Radicle is a peer-to-peer network used by developers to collaborate in the creation and management of software, fully decentralised and with a crypto acting as a governance token, known as RAD.
The project aims to create a collaborative environment in the Web3 space, bypassing centralised code repositories such as Github.
Let us take a closer look at what Radicle is and how it works.
Summary
What is Crypto Radicle (RAD)?
Radicle is an open source, peer-to-peer network founded in 2018 by Alexis Sellier and Eleftherios Diakomichalis with the aim of developing a sustainable and fair way to fund and maintain public software projects.
It is an alternative to GitHub and other centralised code repositories, where users can freely participate in public software by eliminating the presence of third-party intermediaries, a concept that underpins all open source projects such as Bitcoin.
All network data is stored locally and distributed by participants, allowing developers to collaborate on Git repositories without the need for a central server.
Radicle is free and designed to be highly secure, privacy-preserving and censorship-resistant.
In line with the ethos of accessibility, Radicle also works in an offline environment, without the need for an internet connection, DNS or a proprietary collaboration application.
The network was initially developed on the IPFS storage network, but due to various technical complications that caused network speed issues, the team decided to move to the Git storage layer.
The latter, in a nutshell, acts as a database for the Radicle Link protocol, which is a P2P communication layer between users who want to collaborate on the same project.
Radicle Link allows programmers to share information and data by storing local copies on their personal hardware. The more people interested in working on a particular software project, the more it becomes accessible through Radicle’s cryptographic network.
All code changes, such as comments, issue detection and verification processes, can be done cryptographically either by using PKC or by creating a backup P2P repository for those using Github.
This architectural system provides security through redundant storage and reduces dependency on centralised third party server platforms.
Radicle and the benefits of integration with the Ethereum blockchain
In 2021, Radicle was integrated into the Ethereum network, creating the crypto-RAD that is central to the platform’s ecosystem.
In principle, Radicle could operate completely autonomously, without any blockchain support, to ensure free decentralised development among users, but undoubtedly the integration with Ethereum allows for a number of benefits that should not be underestimated.
First of all, with Ethereum you have the support of a distributed digital ledger that is transparent and verifiable by all in real time.
Furthermore, unlike the functionality allowed by GitHub, users can connect directly to the werb3 app “Radicle Interface” via a cryptocurrency wallet.
This allows users to link their Ethereum address or Web3 domain to the Radicle ID to find projects on the platform.
The creation of an ENS domain on the blockchain, ending in “.ETH”, makes it easier for individuals to read and find profiles, as well as connect to personal websites and link to decentralised social media.
Other advantages include the possibility of implementing a governance system.
Indeed, the Radicle cryptographic protocol includes a DAO in which owners of the crypto RAD (ERC-20 token) can vote on community proposals for future software development.
The works and projects approved by the RAD holders are then funded by a decentralised treasury.
The treasury itself receives liquidity from the commissions generated by users of the protocol.
As a result, the more Radicle is used by users, the more the software itself will be self-financing to improve from time to time.
To keep up with the latest code developments in the P2P collaboration protocol, you can visit the suggestions section or read the latest tweets on the official RadicleDao Governance profile.
The platform even offers a blockchain-based tool called Radicle Orgs, which allows access control to code repositories through the execution of smart contracts.
In summary, the Ethereum integration ensures immutability of project status, facilitates code collaboration for decentralised organisations, and introduces an economic model for collective governance and protocol ownership.
Analysis of the RAD token
The RAD cryptographic token is an ERC-20 cryptographic token that belongs to the Ethereum blockchain and is designed to unlock certain functionalities of the Radicle protocol.
The token has a dual use: firstly, it is used in DAO decision-making processes to vote on proposals made by the community.
Secondly, it can be used to obtain discounts on Radicle protocols, which would otherwise require the payment of basic Ethereum fees in order to function.
The total supply is set at 100 million units, 50% of which is currently held in the project’s treasury.
The remainder of the RAD supply has been distributed to the Radicle team, the foundation and early supporters of the technology.
A portion of these tokens have initially been earmarked for network promotion and a pool on Balancer for liquidity bootstrapping, following approval of a formal proposal in February 2021.
RAD can currently be traded on centralised platforms such as Binance, Coinbase, Kraken and Bitget and on DEX such as Uniswap V2.
On the speculative front, the cryptocurrency saw unusual trading activity from 23 April to 5 May, with the price rising from $1.68 to a high of $6.26 (touched only by a spike).
In the days that followed, the token returned to trading at a much more normal pace, erasing some of the gains from that period.
The all-time high for RAD is around $30, a far cry from the current price with a drawdown of over 90%.
Although Radicle’s infrastructure is technologically very interesting, the token has questionable characteristics on the tokenomics front and a marginal utility that does not reflect the true value of the project.
If the team puts more emphasis on RAD in the future, we could see a return to all-time highs, although for now there seems to be no change in sight.
