The creators of RAILGUN (RAIL) hope to monetize privacy. RAILGUN is a a smart contract that adds privacy to cryptocurrency and decentralized finance (DEFI) transactions.
RAILGUN adds privacy by removing wallet addresses from blockchain transactions. The fear is that hackers or authorities could track and identify cryptocurrency users through wallet addresses.
They claim RAILGUN uses zero-knowledge proof (zk-SNARKs) technology. Hence, RAILGUN is a Zero-knowledge proof protocol. A zero-knowledge proof protocol allows users to prove value without identifying themselves. Developers claim you can use RAILGUN for transfers, trading, leverage platforms, liquidity platforms, and decentralized applications (dApps).
The RAILGUN smart contract allows users to cover their tracks when they make cryptocurrency trades or transactions.
Adding Privacy to Ethereum (ETH) with RAILGUN (RAIL)
Unlike other Privacy-Preserving-Protocols, RAILGUN does not require specialized infrastructure outside of the Ethereum (ETH) blockchain. Instead, RAILGUN operates on the Ethereum Blockchain. Theoretically, you could add RAILGUN to any Ethereum construct or platform because it is an on-chain smart contract.
They claim RAILGUN can access Decentralized Exchanges (DEXs), dApps, and Ethereum liquidity. In contrast, most Privacy-Preserving-Protocols cannot access DEXs, dApps, and Ethereum liquidity.
Developers claim you can use RAILGUN on any dApp with any Ethereum Request for Contact (ERC-20) cryptocurrency. Additionally, they claim you can use RAILGUN with other popular blockchains including Binance Smart Chain, Polygon (MATIC), and Solana (SOL). Theoretically, you could use RAILGUN with Binance (BNB) and Binance USD (BUSD).
What Problems does RAILGUN Solve?
Most Proof-of-Privacy-Protocols do not work with decentralized exchanges, dApps, and liquidity apps. However, RAILGUN works with those utilities.
Moreover many Proof-of-Privacy-Protocols can only process certain amounts of cryptocurrency. Consequently, those solutions are useless if a person tries to process more or less money.
In contrast, RAILGUN (RAIL) can process any amount of money on most Ethereum and Binance platforms. Additionally they claim RAILGUN can make transactions on those platforms untraceable.
They designed RAILGUN for ease of use through simple front-end websites and mobile apps. Moreover, they insinuate RAILGUN can work with popular wallets such as MetaMask. Plus, they claim anybody who can use MetaMask can use RAILGUN.
RAILGUN is more secure because it does not contain a backdoor program hackers can locate and penetrate. Instead, RAILGUN preserves privacy by using Relayers. A Relayer is a mechanism that collects transactions and forward them to recipients. They claim RAILGUN makes even gas fees anonymous by using Relayers.
The use of Relayers makes RAILGUN a Zero Trust solution. They claim RAILGUN is built to reject any transaction from a relayer that tries to manipulate transactions. The Relayers are not an off chain solution. Instead they operate on the Ethereum blockchain.
They claim you cannot follow RAILGUN transactions on Etherscan. The RAILGUN (RAIL) token is the governance token for the RAILGUN platform and smart contract. Yes, RAILGUN is an ERC-20 cryptocurrency.
What is a Rail Gun anyway?
A rail gun is a weapon that uses electromagnetic force instead of chemical propellants to fire projectiles at high speeds. General Atomics claims rail guns can fire projectile at higher velocities and longer ranges than cannons or firearms.
General Atomics is trying to develop rail gun artillery for the US military. Rail guns are often described as linear motor devices.
Similarly, a company called Arcflash Labs is selling handheld rail guns for $3,750 each, Futurism claims. They claim Archflash’s G-1 is a rail gun rifle.
In pop culture, rail guns appeared in the corny Arnold Schwarzenegger movie Eraser, the Quake video game franchise, and the manga A Certain Scientific Railgun.
I cannot tell what connection a theoretical weapon has with Ethereum security. However, the name RAILGUN sounds cool, which is enough for most speculators.
What Value does RAILGUN (RAIL) have?
Mr. Market gives RAILGUN (RAILGUN) some value. For example, RAILGUN was CoinMarketCap’s ninth most trending cryptocurrency on 29 January 2022. Conversely, RAILGUN was CoinMarketCap’s 3,086th largest cryptocurrency on 31 January 2022.
CoinMarketCap gave RAILGUN a $2.93 Coin Price, a $168.705 million Market Capitalization, a $293.466 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $1.712 million on 31 January 2022. They based those numbers on a Self-Reported Circulating Supply of 57.5 billion RAIL, and a Total Supply of 57.500 billion RAIL. There was a Maximum Supply of 100 billion RAIL.
In contrast, Coinbase gave RAILGUN a $2.92 Coin Price and a $1.7 million 24-Hour Market Volume on 31 January 2022.
I think RAILGUN is an interesting cryptocurrency that could have some true value because it offers a service some people will pay for. Private cryptocurrency transactions.
In particular, I think many people in developing countries and some Americans will want to use RAILGUN. Those people will want to use RAILGUN to keep law enforcement and tax authorities from tracking their transactions. For example, people in Venezuela who want to shop on American e-commerce platforms or send money to US banks.
Speculators seeking DeFi applications that could have value need to investigate RAILGUN. I think there could be a market for RAILGUN’s smart contract. I think privacy could be worth money and so could RAILGUN.