We are a part of an information technology (IT) revolution where cryptocurrencies and blockchain technology are restoring the whole monetary system as we know it. This is an inevitable change and one that is already taking place.
However, not all cryptocurrencies are so easy to get your hands on, and Rainbow currency is one of them. However, what exactly is a rainbow currency?
The Rainbow Currency (YEM) is an Ethereum-based cryptocurrency coin that is centered on the ERC20 standard.
YEM, which stands for Your Everyday Money, is one of the rare digital currencies that is designed for the sole purpose of carrying out financial transactions and making payments.
It also symbolizes a Rainbow Currency. If you want to know more about Rainbow Currency, you’ve come to the right place.
What Is Rainbow Currency?
Rainbow Currency, the universal expedient household digital money, is driven by the SafeZone open network of online and offline quality businesses across the world. It has zero transaction fees and enables you to do instant online and offline shopping.
Rainbow Currency originated as a pure currency with absolutely no ties to any specific business. It is the first-ever cryptocurrency that is integrated with a non-profit organization called the Rainbow Currency Foundation.
More than 3,000 co-founders, spread across 157 countries, have formed the Rainbow Foundation. Together, these co-founders have invested in more than 30 billion Twinkles, the terminology that refers to the Rainbow coins.
Rainbow currency is a True Digital Currency that fulfills all the legitimate requirements that must be taken into consideration for your next investment.
It is a specifically designed platform founded by Mike Demarais, Jin Chung, and Christian Baroni in 2019 as a means to make Ethereum technology easier to reach for non-technologists.
Rainbow Currency (YEM) will introduce cryptocurrencies to the remaining 99.8% of the universe that doesn’t use them for the first time in the promising history of digital currency.
Hence, it is the first digital currency to go mainstream due to the worldwide economic backup that Rainbow currency is hosting via its universal open network of top-quality businesses in the SafeZone.
This Ethereum-based cryptocurrency includes a wallet that is compatible with the ERC20 standard. The best part about Rainbow currency is that it is always decentralized, wholly transparent, and safe and secure in the blockchain, thanks to its distinct two-wallet solution.
The two-wallet system offers you all the security and safety you need while also maintaining the convenience you want.
As a result, you can now make daily payments for shopping and other services at Point of Sales (POS) and online privately, securely, swiftly, and without charges.
The primary reason why this digital currency was designed was to discourage the bad people out there from shopping and trading in Rainbow currency, as you must formally identify yourself before you start spending the money via POS.
Basics of Rainbow Currency
As previously mentioned, Rainbow currency is established on the Ethereum blockchain. Altogether, there are 4 denominations of the Rainbow currency: Rainbow, Glitter, Twinkle, and Dan.
However, Twinkles are the Rainbow Currency’s official denominations. It is the lowest value in the Rainbow coin that trades in the open market, and its official trading symbol is TWNKL. Here is some helpful information on the Rainbow Currency.
- 1,000 Dan = 1 Twnkl
- 1,000 Twnkl = 1 Glitter
- 1,000 Glitter = 1 Rainbow
- 1 Twnkl= 1 YEM
- Trading Symbol: YEM
- Reference: US$
- Blockchain: YEMCHAIN
What Do The Rainbow Currency Denominations Signify?
The Rainbow Currency denominations signify several things. Firstly, displaying and understanding lower and higher prices is relatively easy using these denominations.
For instance, a car might cost 10 Rainbows rather than 10,000,000 Twinkles, a laptop can cost 200 Glitters rather than 200,000 Twinkles, and ice cream can cost 200 Twinkles.
Moreover, there is a certain way such high numbers are exhibited for all currencies worldwide. It can be in the form of dots for each factor of 1000 or commas separating the figures. For example, a figure in millions would be 100,200,300 (or it can be written as 100.200.300).
Using these denominations, this number can be broken down as 100 Rainbows, 200 Glitters, and 300 Twinkles. This way, it becomes easier to check your balance and see how many of each Twinkle, Rainbow, and Glitter you have.
It is crucial to note that the total number of Twinkles is strictly limited to 100 billion coins. There will not be any additional coins created.
This indicates that as more and more users across the world use Rainbow currency as a mode of payment, its demand will undoubtedly rise with the supply chain unchanging.
