Have you ever wondered what money really is?
We are Rock Stable and we are crazy about money. No, not about having lots of money, but about starting a revolution that has the potential to change your life (and ours too, if this all works).
What is money?
We earn and spend money on a daily basis, but we don't really understand what it is. Most of us are happy just knowing how to earn money. Spending it is very easy. In order to use money, we don't really need to understand it, so it remains largely a mystery to us. Will knowing more about money help us earn more of it? Not necessarily.
We don't necessarily earn more money by understanding it, but it is nevertheless essential to the functioning of society we live in. If water is important to our bodies, then money is just as important to the functioning of any free society. Just imagine a world without money. Can we even survive as a society? Can we all continue to work for various purposes bigger than anyone of us alone can accomplish? Barter is only possible in very simple transactions and worked a long time ago in the context of isolated families. In every city, people go to work to earn money and achieve work coordination much better than can be achieved ages ago by slavery. Without money, a modern city can disintegrate quickly. Groceries will have empty shelves because farm produce cannot be delivered to the city. We would starve if we stayed in the city without money and so we would leave the city to plant food ourselves.
Money is clearly important to us all. That's why the prime duty of central banks is to keep a currency's value fairly constant in time. When a currency loses its value, we all suffer.
There are two types of money in existence today: fiat money issued by central banks and a new type of money called cryptocurrencies. These two types of money will co-exist for a long time, but it is very likely that cryptocurrencies will dominate the world someday, not to the detriment of fiat money. Fiat money will continue to exist, but its capacity to cause economic calamities will be reduced because it will finally have healthy competition from cryptocurrencies.
ROKS is a cryptocurrency issued and managed by Rock Stable. It is different from volatile cryptocurrencies like Bitcoin in that it is stable. It belongs to a class of cryptocurrencies called stablecoins. We promise to keep its value stable for that is our raison d'etre. If we fail to keep its value stable, then that would be the end of us as a company. Keeping it stable in the beginning is going to be very simple: we just exchange 1 ROKS for 1 USD or its equivalent plus or minus 1%. If it becomes trusted and popular enough, we can disassociate it from USD; at which point the communities that use it will keep its value steady on its own, relative to a basket of commodities.
Like the USD, ROKS is centralized. Rock Stable issues it and manages its quantity in circulation. If it becomes popular enough, we don't want to remain central to its management because then we would have become a single point of failure in the ROKS network. We will distribute its control among the cities (geographical territories) that use it, by allowing each territory to determine the quantity in circulation in relation to price levels in that territory.
What can you do with ROKS?
Our current focus is the remittance use case. If you work outside of your country, you send money back to sustain your family. You can buy ROKS at an exchange (say ExMarkets.com) and send it easily and very cheaply to your loved ones. Your recipients will receive ROKS in their smartphones, using a wallet app like the Opera browser wallet. They can then use the same wallet app to spend ROKS at any store equipped with our MainSale app or exchange it for PHP or USD at a local, licensed exchange.
Easy to send and receive
To send ROKS, you simply sign in to your account with an exchange where we have ROKS listed. You then just use the "send" facility of that exchange to send ROKS to your recipient's account (his or her "address").
ROKS is as secure as you can keep your private key secure. Your account is associated with your private key. Your account number (or address) is public, but only you should have access to your private key. Your private key is not stored anywhere, but you should not lose it and not let anybody else access it. Anybody who can access it can take your ROKS away. In order to make it a little bit easier for you, both your account number and private key (which are very, very large numbers, impossible to memorize) are associated with a 12-word mnemonic which we recommend you write down on a piece of paper. You then treat that piece of paper as if it were cash worth the same amount of ROKS you have in your account. Anybody who can know your 12-word mnemonic can steal your ROKS.
You trust ROKS because you know you can easily exchange it for USD or equivalent at any exchange where it is listed.