Overview of Rate3
CEO does not have significant experience and was in management team in PlayDate (raised 500K USD on Indiegogo).CTO has 3 years’ development experience and 1 year as a mobile app developer.Current stage is presale with the cap of 5K ETH.First-come-first-serve principle is applied and the bonus is 20%.For current stage of development these needs are overestimated.Half of the bonus is vested for 6 months. The team is based in Singapore and includes 18 members.Having 40% of tokens for tokensale it results in 60K ETH of token pool capitalization.It must be noted that there are no investors with less than 20% bonus, so it means that the bonus must be ignored here.Marketing director has 3 years of relevant experience.Maximum bonus has been given to strategic partners that has already purchased 60% of tokens.Other developers have less experience before entering RateX.Smart contracts are used for fair cashback.Stellar is applied for higher transaction speed.The company has been operating for 2 years and RateX (including mobile version – RateS) is its core product.Token is used in payments but the price in fiat is also indicated.Tough competition with similar blockchain projects Lack of significant competitive edge Lack of detailed competition analysis. Developments cannot be traced via Github Demo version demonstrates poor range of functions. Payments is the one of the most relevant industries for blockchain projects so in case of Rate3 blockchain and ICO are relevant and have rational grounds.Transaction history is stored on blockchain for further credit scoring. Hardcap is 25K ETH and softcap is 20K ETH.
From ICO to an expanding Rate3 community and team, exchanges and partnerships, tech developments and achievements, to launching SGDR — the first use case for Rate3 Network; Rate3 has come a long way.The past achievements would not be possible if not for the community members who have been supportive of us all this time; thank you, and we dedicate the team’s achievements to you.Upcoming major project updates will be released in early Q1, and we look forward to having you alongside use as we continue journeying down the road to creating a connected tokenized world!
Each token holder gains peace of mind from the knowledge that a reputable, government-licensed trust company is guaranteeing the redeemability of the tokens they own for the backing asset, and that they are entitled to legal recourse should these ownership rights not be fulfilled.Rate3 also complies strictly with local regulations based on guidance provided by legal advisors.Rate3 works closely with licensed, independent trust companies to provide absolute legal guarantees on asset ownership rights for token holders.Such a model ensures full transparency and confidence in any asset token of this protocol.
Even as we ring the bells to herald the new year and gear up for more exciting developments, it is also a time to reflect and highlight what Rate3 has accomplished over the past year with the unwavering support from our community members, before we forge on and delve deeper into more lines of code in the upcoming months.Here we are in 2019; 11 months have passed since Rate3’s inception, and almost half a year since we embarked on a new beginning.
A financial infrastructure that can support how the Internet will continue to grow is necessary.aim to create a globally portable and inclusive credit profile, thus reducing the need for opaque credit scores and unnecessary documentation required for credit applications.As a result, they often have to rely on alternative financial institutions like pawnshops or loan sharks for payday loans where interest rates can be as unreasonably high as 100% APR per year.Welcome to Rate 3 (RTE)aim to create a new global e-commerce ecosystem that ties consumers, merchants, suppliers and other intermediaries together with a native cryptocurrency that facilitates all transactions efficiently, cheaply and quickly.Rate3 (RTE) is a new payment token built on the Stellar horizon network.As a result, this process typically takes 15 to 60 days for completion.Both consumers and merchants can rate each other better and resolve claims or manage conflict in a transparent way.By building on the transactions recorded in the blockchain ledgers, introducting new identity attesters, consolidating new data sets such as mobile top-ups or remittance transactions and even peer scoring, we can extend necessary credit to more participants in SEA.By building on top of the Stellar network, we leverage on the key strengths of Stellar: significantly cheaper transaction costs, faster transaction speeds and a truly decentralized distributed exchange.There would be no gas fee for program executions and only a negligible transaction fee (0.00001 XLM — a fraction of a fraction of a penny) is required.By decentralizing trust, fraud from the consumer side would be less likely to happen and merchants are more beholden to provide the products or services as advertised and in good condition.Third, incentivizing consumers for their online purchases will be easier for merchants.By using Stellar, Rate3 also enjoys low latency rates in transactions.Consumers, on the other hand, do not have to pay unfavorable exchange rate conversion fees.Currency conversion fees are minimal, if not none at all.Currently, merchants have to ensure that it is a verified purchase with no risk of chargeback or fraud before they pass on the cashback savings through third party affiliate players.first product, RateX is a desktop browser extension that helps consumers pay the mid-market exchange rates, as opposed to exorbitantly high bank rates, saving them up to 10–20% on overseas purchases.For example, merchants will be able to