facilitate the creation of a mass market for cryptocurrency and profit from it at the same time. The cheaper and faster cryptocurrency transactions are; the faster and greater the demand for altcoins will grow.
Learn more about Rubius Inc.’s future plans and products at:
https://rubius.io/rubius-whitepaper.pdf
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