What is Rainbow Currency (YEM)? (A Detailed Look)
The world is experiencing an information technology revolution in which blockchain and cryptocurrencies are changing the entire monetary system as we know it — an unavoidable change already in motion.
Although cryptocurrencies are increasingly becoming popular, not all are easily accessible. Rainbow Currency is helping to solve that problem.
Key Points
- Rainbow Currency is a cryptocurrency coin established on the Ethereum blockchain.
- Rainbow Currency is the first cryptocurrency to be incorporated by a non-profit organization, the Rainbow Foundation (over 3,500 founders).
- It is a unique digital currency created exclusively for paying bills and making transactions easy.
- Rainbow Currency uses a two-wallet system.
- You can buy rainbow currency from top digital currencies such as Bitmart, Binance, CoinMarketCap, and Maintain Gate.io
The question, what is Rainbow Currency? How can you buy it? Is it worthwhile? Please read on to find out more.
What is a Rainbow Currency?
The Rainbow Currency (YEM) is an Ethereum-based digital currency coin based on the ERC20 standard.
YEM is short for Your Everyday Money.
It is a digital currency made exclusively for paying bills and easing financial operations. It is also recognized as the universally practical domestic digital currency.
Rainbow Currency is powered by the SafeZone worldwide open online and offline network of businesses.
You may instantly shop both offline and online without paying any transaction fees.
The Rainbow Currency Foundation
Rainbow Currency is the first cryptocurrency registered with a nonprofit entity, the Rainbow Currency Foundation.
The Rainbow Currency Foundation governs the YEM, which implements stability and protection measures. It speaks on behalf of the YEM to governmental organizations and nonprofit organizations.
The Rainbow Currency Foundation’s status as an International Non-Governmental Organization (INGO) makes it a member of the Union of International Associations (UIA). This status enables it to fulfill the statutes of the United Nations.
For the benefit of the UN, the UIA keeps track of all current non-governmental organizations.
The YEM is intended to change the current cryptocurrency landscape and show how, when used properly, digital currencies can improve and transform the existing monetary system as we know it. It is designed as an authority-friendly form of payment with the highest levels of KYC/AML processes, security, and a guaranteed minimum price.
Over 3000 co-founders of the Rainbow Foundation hail from 157 different nations. Together, these co-founders have invested in more than 30 billion Twinkles—a name for Rainbow coins.
Rainbow Currency is a “True Digital Currency”
A true digital currency is not subject to central control or manipulation. Bitcoin is the best-known example of a truly digital currency.
Rainbow Currency is regarded as a True Digital Currency because it meets all the legitimate requirements.
Mike Damarias, Jin Chung, and Christian Baroni designed the platform in 2019 to make Ethereum technology accessible for non-technologists.
For the first time in the burgeoning history of digital currency, Rainbow Currency (YEM) will make cryptocurrencies accessible to the remaining 99.8% of the universe that does not already utilize them.
Rain Currency aims to gain widespread adoption thanks to the global economic support provided by Rainbow currency’s global open network of outstanding enterprises in the SafeZone.
The wallet that comes with this Ethereum-based cryptocurrency is ERC20 compliant.
The most incredible thing about Rainbow currency is that it is always decentralized, completely transparent, safe, and secure in the blockchain due to its unique two-wallet approach.
The two-wallet approach
The two-wallet approach is a security measure that involves keeping your cryptocurrency in two separate wallets — a hot wallet for online transactions and a cold wallet for offline storage. This approach helps to protect your coins from hacking and theft.
The two-wallet system gives the convenience people want yet provides protection and safety. As a result, people are merely likely to make purchases and other services daily at POSs and online in confidence, quickly, and for free.
Moreover, this digital currency was mainly created to discourage ‘bad people’ from trading and shopping in Rainbow Currency. For instance, a shopper must formally identify themselves before they can start spending money via POS.
One user, an owner of an Export-Import Business, stated:
“This is like a parallel currency started by a few people with an idealistic mindset. I chose the word idealistic because its veracity is limited in the real world.” – Sarah R. Bugbee.
How much is a Rainbow coin worth?
The Rainbow Currency has four denominations: Rainbow, Glitter, Twinkle, and Dan.
Twinkles are the official denomination of the currency.
Moreover, the Twinkle is the lowest value in the Rainbow coin trading in the open market. Its official trading symbol is TWNKL. Here is some valuable information on Rainbow Currency:
- 1000 Dan = 1 Twinkle (Twnkl)
- 1000 Twnkl = 1 Glitter
- 1000 Glitter = 1 Rainbow
- 1 Twnkl = 1 YEM
- Trading Symbol: YEM
- Reference: USD
- Blockchain: YEMCHAIN
Rainbow Currency Denominations
The Rainbow Currency denominations denote several things.
First, the denominations make it easy to display and understand lower and higher prices. For example, a laptop can cost 200 Glitters instead of 200,000 Twinkles.
Currencies globally display high numbers. They can use dots for each factor of 1000 or commas to separate figures. A figure in millions would be 100, 400, or 300. Alternatively, it can be 100.400.300.
Using the denominations, you can break down this number as 100 Rainbows, 400 Glitters, and 300 Twinkles. This approach makes it easier for you to check your balance and see how many of each denomination you have.
Note that the total number of Twinkles is firmly limited to 100 billion coins. No additional coins will be created.
