Ravencoin is a blockchain specially designed to the creation and peer-to-peer transfer of assets. For instance, it is just like Monero that focuses on the privacy while the Ravencoin focuses only on the asset transaction.
Its name is derived from the avian delivery system of choice in Westeros. It was a fictional continent in the sword-and-sorcery fantasy series. It is known as something carrying the statements of truth. In the same way, it carries a statement of truth on the block chain as to who owns the assets.
400 developers from the Bitcoin participated in the development of Ravencoin and turn this dream into a reality. The Ravencoin network is free and open source. The network is mined and issued straightforwardly with no pre-mine or developer allocations. It is not all about the money. Its need is protection, oversight obstruction, freethinker to jurisdiction and user-control. However, it still offers simple optional features to consumers on a need basis.
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How does the Ravencoin works:
Ravencoin is based on the Bitcoin’s UTXO model. Let’s start with the current model block chain asset solutions limitations.
What are the current limitations?
As we all know that putting assets on blockchain is not a new phenomenon. Counterpart, on top of Bitcoin, has been an option since 2014. And there are several token standards available using Ethereum including ERC721, ERC223 and ERC20 to name a few.
Undoubtedly, if you attach your assets to such renowned parent block chains, you’ll surely enjoy more security but those also have shortfalls. For instance, as far as the counterpart is concerned, the assets are connected to standard Bitcoin transactions. If you want to make a transaction, you’ll have to spend enough of the base currency (Bitcoin) so that your transaction is executed. If the fee is high, such a transaction will be costly for you.
In addition to that, these networks don’t offer protection against common transaction issues. For instance, you may be unknowingly carrying the coins like ERC20. If you send that token to the wrong exchange or certain wallet, the underlying asset may be destroyed.
The difference between Bitcoin and Ravencoin
Despite the fact that Ravencoin is a Bitcoin fork, but it works on a separate block chain. We have highlighted 4 major differences between the two.
- Mining algorithm: Ravencoin uses X16R while Bitcoin operates on the SHA-256 hashing algorithm.
- Coin supply: Total 21 bln RVN will be supplied as compared to the 21 mln BTC.
- Block time: At one minute, Ravencoin’s block time is one-tenth of Bitcoin’s.
- Issuance schedule: The Bitcoin mining reward starts at 50 BTC while the Ravencoin reward begins at 5,000 RVN.
Besides, unlike the traditional crypto coins, Ravencoin doesn’t hold an ICO and doesn’t keep any RVN in a founder’s pool.
Transfer process and asset creation
If you want to generate asset tokens, you’ll have to burn few Ravencoins and create a coin name. The name should be unique. In the next phase, you’ll have to set up the token numbers. These are the token you desire to issue or not in the upcoming future.
These tokens assist to prove authenticity and can’t be replicated.
These unique tokens are really helpful if you want to verify the ownership. Car registration, fine art collecting and software licensing are just few examples of assets that would use these tokens.
It involves the process of distribution of Ravencoin rewards. You can distribute it among coin holders. These include anything ranging from company’s dividends to customer loyalty points.
Like the Ravencoin, many other projects are offering similar functionality. In addition to the Ravencoin, platforms such as Waves and Ethereum are offering the facility to create tokens. But tokenization isn’t the focus of those platforms.
Counterparty is yet another famous token platform but it is tethered to the network of Bitcoin. It can work either as a strength or weakness depending upon whom you talk to. For instance, Polymath offers tokenized digital assets but it targets securities sector, while Enjin Coin and WAX are in the same boat but they offer the facility for online gaming. Bytom is also quite similar to Ravencoin.
Where to store RVN
As far as the RVN storage is concerned, we come across few options.
The developers of Ravencoin offer Android wallet and a desktop wallet to store RVN while an iOS wallet is under the phase of development. The team is also working for options like Ethos, Coinomi and Jaxx. Besides, you can also use the paper wallet generator available on Github and PocketRaven online wallet.
Where to buy RVN
There are two options to buy Ravencoin:
- From an exchange
You can check the Bitcointalk forum to select a mining pool to mine the Ravencoin. An extensive mining guide is also available on their wiki. As far as the exchanges are concerned, you can buy it with Bitcoin on Binance, Bittrex, Upbit, and CryptoBridge; CNY on QBTC, Nano on Nanex.
It is quite a new project with lots of challenges. At the moment, we can’t predict about the success or failure of Ravecoin but the concept is really compelling and attractive.