The developer of DRIP had something good going on, but he did an exit scam. The Discord channel and Twitter account have been deleted. The Github is still up and available. At the time of writing, the network decreased 30% to 700 masternodes. Do not invest in DRIP on Crypto Bridge, the project has been abandoned by its developer.
Drip Coin is a privacy-oriented coin with proof of stake rewards. This coin differentiates itself from the competition by including retailer rewards and a ‘send privately as bitcoin’-feature. DRIP stands for Decentralized Rewarding Instant Payments.
The project uses masternodes to build its decentralized network. Currently (October 2019) there are 1026 of them online. With retailer rewards, Drip wants to give commerce a reason to use their coin. Those who accept a Drip transaction have a chance of receiving an extra reward from staking it.
Drip Coin didn’t do an ICO, and it also didn’t do a huge pre-mine. The interesting part of this coin is that the developers are really trying to keep big players out: slightly lower rewards, mining using ASIC-resistent coins like LUX and RVN where miners get DRIP as a bonus, and a reward structure that’s halved between masternode and staking wallets (but slightly in favor of MN to cover for the hosting costs).
To me, the most interesting part of DRIP is the ‘send privately as Bitcoin’ feature, The developers expressed in his tweets that this will require a swap between DRIP and BTC, which is something that needs to be build. It also requires a wallet with enough BTC to cover a potential flow of interested customers. It uses the build-in DRIP Trading Engine, which is tied to exchanges where DRIP is trading.
Secondly, DRIP is very community oriented. Masternode holders can vote on which new developments they want to see. Every month there’s a budget available that can be used to pay developers to create a new feature. Submitting a proposal costs 50 DRIP, which will be burned. Discussing proposals is something that should happen on Discord.
zDRIP is another cool feature, which allows you to camouflage your transactions. It’s basically the private version of DRIP, and it’s build into the wallet. zDrip needs to be minted (DRIP set aside for zDRIP) and can only be spend in full numbers (1, 5, 10 etc.), so without decimals. zDRIP is stored in your own wallet and is NOT shown in the network. If you’d spend zDRIP, you would get change back as DRIP, all while camouflaging the original buy in DRIP.
Facts & Numbers
1000+ masternodes – Currently over 1000 MN have made the network. If you setup a new MN, it will take over 2 days before you receive your first rewards.
First developing – The DRIP developers first want to create their coin before they start actively promoting. They mainly use Twitter and Discord for communication.
Only 41.73% locked in MN – Because staking also makes rewards, the percentage of coins locked in masternodes is also lower.
- Launched May 2018
- 60 second block time
- 290.000 DRIP pre-mined for miner bonus
- Instant payment with Swiftx feature, only 0.01 DRIP (normal transaction: 0.001 DRIP)
- iOS and Android apps: Q3 2018
- Spend privately as Bitcoin: Q4 2018
- Final phase in reward structure: Q4 2019
Reward & collateral table
Block number = reward
129.600 – 151 DRIP (50% MN / PoS)
216.000 – 131 DRIP (50% MN / PoS)
302.400 – 111 DRIP (50% MN / PoS)
388.800 – 91 DRIP (MN, PoS, PoS zDRIP)
475.200 – 56 DRIP (MN, PoS, PoS zDRIP)
561.600 – 46 DRIP (MN, PoS, PoS zDRIP)
648.000 – 26 DRIP (MN, PoS, PoS zDRIP)
734.400 – 11 DRIP (MN, PoS, PoS zDRIP)
734.401+ – 5.5 DRIP (MN, PoS, PoS zDRIP)
- Very community driven, with decentralization and privacy in mind
- Build to have a long-lasting impact, with a development road map of at least two years
- The amount of information the developer is sharing on their project is amazing. These are very good reads, both linked on Twitter and shown on Discord.
- Team is anonymous. We have absolutely no idea who they are and what their background is.
- This is not a super high ROI project, which might keep some people out. But to be honest, from a project point of view that’s not a weak point.
- Road map completion is not really updated on their website.
DRIP is a project you can definitely invest in. The communication from the developer – even though they are anonymous – is excellent. The project is very community driven and if you are tech savvy, you can even make some coins from your contributions. The ROI won’t be that high at first, but DRIP has some amazing features coming up!