In this article, we’ll discuss information about the Railgun project and RAIL token
What Is RAILGUN Privacy (RAIL)?
Railgun is a smart contract system that provides privacy and security to cryptocurrency and DeFi users via Zero Knowledge Proof (ZK-SNARK) technology. Using Railgun ensures your wallet addresses will be removed from your actions and transactions on blockchains where previously your information was publicly available for anyone to view. Railgun users will enjoy privacy when trading, using leverage platforms, and adding liquidity with Decentralized Applications (dApps). As Railgun sits directly on the Ethereum mainnet, it removes the security risk and extra steps associated additional layer 2 infrastructure such as trust in third parties. A number of ERC-20 tokens can be used straight away such as RAIL, USDC, renBTC, renZEC and more. Additional tokens can and will be added via governance vote.
Website: Railgun.ch Github: Railgun Github Promotional AMA’s: Railgun AMA w/ AMA Room AMA With PANews
RAIL is the native governance token that is used for RAILGUN Privacy:
RAIL is purchasable on DeFi exchanges like Uniswap, it acts as a governance token and can be staked to gain voting rights on upgrades to Railgun. Owning RAIL allows you to participate in the future direction of Railgun. Our core goal of maintaining privacy also applies to governance; RAIL will be the first governance token allowing for anonymous governance participation.
Railgun developers will have no special privileges that supersede any governance of the RAILGUN system by RAIL token holders.
What can I use RAILGUN Privacy for:
• Entering into new coin investments without alerting those who follow your wallet • Build a shielded balance without outsiders knowing the specifics of your diamond handbags • Prevent spying and data collection about transaction habits • Perform darkpool style trading where nobody can copy your farming strategies • Make confidential payments to your attorney when seeking legal advice on personal disputes. • Receive donations without outsiders being able to view donation history • Be free from being targeted by advertisers or fraudsters based on your DeFi habits • Stop any dates looking into your DeFi habits before having dinner with you • Support the concept of DeFi, security of blockchain and maintain the privacy that non-DeFi institutions provide
Circulating supply at launch: 50 Million RAIL tokens. Max Supply Cap: 100 million RAIL tokens. Summary of initial distribution: 25% to Airdrop
25% to Foundation, 50% to DAO
Airdrop: Ethereum addresses that have made donations on the ETH network to privacy charities + nonprofits, such as the TOR Project, the Right to Privacy Foundation, the Free Software Foundation, and others, will be given an airdrop of RAIL tokens.
Foundation: The Right to Privacy Foundation issued the grant to develop this project in the beginning, and has volunteered to custody 25% of RAIL tokens to support the long-term benefit of the Project. The foundation is a registered charity and is not motivated by profit. These tokens will be used only for incentivizing developers and promotion of the Railgun platform and future deployments.
DAO: The tokens given to the DAO (50 Million) are locked and unminted. They can only be minted by a DAO vote by RAIL holders (For example, if the DAO wanted to give a bonus yield to liquidity pool runners of RAIL token.)
There is no RAILGUN company, and thus there are no VC investors or equity holders– it is a truly decentralised project.
How secure is RAILGUN Privacy and how easy will is it to use?
Outside of privacy, security is a top priority for Railgun. The Railgun development team boasts world class security experts, blockchain gurus and cryptography experts. Some key players in the blockchain security space as friends of Railgun. The libraries used are well established and the Railgun code has been audited by several popular audit companies including well known crypto audit firms like ABDK. Railgun is both trusted, and trustless. If you have used MetaMask or any other popular wallet it will be transparently familiar. Users won’t have to worry about how the zk-SNARK proofs s are working or take extra steps to send, receive or transact with privacy. Everything is handled behind the scenes and it’s open source so anyone can audit and find it’s working as intended.
How and Where to Buy RAIL token?
RAIL token is now live on the Ethereum mainnet. The token address for RAIL is 0xe76c6c83af64e4c60245d8c7de953df673a7a33d. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
☞What is Metamask wallet | How to Create a wallet and Use
Transfer $ETH to your new Metamask wallet from your existing wallet
Connect Metamask wallet to Uniswap Decentralized Exchange and Buy, Swap RAIL token
Read more: What is Uniswap | Beginner’s Guide on How to Use Uniswap
The top exchange for trading in RAIL token is currently Uniswap v3 and Balancer