This shows that as more users globally use Rainbow Currency as their preferred payment mode, its demand will rise without changing the supply chain. Moreover, the two market forces of demand and supply should cause the value of Twinkles to go up. It is for this reason that the number of Twinkles will remain fixed.
That said, what is the price of a Rainbow coin? First, unlike other Cryptocurrencies, YEM is not associated with any business. Instead, it is represented by a universal NGO. The NGO’s primary goal is to establish an economy where YEM is the preferred payment mode.
At this point, Rainbow coins are not as valuable.
For example, you can buy a Rainbow coin for 0.00000001022 USD (prices can change rapidly and are often volatile).
You cannot exchange or trade Rainbow currency for other digital currencies such as Bitcoin and Ethereum. As a result, the Rainbow Currency is very different from other Cryptocurrencies. However, it is expected that the value of Rainbow will go up in the future, and you can soon exchange it for Bitcoin.
Additionally, it will have a bank that stores the currency for YEM holders. Interested parties are advised to wait for the webinar recap before they make a deposit. If you want to participate in the Proof of Stake program, you must deposit 100k YEM.
How do you get Rainbow Currency?
You can get Rainbow coins directly from any cryptocurrency platform available online. Some top digital currency exchange platforms where you can get Rainbow currency are:
- Bitmart
- Binance
- CoinMarketCap
- Maintain Gate.io
You can make YEM Payments using Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and USD Coin (USD Coin).
Moreover, you can securely perform YEM purchase transactions on the YEM Exchange through direct transfers in USD and EUR. Instant SEPA is also possible.
Rainbow Wallet and the MetaMask
A Rainbow wallet is a critical tool when you own the currency.
The wallet is easy to use and makes handling your funds more convenient and straightforward. Moreover, the wallet allows you to securely store and send your Ethereum-based assets and view and manage your Defi positions.
Your Rainbow wallet also will enable you to send usernames to ENS instead of addresses and import your seed phrase from MetaMask to other wallets.
The other popular option in the market is the MetaMask. The MetaMask is one of the most popular applications of Ethereum. It was created to allow users to store Ethereum-based crypto assets by browsing the web. The developers wanted to ease the Ethereum ecosystem and reduce the risks associated with centralized asset custody.
Although MetaMask’s security framework is robust, its limitations are significant compared to Rainbow Wallet.
For instance, MetaMask is limited to Ethereum, and users must connect to DeX to be able to exchange other crypto coins. Nonetheless, its most robust features include its user-friendly interface making it simple.
Rainbow Wallet is the most cost-effective compared to the additional costs of storing crypto or NFT assets on the two wallets.
Both are secure and come with security strategies that eliminate vulnerabilities such as phishing attacks and seed phrase hacking to secure assets.
How to buy Rainbow Currency with fiat currency (from YEM Exchange)
- First, register with YEM Exchange and choose how you want to buy the fiat currency. The available options include USD and EUR.
- Deposit the funds into your exchange account. For instance, if you want to buy 5000 YEM at the current price, calculate the amount (plus fees) you wish to purchase and deposit the amount into your account.
- Once the funds are available in your account, you can order to buy YEM with the available funds.
How to sell Rainbow Currency
You can use the same procedure mentioned in the previous section to sell YEM. However, you don’t have to deposit Fiat currency into your account. You just need to have YEM available in your YEM Exchange wallet and create an order you want to sell in the market.
Should you invest in Rainbow coins?
Industry experts expect the value of Rainbow Currency to increase in the coming years. But, it is crucial to remember that practically all investment forms come with some level of risk. In this sense, it would help to research what you are planning to invest in before you make any conclusions.
The price of Rainbow Currency can be unstable, just like many other digital currencies. However, as a sizeable number of the rest of the world quickly catches up with blockchain technology, the prices will likely stabilize in the foreseeable future.
Therefore, investing in Rainbow Currency is an excellent option if you are interested in a relatively easy way to earn money on your investments with minimal risk and effort.
Additionally, there is no harm in investing in Rainbow Currency. As mentioned earlier, it has the backing of most government authorities. It is widely accepted as the present and future of economics.
Will digital currency replace paper (fiat) money?
Banks, businesses, consumers, and the Federal Reserve are pushing for more digital payment capabilities.
This push is because digital payments enable faster, cheaper, and more efficient payments. Innovations around smartphones and apps have given digital payments a lot of impetus. These developments have pushed banks and governments to innovate quickly to remain relevant.
Despite these developments, paper money is here to stay. Having paper money and digital currency available to consumers, banks and businesses offer much-needed flexibility. In this sense, paper money still has a critical place in the economy and is not going anywhere in the foreseeable future.
Nonetheless, the benefits of digital payments cannot be ignored.
The IMF Managing Director Atlantic Council, Washington DC, acknowledged that these are still early days for Central Bank Digital Currencies (CBDCs), and it is unclear what the future will look like. But, she reiterated that central banks are improving their capacity to harness new technologies to be ready for the future of money (Georgieva, 2022).
Final thoughts
Rainbow Currency is a digital currency coin created on the Ethereum blockchain. It is designed to be used for everyday transactions and is governed by the Rainbow Currency Foundation, which is an International Non-Governmental Organization.
Rainbow Currency is acknowledged by most governments and businesses globally.
Rainbow Currency is a specialized tool that will help facilitate secure, frictionless exchange of value in assets and every day buying goods and services in and out of the SafeZone.
Further Reading
Find out about the Pax Dollar as a stable alternative.
We also have discussion of the OKB Coin.
