BinaryX Releases RhinoX Whitepaper Detailing New Key Features of Its Ecosystem
The team spent several months improving the project’s vision and roadmap, now available in a new and enhanced whitepaper.
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BinaryX, a leading play-to-earn game development company, has released the official whitepaper for RhinoX, a collection of 10,000 NFTs enabling holders to use their assets as avatars on various GameFi and DeFi applications on the BNB Chain.
The RhinoX NFT series gets its inspiration from Soulbound items in the World of Warcraft game and aims to be the first-ever Soulbound Token on the BNB chain. Moreover, the collection links the holders’ NFTs to their interactions, thus developing them into unique assets. Above all, it provides them with numerous perks, such as access to beta tests for games, NFT whitelists, projects, new tokens on BNB Chain, and more. The team spent several months improving the project’s vision and roadmap, now available in a new and enhanced whitepaper. For the first time, readers can explore the full functionality of Web3 and understand the underlying mechanisms, possibilities, and features of RhinoX. Here’s a short summary:
The RhinoX Soulbound Token
This feature will calculate the credit score of a wallet depending on its owned amounts and trading history. It works similarly to a credit card company’s standard credit calculation system. Simply put, it determines the perks a user is eligible for, depending on his creditworthiness.
The system will categorize RhinoX owners into different tiers with distinct benefits. For example, members of the highest tier will enjoy more perks than those in the levels below, with the number and quality of perks decreasing with each tier.
A good credit score will reward NFT holders with numerous advantages, such as: VIP treatment, exclusive airdrops, early access to DeFi project/whitelist slot, discounts on processing fee and unsecured loan ($RUSD).
The latter is a loan that doesn’t require collateral. Also, the maximum amount a user can request depends on their credit rating. The initial fund for the unsecured loan will come from RhinoX Treasury and represents the income from selling RhinoX NFTs. Lastly, the loan amount will affect the interest rate and will be collected in $RUSD.
Trading RhinoX NFTs will not impact the credit rating of their respective owners. Furthermore, the accumulated credit score is connected to an RhinoX NFT and could be transferred to another user.
The system has an in-built cohesive analysis model studying the NFT owner’s characteristics, personality, and reliability. To reach this conclusion, the system will consider the wallet’s address and interactions, such as: trading history, on-chain behavior project preferences, asset portfolio, liability Status, attended campaigns and events, and airdrops history.
Ultimately, this list will expand to include more factors without sacrificing the anonymity of web3.0 technology. Here is a use case of this analysis model.
Team RhinoX has extensive experience in the blockchain industry, traditional game development, and game publishing. The core team members are from Silicon Valley and participated in the development of the early BNB Chain and Polkadot chain and have made outstanding contributions to the development of the industry.
Backed by this unique experience, Team RhinoX fully understands every financial feature of NFT and lays a good foundation for the real-life application of RhinoX NFT. Team RhinoX holds a firm conviction that there is a huge and undiscovered space for what NFTs could become and that NFTs should have more than just showing artistic value and signaling wealth.
Despite the bearish market, the team believes it is the right time to develop and expand the project to benefit its users. To this end, they added new members and planned future collaborations with other projects to increase the practicality of the RhinoX ecosystem and beyond. As a result, RhinoX stands out from the growing crowd of NFT projects, which often lack utility and long-term sustainability. RhinoX’s utilities aim to cover the entire Web3 in the future, not just on the BNB Chain, as it’s the only way to maximize the functionality of Soulbound NFT.