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What is ROKS?

ROKS is a stablecoin, a class of cryptocurrencies whose exchange rate is fixed with respect to an established, well-managed fiat currency. 

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Stablecoins have so far permeated crypto exchanges (both centralized and decentralized exchanges). USDT, the first successful stablecoin, was born and raised in exchanges, used mostly by traders. ROKS is designed to circulate among everyday people, for daily use.

  • RockStable

Updated: Feb 5

Your recipient in the destination country has to install a wallet that can work with the Binance Smart Chain (BSC). Assuming that your recipient has a smartphone, he/she has three choices:

Installing any of these wallets is straightforward, but making the wallet chosen to recognize ROKS may not be simple. In the case of Mathwallet, the recipient has to choose the Binance Smart Chain (BSC) during setup, and then tap "Add Assets". In the "Add Assets" screen, tap the search box. The search box appears. Tap the search area and type "ROKS". ROKS should then appear as the single entry in the search result. Tap the "+" button to the left of ROKS to select it. Now the Mathwallet is ready to receive ROKS tokens.

The recipient has to send the CryptoAddress generated by Mathwallet to the sender (who is in the source country). First, to display the CryptoAddress in Mathwallet, while in the main screen, select ROKS under "Token". In the ROKS screen, tap the "Receive" button. In the "Wallet Address" screen, the cryptic address appears; to copy this address simply tap "Copy the Address". Finally, paste this address in a chat in Messenger (or some other app, like Facebook private message) to send to the sender.

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  • RockStable

Updated: Jan 21

If you have received ROKS in your SparkPoint, MathWallet, or Metamask wallet, you can cash it out through Palawan Economy, Palawan Express, ML'Huillier, or Cebuana. (Your sender may have chosen for you; in which case you should use the fifth burn address "predetermined". This fifth option is not available at the moment.)




Important:


Bloom Remit charges additional 1% fee; so for example, if you are receiving about $100, the ROKS you send will be reduced by about $2 if using Palawan Economy.


These addresses are for use by remittance recipients only. If you received your ROKS in any way other than remittance, Bloom Remit will not know about you and will not be able to get your cash. In general, if you did not receive your ROKS from abroad, you can't use any of these burn addresses to cash out. We will provide another way for you to cash out soon.


Be very careful when copy-pasting any of the above addresses. You could lose all your money if you make a mistake! We are working with SparkPoint so that you can do this very easily, securely, and with no possibility for error. Coming soon.

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  • RockStable

Updated: Jan 21

November, 2019 (Las Vegas) RockStable has signed a deal with Prime Trust (an API-based bank) wherein RockStable will provide the infrastructure for management of the ROKS stablecoin. Prime Trust will use the infrastructure to release ROKS for every US dollar deposited to the bank. Every USD received will then form the backing for ROKS.


The significance of this is that ROKS can now be legally bought in the U.S. through the RockStable website using the Prime Trust API in the back-end. ROKS is a stablecoin initially targeted for the remittance use-case, particularly remittance to the Philippines. There are now more than ten million Filipinos who work outside of the Philippines and practically all of them send money back home on a monthly basis to support their families. They can soon save a little money by exchanging their USD for ROKS for sending to their families in the Philippines. Unlike other remittance methods, using ROKS allows recipients to receive ROKS directly. They can then exchange ROKS to PHP or USD at a local exchange. RockStable will announce an exchange partner and a bank partner in the Philippines early next year.


RockStable (https://rockstable.io) is the technology startup who built the ROKS infrastructure. RockStable is registered in Wyoming, USA and was started and is run by Filipino overseas workers themselves Carlos C. Tapang (Microsoft alumnus), Patrick Viernes (Microsoft alumnus), and Ken Bugayong (ex-Banko Sentral ng Pilipinas fund manager in charge of $30 billion worth of gold).


Prime Trust is a crypto-friendly fiat bank based in Las Vegas. "USDS from Stably and now ROKS from RockStable. Stablecoins will have a significant impact in FinTech and Prime Trust will power this part of the cryptocurrency revolution", says Scott Purcell, CEO of Prime Trust. "We have been waiting for a remittance solution in this space, and now with ROKS we can finally provide this benefit to our users worldwide", added Jimmy Bingham, Business Development Executive at Prime Trust.


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