Rupaya (/ro͞o pāˈ ə/; RUPX) is a community-led cryptocurrency with deep roots stretching back to 2014. The key focus of the coin is to facilitate the adoption of decentralized blockchain-based transactions and remittances in the South Asian region (Afghanistan, Bangladesh, Bhutan, Maldives, Nepal, India, Pakistan, and Sri Lanka) where e-commerce and the digital fund transference infrastructure is far behind that of economies in other parts of Asia and The West. The unbanked citizens of this region are the target user base of Rupaya, and team members have relevant business experience and cultural ties there.
Moving fiat currencies within South Asia is notoriously slow and plagued with excessive transaction fees. Rupaya seeks to subvert and supplant this legacy system with an efficient, speedy and inexpensive cryptocurrency (swiftx inherited from PIVX). The RUPX network uses a proof-of-stake consensus mechanism and significant effort has gone into the development of their community to align the overall direction with community participation through their masternode proposal and voting system.
Noting the financial circumstances of many who live in their target region, masternode ownership has been specifically designed to be inviting to those with limited means (less than $75 USD at the time of publication). Additionally, an exhaustive amount of information has been arranged in a wiki to assist newcomers with setting up their masternode as well as provide abundant safety information to empower users for whom Rupaya is their first hands-on experience with cryptocurrency.
As the first quarter of 2019 unfolds, Rupaya has laid out a three-tiered roadmap which pinpoints core development, growth of the organization as a whole and the creation of the illustriously-named Grand Turk Marketplace.
For general development, the project seeks to further engage users, merchants and masternode operators in equal measure. Upcoming action steps include a hard fork to a completely new codebase to ensure greater security and the development of a point-of-sale strategy to pair with their upcoming mobile wallet application. User interface aspects are slated to be refined as well.
New governance measures and a portal are currently being developed. Once completed, a re-launch under the new system will enhance the community’s degree of participation in project decision-making.
Not satisfied with simple accomplishments common to the bulk of most cryptocurrency projects, Rupaya is investigating the use of a potential stablecoin (pegged to various South Asian fiat currencies) to facilitate further adoption and allay concerns about volatility. Once the aforementioned goals are realized, Rupaya plans to incorporate the organization as a registered business entity in applicable South Asian regions. Such developments will act as a foundation for the Grand Turk Marketplace which will seek to connect vendors with using RUPX as a means of transacting with users.
As with any cryptocurrency community of substance, the more serious aspects are balanced out with playfulness and fun activities such as Rupaya’s recent involvement in the Masternode Me, Bro tournament hosted by The Crypto Hobbit and Omni Analytics Group. While ultimately being bested by Bulwark in fight group #4, Rupaya was still able to benefit from this good-natured contest to gather data about masternode users and community projects – both aspects which are noble pursuits and underscore the long-term premise of improving the new digital-asset economy.