RCC Merit Coin

The RCC Merit Coin (M€RIT, M€R, or M€₹): 

A system of mainly cashless currency and trade that is based on the idea of a favour-based, merit-based system instead of cash-based, which would allow even those who are financially-challenged to participate in the economy.

Introduction/Basis:

Aarsiisiians/Member-citizens of Aarsiisii must never be held captive by lack. To this end, we have instituted the RCC Merit Coins. RCC (Ranger Cadet Combined Corps) Merit Coins (abbreviated as M€RIT, M€R or M€₹ (preferred)) are based on the favour-based merit-based Templar coin used by the Sovereign Magistral Order of the Temple of Solomon as described at https://knightstemplarorder.org/heritage/templar-economy. 

The intent is for the holders of RCC Merit Coin (M€₹/M€R/M€RIT) to give M€₹ either to anyone who has done them a good turn as a sign of gratitude and payback, or as payment for goods and services - so long as this form of payment is agreed upon by both parties. Each M€₹ is then redeemable for up to two favours (either one or two favours as mutually agreed upon or as declared by the previous holder/issuer of the M€₹ token).

M€₹/M€RIT is based totally on a system of true value - a system of honour, trust, honestly and integrity. The issuer must be true to his/her own declared intention to later grant a favour or two that is requested whenever the receiver wishes to cash in, as far as the issuer is capable of carrying out to the best of his/her ability.

M€₹ is therefore a 'mainly cashless' system, and is designated as 'mainly cashless' because although it is primarily for a honour-based, favour-based, merit-based system of transaction, it may, in special circumstances, be exchanged for cash.

Cash Value of RCC Merit Coin:

Two M€RITs/M€₹s are directly pegged to and are redeemable for 1 CHRISTINECoin (CHRX) which in turn has a value of $27 USD/$USDT. One M€₹ is therefore equal to 1/2 of CHRX.

In order for M€₹s to be redeemable for CHRX (which are then redeemable for $27 USD), the following criteria must be met:

1. The M€₹s to be redeemed must each have been in circulation for at least 12 months since date of minting/creation.

2. The M€₹s must each have changed hands/been traded at least 39 times.

3. The holder seeking to redeem the M€₹ tokens must demonstrate financial need or emergency that necessitates swapping the M€₹ for currency instead of favours.

These measures are in place to prevent abuse of the intent of the coin and system to encourage and facilitate the development of trade based on honour, merit and favours, so that people can better participate in the economy as equals.

How M€₹ are Minted: 

M€₹ is normally directly pegged to CHRISTINECoin (CHRX) at a ratio of 2:1 - Two M€₹ equalling One CHRX. They are normally generated when someone fills out an application form requesting M€₹ to the Quartermaster (QM) of RCC copying the Commissioner (Commsr) and buys CHRX, attaching a copy of the receipt for the purchase to the request email sent to the QM and Commsr. Each purchase of CHRX, except for the very first initial purchase, will yield 2 M€₹.

Every first purchase of CHRX, however, will mint 12 M€₹ tokens for the buyer, and every subsequent buy will mint 2 M€₹s. 

If the buyer stakes their CHRX for one year, they will earn/mint 18% of the amount of CHRX staked, and 2 M€₹ for every CHRX minted.

The above process is the one that can be followed by adult members of the RCC and members of the general public who seek to participate in the M€₹ trade system.

For Ranger Cadets (R/Cdts) however, M€₹ coins can be minted through their earning it through achieving certain benchmarks. R/Cdts may earn and mint M€₹ without buying directly if they:

1. Have passed Recruits Test

2. Have attended at least 70% of training sessions every month for at least 18 months

3. Have consistently contributed membership dues (at least 80% of the time) for at least 18 months

4. Have maintained at least 55% academic average 

5. Have made their khaki Duty & Parade Uniform (DPU).

R/Cdts receive 12 M€RITs initially in their personal wallets (MetaMask), then 2 more M€₹s for every additional 18 months that they maintain 70% attendance for training, 55% minimum academic average and minimum 80% consistency in contributing membership dues.

R/Cdts and other holders/buyers of M€₹ can then give M€₹ tokens to peers and willing merchants with the promise of returning a favour or favours in the future.

How to Trade/Share RCC Merit Coin:

M€₹ shall be exchanged both digitally and physically.

