Blockchain
7 Min

Gasless Blockchain and Scarlet Chains

Redlight Finance

Every single day that goes by is another day closer to the release of our own blockchain. Those that have been compounding and aiming for the future will be rewarded. Those that haven’t, well, I hope you enjoyed your ride!

Redlight Coin

Have you ever gone to mint an NFT, but upon going to do so, the gas is too high?

What about purchasing a token, watching its growth, and before you decide to take profit it starts heading south? You think to yourself, “I should just sell now and cut my losses, be safe for once.” only to see the gas cost is almost the same as your initial investment?

Unless you’ve been living under a rock, you have no excuses to not know about our upcoming gasless blockchain… but hey, I’m not one to judge your living conditions. Here’s a quick overview of what Redlight Coin (RLC) is going to entail:

  • RLC is gasless. In other words, you don’t have to pay gas fees to make a transaction (i.e buy, sell, send, mint etc).
  • RLC is Ethereum Virtual Machine (EVM) compatible (i.e Smart Contracts can and will be integrated and usable).
  • RLC is Multi Language (i.e it will be compatible with different coding languages, opening up it’s use case to more than just tokens, such as companies that use multiple daily transactions like hospitals, pharmaceuticals, retail etc)
  • We currently have in development a DEX, Token/Project (Scarlet Chains) and NFT Marketplace.

That’s about all I can say without giving too much away at this stage, as I’m sure you can imagine we want to keep the ways we have been able to achieve this all close to our chest.

Alex has been developing this blockchain for around 6 years now, he just never had the funding or community to make his dream our reality until now, and I’m not about to ruin that for him!

We will be having an Initial Coin Offering (ICO) for RLC, which any investor in Redlight Node District (RND) related will have the opportunity to a tiered access to, and are already in talks with several Centralised Exchanges regarding listing.

Scarlet Chains

Scarlet Chains is our new and improved NaaS project.

When we created RND, we had the luxury of seeing what many different node projects did right, but more importantly, what they did wrong.

Scarlet Chains is born from the same concept, however we have an even bigger advantage after being behind the steering wheel of our own project and learning from our own mistakes.

Scarlet Chains will work similarly to RND, in the sense that their will be 3 tiers of nodes, that you need to trade up into (similar to trading your Mansions in to purchase a District). The higher tiered nodes will provide a higher return compared to the nodes that you traded in to purchase these.

The tiers will be as follows:

  • Base Node: Scarlet Chains — Red
  • Mid Tier : Scarlet Chains — Platinum
  • Top Tier: Scarlet Chains — Black

Due to Intellectual Property concerns we won’t be able to go into too much detail about how this will work right now, but I can let you know we have fixed the following issues RND had:

  • Our issues of having multi wallet low tier whales reaping all the rewards without paying their fair tax has been solved
  • We have devised a way to keep the price of the coin relatively stable, regardless of sell or buy pressure, keeping your passive income just the way you want it
  • What comes with a stable price, is a steady APR and predictable ROI
  • We had the liquidity holding quite well with RND, even after a stream of sales, but this will be even more improved

Blockchain Incentive Program

Initially we set up the Blockchain Incentive Program (BIP) as a way for our loyal Redlight Node District (RND) investors to be able to migrate into RLC. However, as development has gone on, and Leo’s crazy mind has put together Scarlet Chains, it became clearer that the migration from RND into Scarlet Chains was a better solution.

As RLC is getting closer to completion, it makes more sense for us to completely migrate RND over into our own blockchain which renders the original point outlined in our discord of the BIP NFT’s benefiting both RND and RLC redundant.

Therefore, anyone that is invested in anyway into RND can consider themselves having a presale advantage into Scarlet Chains.

The BIP is still active and will give you bonuses with migration (I will outline this in more detail in the next section), and any of the previous mentioned criteria requirements are still the same, however, the BIP NFT tiers are going to give you different allocations into the ICO for RLC.

Here’s a reminder of the BIP requirements as outlined in our discord:

  • 1% increase for every 100 Playmates ‘staked’ ($PLAYMATES staked in the Trust count towards this but not towards the NFTs below)
  • Snap Shot Buys for every 100$ purchased = 0.10% increase (started March 12)
  • Mansion Compounding / Creation = 0.10% increase for each one. (Started March 12)
  • For every District made = 2% Increase (started March 12)
  • Cities Creation = 10% for each city created (started March 12)
  • Everything said above can stack up to a maximum of a 500% increase.
  • Only the $PLAYMATES ‘staked’ will earn the percentage bonus, on the day of migration if $PLAYMATES were not ‘staked’ they will not receive their percentage increase (for the staking bonus)
  • There are 10 tiers for this NFT. Users will ‘unlock’ these NFTs just by ‘staking’ playmates into our Smart Contract (under development). Once they reach a certain amount staked, they will be able to claim the next available NFT. On tier 10 and every tier afterwards, users must have the previous tier NFT to “trade in” in order to receive the next tier. In other words, if you reach the requirements for tier 9, you will need to trade in your tier 10 NFT to get the tier 9 one.

Below are the tiers, requirements, and corresponding ICO Allocations:

Allocations are subject to change

Anyone who holds one of the 200 VIP Club NFTs will be automatically at Tier 1, meaning you will have max allocation for the ICO.

Migration

When everything is ready to go for migration from RND into Scarlet Chains, here’s a teaser of what’s coming.

“10 and Under” means 1–10 will equal the same amount, i.e 11–20 Mansions will = 2 Scarlet Chains — Red

You know we love our game theory over at Redlight Finance, so we figured we would throw some game theory into the migration for you all as well.

Obviously we will release info on what each chain actually produces before migration, but here’s a little taste of what to expect.

As you can see, $PLAYMATES will be able to be migrated, however the benefit of doing so will be a hell of a lot less than the migration of nodes.

The BIP will still give you an advantage to help boost whatever $PLAYMATES you do have and I will give you an example below.

Lets say during the BIP you made 2 Cities, 5 Districts, and purchased $500 of $PLAYMATES. You also have 3000 $PLAYMATES which you have staked 1000 into the Redlight Trust, 1000 into the BIP Staking smart contract, and have 1000 sitting in your wallet.

Therefore, rather than you just having 3000 $PLAYMATES converting into 30 Scarlet Tokens, you would end up with 41.65, equalling a 38.83% overall increase, whilst also getting the rewards from the Cities and Districts made, plus the MIM rewards from the Redlight Trust.

To recap, the BIP will give you access to the ICO for RLC at different tiers depending on what you have staked, and will also give you a bonus in terms of RND migrating into Scarlet Chains.

We hope to see you all at our live AMA on our Discord at 2pm UTC April 18th where we will go through all of this and a likely a bit of alpha as per usual.

Before I sign off, just a reminder to everyone we will be in Tokyo for the NexTech Week Blockchain expo on May 11–13 showcasing everything we have been working hard on for the world to see!

Peace!

RED

Socials

Discord: https://discord.gg/redlightfinance

Telegram: https://t.me/Redlightfinance

Twitter: https://twitter.com/Redlight

Further reading