The two market forces of demand and supply should lead to an increase in the price value of Twinkles. This is why the number of Twinkles will remain fixed.
What Is The Rainbow Currency Foundation and What Does It Do?
The Rainbow Currency Foundation (RCF) is the governing body for the Your Everyday Money (YEM). It takes essential measures for stability and protection.
Moreover, it signifies the YEM to the United Nations, the International Monetary Funds (IMF), governmental institutions (e.g., central banks), and non-governmental organizations.
According to the United Nations’ statutes, the Rainbow Currency Foundation is recognized as a global NGO (non-governmental organization).
Hence, it is a member of the UIA (Union of International Associations) with the identification number “XM7617” and is headquartered in Brussels.
The UIA keeps documents of all active NGOs on behalf of the UN. The YEM, designed as a user-friendly form of payment with the most significant levels of AML/KYC processes, a low guaranteed price, and security, aims to expand the existing landscape of digital currencies.
It is also meant to show how cryptocurrencies can significantly boost and revolutionize the current monetary system.
What Exchanges Support The Rainbow Currency (YEM)?
If you’re looking for a fun and secure way to get into the world of cryptocurrency, Rainbow currency is the ideal choice of digital currency to go with.
Unlike other cryptocurrencies, you can maintain complete control of your money with Rainbow currency instead of the cryptocurrency retaining the asset for you.
Rather, you can receive and send assets on the spot because you own your assets directly. To sell or purchase rainbow currency, all you have to do is use your Binance account or link your crypto wallet to a DEX.
Despite the Rainbow coin being addressed as cryptocurrency’s future, it is essential to mention that it doesn’t have any specific business plans.
In fact, its growth is significantly positioned in a vast community and is being marketed to all types of companies and individuals.
What Is The Price Of A Rainbow Coin?
Recently, the people behind YEM, the Rainbow Currency Foundation, made an announcement that governments will accept digital currency as a substitute for fiat currency.
Unlike several other cryptocurrencies, Your Everyday Money has no association with any organization or business. Instead, it’s a universal NGO that represents the currency.
The NGO’s primary goal is to establish and develop an economy where YEM is the standard mode of payment. Rainbow coins aren’t as valuable at this point. Today, you can purchase Rainbow coins for $0.00000001022 per coin.
Still, you cannot trade or exchange this digital currency for other currencies such as Ether (ETH) or Bitcoin. Hence, the Rainbow Currency is more distinct than other cryptocurrencies.
However, it is expected that this currency’s price will escalate in the future, and the YEM Rainbow Currency can soon be exchanged for bitcoin.
It will also have a bank that will store it for the keen YEM holders. All interested parties must wait until the webinar recap before making a deposit.
If you wish to partake in the Proof of Stake program, you must deposit 100k YEM. Following this, you can earn YEM by putting it at stake against supernodes.
Is It Worth Investing In Rainbow Coins?
Indeed, Rainbow Currency’s value is expected to increase in the upcoming years. However, bear in mind that practically any kind of investment has some level of risk involved.
Hence, it is vital to do your research and know what you are investing in before coming to any conclusions.
Rainbow Currency’s price can be unstable, just like any other digital currency. However, as a more significant part of the world rapidly catches on to the novel blockchain technology, it will help stabilize the prices of all cryptocurrencies in the foreseeable future.
So, if you want a comparatively easy way to earn money on your investments with minimal effort and risk, investing in a cryptocurrency like Rainbow Currency can be quite effective.
Moreover, there’s no harm in investing in this digital currency, so do it before it becomes the next Dogecoin.
Where Can I Buy Rainbow Coins?
You can purchase Rainbow coins directly from any of the several cryptocurrency platforms available online. Here are some of the digital currency exchange platforms that allow you to purchase Rainbow currencies:
- CoinMarketCap
- Binance
- Maintain Gate.io
- Bitmart
Wrapping Up
As one of the few cryptocurrencies, Rainbow Coin meets all the German Federal Ministry of Finance’s essential requests regarding its role as an alternative currency for the Euro (EUR).
However, you must know that Rainbow Currency isn’t created for means of speculative exchange. Instead, it is a highly specialized tool for multiple kinds of investment and for buying goods and services in and out of the SafeZone.
The post What is Rainbow Currency? Is It a Cryptocurrency? appeared first on CFAJournal.
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