The mechanics:

1. The holder/buyer/issuer of M€₹ shall send a digital image of a particular Merit Coin (M€RIT/M€₹/M€R) bearing a specific serial number to the merchant/receiver through social media or email, and as proof of transferral of ownership, shall also exchange a physical business-card-like M€₹ token matching the serial number of the digital coin image that was transferred.

2. The receiver/new owner will then scan the QR code on the physical business-card token, which will lead to an online ledger/datasheet tracking ownership and transaction of the M€₹ token, and will enter their name, date of ownership, contact information, ID number, and other particulars, and copy the ledger/datasheet link and email to QM and RCC's email addresses so the RCC can better keep track of ownership and transactions.

3. The new owner shall also use a pen to draw an X or tick and/or shade in one of the blank boxes on the business-card token to indicate a new owner.

Merit Coin Structure/Appearance:

RCC Merit Coins are represented by a logo based on that of CHRISTINECoin (CHRX), except that at the centre of the coin is the Merit Coin symbol M€₹ with the insignia of the RCC above and the specific serial code of that particular coin below.

On the black outer rim of the coin the letters "CHRX * CHRISTINECoin * CHRX" are swapped for "M€RIT / M€R / M€₹ * RCC MERIT COIN * M€₹ / M€R / M€₹".

The serial number below the M€₹ symbol consist of the date of production/minting and an 8-figure number denoting the consecutive numerical order in which that coin was produced on that particular date.

The symbol M€₹ is the abbreviation MER standing for Merit, with the Euro symbol (€) replacing the E and the Rupee (Indian currency) symbol (₹) replacing the R.

The M€₹ physical token is printed on a business card. The front features the Merit Coin logo bearing the particular serial number of the coin it is linked to, and below that the serial number repeated and CHRX’s contract address. To the right of this are boxes to be checked by each new owner of M€₹ and a small QR code for the new owner to scan and update the online ledger/datasheet. 

On the reverse side is a larger image of the QR code, below that is the CHRX contract address (to mint more CHRX to be translated to more M€RITs), and instructions that the token is redeemable for up to two favours, as well as instructions to scan the QR code, update the ledger and email the ledger link to the RCC email address. To the right of that are more blank boxes to be checked by subsequent owners/receivers.

How to Redeem M€₹:

Each M€₹ is redeemable for up to two favours/good turns. The issuer and receiver shall agree on how/when this is to be collected.

M€₹ is intended to primarily be a system of cashless, honour-based, merit-based exchange. Therefore, it is directly redeemable for one or two favours as declared by the previous holder/issuer on exchanging the digital image and physical token or as mutually agreed by both the issuer and receiver, and is enforceable by mutual agreement, personal honour and integrity. This way, R/Cdts and willing third parties maintain a system of trade and socioeconomic upliftment amongst themselves without direct need for cash which continues to inflate and decrease in worth, and which may not be immediately accessible to purchase goods and services.

However, sometimes cash is necessary, though it is comparatively lesser in value and continues to devalue through inflation. M€₹ therefore allows for the possibility of cash emergencies, but in order to protect the system of value-based, merit-based, honour-based trading from exploitation for financial gain, the following checks and balances are maintained:

1. In order to be redeemed, M€₹ must have been in circulation for at least 12 months since minting date on the serial number;

2. M€₹ must have been exchanged or traded for a minimum of 39 times – (27 times minimum may be considered in extreme cases of dire need) – as evidenced by the check marks on the physical token followed up by verification checks on the digital online ledger;

3. A letter/application form expressing need for the cash must be emailed to the QM and copied to the Commsr;

4. M€₹ may only be redeemed through a member of the RCC.

RCC QM/HQ after reviewing the submitted material, makes a decision on whether to approve or not. If approved, RCC reaches out to the registered holders of CHRX and asks for bids to accept the trade for up to 30% of the CHRX value in cash as a fee. RCC then reaches out to the holder of 2 M€₹s who has requested the transaction with a list of willing donors and their fees. The holder/applicant selects the one they want.

A holder of 2 M€₹s who is approved after submitting the digital image of the coin, a scan/picture of the business card token and after selecting the person they want to transact business with, must then update the online ledger to state that the coin is destroyed and must then submit picture evidence of destroying the physical token via email to RCC QM.

The selected holder of CHRX then burns their CHRX for USDT and withdraws it as USD and sends to the applicant, withdrawing their transaction fee, and receiving 1 M€₹ from the RCC as gratitude for facilitating the trade.

RCC Merit Coin Whitepaper:

CHRISTINECoin Whitepaper: (emergency monetary backing for M€₹):