REV Issuance

What is RHOC?

RHOC is an ERC20 token created on the Ethereum blockchain by the RChain Cooperative on March 20, 2017. The contract address is 0x168296bb09e24a88805cb9c33356536b980d3fc5.

What is REV?

REV is the primary utility token of the RChain blockchain. It allows you to bond a validator’s stake, pay transaction fees, and deploy smart contracts on the RChain blockchain.

When was the REV issuance?

The RChain Main-net launched on February 25, 2020. Upon launch, a genesis block was forged that contained all REV balances.

What does REV issuance mean?

Technically, the event was simply an issuance of all REV tokens, determined by the wallet balances of existing RHOC holders. There was no actual swap. The RHOC will continue to exist on the Ethereum blockchain, even though it is worthless. And you will never need to give your RHOC to anyone to receive your REV. We designed this process to minimize the risk of phishing. So, if anyone asks you to “send your RHOC” to them, you are being phished.

How can I check my REV balance?

The easiest way to check a REV balance is to use one of the wallets or websites developed by members of our community. Here is a list of tools that allow you to query REV balance by inputing either a RHOC or REV address.

These resources are not officially endorsed by RChain Cooperative.

How do I acquire REV?

You can acquire REV through OTC trading, exchanges (e.g. MXC, HotBit), or as rewards for being a validator.

How were RHOC balances recorded for the purpose of issuing REV?

The RChain core development team in collaboration with members of the RChain community created a script to collect RHOC balances given a specified ETH block hash. This script is available at https://github.com/rchain/rhoc-balance-reporter. At Ethereum block 9371743, the Co-op published the snapshot collected by the script and made it available for public review.

What does RHOC/REV swap mean?

We no longer use this term in favor of "REV issuance" that more accurately describes the process. The term “token swap” was introduced before a process had been established and it stuck within the community.

My RHOC was stored on an exchange on January 28, 2020 when RHOC balances were finalized.

Exchanges were notified in advance to freeze trading prior to the snapshot. Contact your exchange for instructions on claiming your REV. Kucoin Exchange issued this notice to their customers holding RHOC.

My RHOC was stored in a hardware wallet, is this supported?

As long as you control the private key, this conforms to the criteria mentioned above.

I have questions that are not answered here.

Community support is available in the #rhoc2rev channel on the Co-op's Discord Guild. (Invitation Link https://discord.gg/NWkQnfH)

September 2018 - Demonstration of the proposed REV issuance process to coincide with the launch of the RChain test net
February 2019 - Demonstration of the the proposed REV issuance process to coincide with the update of the RChain test net following the release of RNode v0.9
January 28, 2020 - snapshot of the RHOC balances on the Ethereum chain at block height 9371743
February 25, 2020 - Official REV issuance to coincide with the launch of the RChain main-net