AN OVERVIEW OF RIGEL PROTOCOL UTILITY TOKEN
Bitcoin, the mother of all cryptos has been around for more than a decade now. Ethereum launched its token 6 years after bitcoin in July 2015 but the entire crypto-monetary universe was still a fringe affair.
Bitcoin was developed exclusively as a digital currency (and so remains today). When Ethereum arrived, it had its crypto sleeve with a strong ace: clever contracts, just outside of the box. This meant that third-party developers could construct their own apps and run them over the Ethereum blockchain in a decentralized way. With more marketability and versatility Ethereum has overruled Bitcoin.
Smart contracts have enabled the development of the Ethereum blockchain user-defined tokens. The ERC-20 could be produced using fungible Ethereum tokens, but the ERC-721 architecture created unique non-fungible tokens. However, user-defined ethereum tokens (inherent in efficiency both fungible and non fungible) needed bespoke code to be set up and implemented as there was no native token support in the Ethereum chain.
Before we dive deep into Rigel Protocol Governance Token, let's take a look at the concept of tokenization.
What is tokenization?
The procedure is to substitute the sensitive data element with a non-sensitive equivalent, known as a token, that has no extrinsic or exploited meaning or value when applied to data security.
The process of replacing a sensitive data element with an insensitive equivalent can be defined as tokenization. This non-sensitive equivalent, which has no external or utilizable meaning or value, is referred to as a token. Simply simply, the transformation of objects into digital assets is tokenization.
The token is a reference to the sensitive data (i.e. an ID) via the tokenization system. In the absence of a tokenization system, the mapping by the initial dataset employs methods to make tokens impossible to reverse by utilizing tokens from random numbers, for example.
The system for tokenizing must be guaranteed and confirmed utilizing optimum security methods for sensitive data protection, secure storage, audit, authentication and approval. The tokenization system gives the authority and interfaces for data processing programs to ask for or detoken sensitive data.
This technique offers different benefits: decreased transaction costs, transparency, higher liquidity, decentralization and, to name just a few. Tokenization itself is a highly flexible feature that opens the way for different business goals. This utility is because tokens are programmable to make them unique. They are programmable.
General Application of Tokenization
Sensitive data, such as bank accounts, financial statements, medical records, criminal records, licences, loan cards, inventory transactions, voter registrations and other forms of personal information may be secured by means of tokenization Tokenization (PII). The credit card processing usually uses tokenization. The PCI Council defines tokenization as 'a procedure in which a substitute value called a token replaces Primary Account Number (PAN).
Tokens may be scheduled to give the holder special access to material, customized goods, or even voting stakes. The actual purpose is immaterial for the voting process. In the end, the capacity to vote tokenizes the notion that individuals are part of something bigger than themselves and their views can be expressed.
Tokenization can be used to generate economic and financial products. Examples of collectible, alternative investments, gift cards, sports betting, in-game assets, commodities and much more can be considered. This can connect products, services and activities in the actual world to the digital domain.
Rigel Protocol Utility Token; $RGP
The governance token for Rigel Protocol is $RGP and it will be used to power its ecosystem.
The RGP token will be used to recompense the providers of liquidity. The Rigel Protocol is fully conceived, implemented, developed and operated by the Community of the Rigel Protocol. Return farmers and lenders could also receive tokens of $RGP.
Use Cases
The RigelProtocol ecosystem native token will be “RGP” which will serve a variety of purposes, such as;
Pool Rewards
The $RGP token is going to be used to encourage the Rigel pool compensation scheme. $RGP holders can claim a part of the rewards for their pool fees.
Governance Function
Users holding $RGP can monitor and vote on the protocol’s evolution and community decisions.
As $RGP holders take critical decisions and offer new proposals while maintaining control of their own assets, RigelProtocol is therefore a platform for people.
Staking Reward
Tokens of $RGP are utilized for rewarding the providers of liquidity. Yield farmers and lending providers could also receive $RGP tokens. The $RGP token will also be driven by the RigelProtocol Margin trading environment.
Staking Fees
All products relating to staking in Rigel Protocol, fees are received in $RGP token for such products.
Trading Fee Reward
$RGP token holders will enjoy a share from trading
fees and coin exchanges.
Other Incentives
The people (users holding $RGP) will control the Rigel Protocol, making it fair for everyone to benefit in different ways. People deserve dividends by providing a variety of incentives to assist the Rigel ecosystem grow.
Token Distribution
The maximum supply token from RigelProtocol is only $40 million, with a 50 percent division between the Binance Smart Chain and the Ethereum Chain.
The distribution assignment is made for decentralization and easily gains traction and speed for the RigelProtocol goods. The allocation of the team token will have a total locking time of 24 months each month for a portion unlocked from launch of our intelligent contract. In this way, the RigelProtocol team is helping to ensure that all the improvements offered are implemented and that early dumping is avoided. Again, anyone in a fair way can join the RigelProtocol team in the early phases, with a very high grade skill. The following is the overall distribution:
About Rigel Protocol
Rigel Protocol is a decentralized Blockchain Protocol for a variety of DeFi products. A protocol designed to improve and update existing Decentralized Finance (DeFi) capabilities by presenting numerous unique DeFi products to promote scalability, blockchain security, user experience, and acceptance.
Various DeFi products, such as: cross-chain operations, clever token swaps, yield agriculture, margin trade, and many more are shown. The margin ecosystem of the Rigel Protocol Trading is powered by $RGP.
To learn more about Rigel Protocol visit
