When Colin LeMahieu was creating Railblocks (XRB) in February 2016, he had a ‘block lattice’ concept in mind. Just like Iota, it is a new form of blockchain that aims at solving Bitcoin’s problems such as evasion from miners, hidden charges and fast transactions. XRB allows users to control a chain of transactions faster.
How it works
Transferring ownership of Raiblocks (XRB) from the owner to the buyer is pretty simple. Only the current account holder can control the chain while the gobal ledger simply monitors the set of accounts. The sellers account is automatically deducted while the buyer’s is added using coins. The process takes quite some time before the entire transaction is completed.
Since most hardware wallets store files offline, the transaction can only be completed as soon as he activates his account. The recipient is required to create a receive block to indicate settlement of the transaction.
Unfortunately, acquiring Raiblocks is not as easy as Bitcoin. It is not possible to purchase it using s credit card rather you can acquire it through cryptocurrencies exchange platforms.
Each XRB account holder reserves the right to maintain ownership of their account. As a result, miners/ brokers are not needed to authenticate or control transactions on their behalf. Unlike Bitcoin, Raiblock’s users are allowed to complete their transactions without going through miners hence their fees are minimized.
Cases of double transactions is on the minimum when it comes to Raiblocks. A unique reference number is attached to each transaction to prevent cases of double entry. The problem only comes when a user uses the same reference for a block that has already been completed. Consequently, the transactions are done faster across the networks.
Your current account balance should reflect in a XRB ledger which is designed to accommodate as many blockchains are possible. Even though the ledger is less than 2GB for storage purposes, people still find it cost-effective as opposed to Bitcoin. It is one of the most secured and verified that uses specific nodes which are easy to create.
How XRB is doing
By December last year heading January 2018, the use of Railblocks had already made it to top 20 in cryptocurrency. Users are particularly happy about the fast cryptocurrency without incurring hidden transaction fees. By December 26, 2017, it was trading at a market cap of $198.74 million. As of today January 16, 2018 a single XRB coin is trading at $15.9552. This marks changes of about 3.611%. If you buy Raiblocks today for a $100, you will be rewarded with a total of 5.4 XRB.
One problem Raiblocks is facing is competition from Ripple, Stellar, Iota, Bitshares and Siacoin. Still, more research still needs to be done on the efficiency of Raiblock. Since the coin is very new to the market, most people feel it will replace existing cryptocurrencies in the near future.