offer instant cashback to consumers or immediately incentivize loyal customers with points, which they can then spend on other products on the merchants we partnered with.For overseas purchases, consumers usually pay additional fees amounting to 3–5% on top of the original purchase amount.For subsequent offers placed at the same price, earlier offers are filled before the newer ones.The Rate3 SolutionFirst, it is cheaper and faster for both merchants and consumers if a single unified token of exchange is used.have helped consumers save over US$200,000 in cross-border payment fees and more than half a million dollars saved on coupon discounts.The intersection between payments and e-commerce is an interesting one.hope you can join us today in our mission.However, as a trade-off for ensuring the integrity and security of financial transactions, financial institutions have constantly hampered innovation and growth.A financial network should be fair, transparent, efficient and inclusive, unlike ours today: 1.However, by and large, the Stellar network is the best for our use case currently.However, if your offer is not complemented by an existing offer in the network, your offer is saved in the orderbook until it is either taken by another offer, taken by a payment, canceled by the account that created the offer, or invalidated because the account making the offer no longer has the asset for sale.If a prior offer exists to sell 10 RTE for 2 ETH, your original offer will be accepted as a transaction — you’ll be 2 ETH poorer but 10 RTE richer.If it does not, we will explore other protocols.In eradicating most intermediaries in the process, we make it up to 5 times cheaper and 1000 times faster for consumers and merchants to transfer and accept payments with Rate3.Second, every transaction will be properly stored on the blockchain ledger and no one can tamper with these transaction ledgers.In Rate3’s case, cashback is instant and verified— a truly disruptive method in the e-commerce landscape today.Last and fundamentally, the Rate3 ecosystem will serve those currently disenfranchised by the financial systems in SEA.It takes an average of 5 seconds to process a transaction with Rate3, compared to the current 3.5 minutes on Ethereum.Most importantly, Rate3 will be able to facilitate the exchange of different assets easily.Let’s say that you make an offer to buy 10 RTE for 2 ETH.Likewise, for merchants, consumer fraud is another huge problem: card fraud is expected to rise to US$31.7 billion by 2020, with 92% of online merchants maintaining that fraud will remain a prime concern for online payments.3.Likewise, merchants who receive the payments have to pay 2–5% in transaction processing fees and some have to wait 2–3 days for the funds to reach their account.2.live in a global society today but our financial systems are not global: it is inefficient, costly and exclusive.have gotten the support of various institutional funds and angel investors, but really, we are just starting our journey of envisioning and creating a new 21st e-commerce and payment ecosystem.Merchants pay minimal processing fees.On top of that, we built additional features into the extension, such as a coupon code aggregator that allows online shoppers to apply the best coupon codes for any purchase in a single click.second product is our mobile app RateS, built to cater to the increasingly mobile consumers in SEA.On top of the features we have in RateX, RateS has an additional element of deals discovery and social shopping.team has lived and breathed this space for years, while experiencing the challenges first-hand during our stint at Silicon Valley & New York City.The payment network today is far from perfect.The process will be seamless, instant and easy — much more efficient than the traditional method.The reputation systems in current online marketplaces try to partially address the problem through user ratings alone, but this system is highly subject to abuse and fraud and it is typically not transferable to other marketplaces or contexts.There are no reliable methods to assess the trustworthiness of buyers and sellers.There is selective and deliberate exclusion from our financial systems today.This is especially prevalent and obvious in Southeast Asia (SEA): 73% of the 600 million SEA residents have no formal access to financial institutions.This is on the conditions that Stellar can fulfil their mission as their network ability scales further.This is where Rate3 helps traditional lenders issue credit for our token users: an end to end protocol eventually to serve billions of people.This leaves about 400 million people in the region without a bank account, preventing them from saving, borrowing or investing money properly.Through our own experiences, we learnt how the existing issues run deeper than we thought.Together, we have facilitated purchases amounting to millions in GMV.Transaction costs and time — especially for cross-border payments — are excessive and inefficient.will move deeper into this in subsequent articles.We’ve built two products in the payments space thus far.
How Many Rate3 Coins Are There?
There are currently 889,382,388 Rate3 coins circulating out of a max supply of 1,000,000,000.
How Much Did Rate3 Raise?
The Rate3 ICO (initial coin offering) raised $17,500,000 USD by selling 437500000 Rate3 tokens at a price of $0.04 USD.The Rate3 ICO began on April 16, 2018 and ended on May 30, 2018.Key team members during the Rate3 ICO included Goh Jian Kai, Lim Jing Rong, and Davis Gay.
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What Is Rate3's Price Today?
Rate3 (RTE) is trading at $0.00156 USD, decreasing by -3.44% since yesterday.Rate3 has traded $92,959 USD in the last 24 hours.