Press Release regarding the Rowan Vault feature.
Recently it came to our attention that the Rowan Vault was incorrectly calculating interest for the users utilising it. We have identified the issue and are working to rectify it. Please note in no way does the issue affect the main Rowan Blockchain or the use case for home renewable energy generators.
As such we have currently switched off the ability to add extra amounts into the vault or for new users to use it.
In order to facilitate users who may wish to remove tokens, withdrawal restrictions are being lifted on current vault deposits, and the new vault software correctly applying the rules will take effect on Monday 21/09/2020 at 8am GMT.
Please note that all restrictions or time locks on removing coins have been lifted and users will have until.
Rowan Energy is primarily a company concerned with allowing people who generate home renewable energy to benefit from REC's, and uses RWN as a reward token for them. The ability to openly trade RWN as a cryptocurrency is an additional feature but primarily it is designed as a rewards token, NOT a currency.
The Rowan vault feature is for people who are holding RWN tokens but want immunity from the publicly traded rates and to instead have a fixed predictable interest.
When adding funds to the vault you select a fiat value. RWN to cover that value at the current market rate are transferred out of your wallet into the vault. You then earn interest at a fixed rate based on the fiat value (NOT the changing value of the RWN you transfered in).
Over time you earn interest until you decide to cash out. At that point you get RWN back equal to the fiat value of your vault holdings, at the current RWN market rate.
For example (all numbers are examples only for demonstration), you decide to transfer $1000 into the vault and the current market price of RWN is $0.05.
20,000 RWN (1000/0.05) are removed from your wallet and you now have a fiat value of $1000 in the vault.
Any price changes on the listed price of RWN DO NOT affect your holdings in the vault.
That vault earns interest on the $1000 until you have $1500 and you decide to transfer back into RWN.
The market price of RWN has now dropped to $0.04 so you get 37,000 RWN back. (1500/0.04)
Alternatively the market price of RWN has gone up to $0.06 so you get back 25,000 RWN back (1500/0.06)
THIS WILL BE CORRECTLY BE COMING INTO EFFECT FOR ANY TOKENS IN THE VAULT Monday 21/09/2020 at 8am GMT
At that point any tokens you have in the vault will be converted to their current fiat value and the above rules will apply.
If you do not wish to use the above functions please remove your funds from the vault to your wallet before this point, and your RWN will stop earning interest and will be sent back for you.
As stated above, the vault is a means for user to earn fixed interest on their fiat value when adding RWN to the vault as a protection against trading market fluctuation. In particular it is designed for those individuals who do not wish to trade but have earned RWN as a reward token as part of the REC generation process.