Ravencoin is a digital peer-to-peer network designed to implement a use-case-specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was launched on January 3, 2018 as an open source project (no ICO or masternodes). It focuses on building useful technologies with strong and growing communities.
What is Ravencoin?
Ravencoin is a digital peer-to-peer (P2P) network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was announced on Oct. 31, 2017 and released binaries for mining on Jan. 3, 2018 with what is called a fair launch with no premine, ICO or masternodes. It was named in reference to a TV show Game of Thrones.
How did Ravencoin started?
In November 2017, Ravencoin's post on Medium quoted Game of Thrones when introducing this experimental currency:
"In the fictional world of Westeros, ravens are used as messengers to deliver statements of truth." Aims to show that Ravencoin is a scenario-specific blockchain designed to record truthful statements about who owns which assets.
Initiated on January 3, 2018, the ninth anniversary of Bitcoin's launch, Ravencoin is an open-source project that aims to provide instant payments to everyone around the world. The purpose of the project is to create a blockchain specifically optimized for transferring assets such as tokens from one holder to another.
Who Are the Founders of Ravencoin?
The Ravencoin whitepaper was published by Bruce Fenton, Tron Black and Joel Weight.
They stand out over the majority of the crypto crowd in that they were all seasoned businessmen and developers before they started this project.
Fenton is well known in crypto for being a board member and an executive director of the Bitcoin Foundation from 2015 to 2018. Before crypto, he had a solid career in investment banking as the vice president of Morgan Stanley in the 90s and a managing director of Atlantis Consulting for 13 years. Currently, he works as a managing director of Chainstone Labs, a stealth fintech startup.
Tron Black is a principal software developer with more than 30 years of experience, including leading several software companies as a CEO. He has been working in crypto since 2013 on several ventures including Verified Wallet, CoinCPA and t0. He is currently employed with Medici Ventures, a subsidiary of Overstock.com focused on blockchain technology applications.
Weight is a chief technology officer at Overstock.com, a well known online retailer. Previously, he has also been involved with Medici Ventures in roles of COO and CTO. He is a veteran software developer who started his career after graduating from the University of Utah in 1998 right in the middle of the dotcom bubble.
What Makes Ravencoin Unique?
As a fork of the Bitcoin code, Ravencoin features four key changes: modified issuance schedule (with block reward of 5,000 RVN), block time reduced to one minute, coin supply capped at 21 billion (a thousand times more than BTC) and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) intended to mitigate the centralization of mining caused by ASIC hardware.
Ravencoin aimsto solve the problem of asset transfers and trading over blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with.
RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain. The assets can represent anything: real world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles or an hour of someone’s wage, etc.
The planned future versions of Ravencoin protocol will support integrated messaging and voting systems.
What are the application scenarios of Ravencoin?
Ravencoin has the potential to be used on a large scale. This is because that the Ravencoin has a large total issuance volume, fast transfer speed, resists ASIC mining, and conforms to the principle of "one CPU, one vote". It is conducive to the decentralization of rights and the growth of the community, and has the potential to be used by people on a large scale.
The assets on the Ravencoin chain has great prospects. Some of the examples such as real-world gold and silver, banknotes, land deeds, loan contracts, etc. can be mapped to the blockchain through the Raven protocol, and can also be used to issue security tokens and utility tokens, which can also be used to represent virtual items such as tickets, event licenses, access tokens, game items, and more. On-chain assets will also have functions to distribute dividends, dividends, profits, etc.
Verdict of Ravencoin
The vision of the RavenCoin project, compared to other blockchain projects, is very simple and clear: simple and convenient creation and management of assets. From a technical point of view, the vision of the Ravencoin project can be realized on both Bitcoin and Ethereum. The Ravencoin project is just more focused on the "small" functions of asset issuance and management.
