Ravencoin is a decentralized platform that enables the transfer of assets from one party to another in a secure and anonymous way. It was created by an experienced team of developers who saw the need for a new, more efficient and scalable blockchain protocol.
Ravencoin is a new cryptocurrency that is designed to be the future of digital asset transfers. It was created by mining veteran and former Bitcoin developer, Sunny King.
Caldwell, Justin contributed to this article. 23 March 2019
If you’ve been following the crypto sector for a long, you’re aware that new tokens, coins, and investment possibilities emerge every day. This is a place where developers may build something they’ve never imagined while also receiving assistance from the crypto community.
In the cryptocurrency market, there is no lack of investment possibilities; nevertheless, only a few will prove to be profitable in the long run.
Ravencoin is one of the most recent currencies to enter the crypto market. In little over a year, this currency has amassed a sizable support structure and following among the general public. Ravencoin has surpassed all expectations in less than 14 months, making it one of the most interesting currencies on the market.
However, you are not required to accept our word for it. Our Ravencoin review will tell you all you need to know about the cryptocurrency. Who it is, what it does, and more are all revealed.
What exactly is Ravencoin?
Ravencoin is an open-source cryptocurrency that debuted on January 3rd, 2018. The platform allows assets to be tokenized, allowing them to be moved on the blockchain. Other blockchains, like as Ethereum and Bitcoin, have the capacity to conduct asset transfers, but that is not their main function.
Raven’s tokens – RVN – assist in the creation of both nonfungible and fungible digital assets. They may also be used for tokens that aren’t dependent on assets, such as the VOTE token. Ravencoin’s consensus mechanism is powered by this token. Ravencoin operates similarly to Ethereum in this regard, since it concentrates on doing one job very well.
What’s in a Name, Anyway?
Message carriers and homing pigeons have been used by civilizations as far back as the Romans and the Persians. Many people are unaware, however, that these kinds of communications systems were utilized all the way up to the First World War. Because of its instinctive tendency to return to its nest, this kind of bird was employed.
Pigeons, on the other hand, don’t exactly conjure up images of excitement or attractiveness – they’re the rodents of the avian world. As a consequence, the Ravencoin team looked for something more interesting and came upon the carrier ravens from George R.R. Martin’s Game of Thrones books. These ravens were used to create a secure and quick communications system. Ravencoin is built on this foundation.
Ravencoin is a Bitcoin fork, which implies it has a similar architecture to the original cryptocurrency. Ravencoin, on the other hand, has upgraded its network to address Bitcoin’s scaling issues. As a consequence, Ravencoin miners may expect faster block times, a larger supply of coins, and greater payouts for their efforts. Block founded CoinCPA in 2013, which offers an accounting solution for cryptocurrency.
Ravencoin is a cryptocurrency created by Ravencoin.
Ravencoin is an open-source fork of Bitcoin led by Tron Black and Bruce Fenton. Black is a programmer and entrepreneur that works on blockchain-based technology. He’s also the founder of a number of other successful cryptocurrency companies.
Fenton, on the other hand, started his career at Morgan Stanley Dean Witter in New York. He founded Atlantic Financial Inc. as a stockbroker, although he is not the managing director of the business. He also established Chainstone Labs, a firm specializing in security tokenization, decentralized asset management, and blockchain technology. Fenton was also an executive director of the Bitcoin Foundation.
What Issues Does Ravencoin Address?
Ravencoin seeks to address the absence of an open-source blockchain that is particularly designed for asset transfers. Despite the fact that prominent cryptocurrencies such as Ethereum and Bitcoin have the capacity to transfer assets, they were not created with that goal in mind. As a consequence, they have a number of serious flaws.
One of the Bitcoin blockchain’s flaws is that it does not automatically identify whether or not an asset is embedded. This implies it has the potential to damage a user’s asset unintentionally. For example, if you transfer Bitcoin to an exchange that includes the asset, the asset will be destroyed.
Furthermore, the assets must be integrated into Bitcoin rather than their own token. As a consequence, you’ll have to utilize tiny amounts of bitcoin, which, depending on the price of bitcoin at the moment, might be a very costly endeavor.
ERC721, ERC223, and ERC20 Ethereum tokens, on the other hand, all allow asset transfers and smart contracts. The issue with utilizing Ethereum for asset transfers is that you may become confused since there might be several tokens with the same name on the market at the same time.
As a consequence, while trying to uniquely identify the asset to guarantee that each party got the correct item, you may make some errors. Furthermore, neither Bitcoin nor Ethereum offer a simple method for the token’s issuer to interact with people who own the token.
Ravencoin’s Response
Ravencoin promises to offer a solution via a bitcoin-like infrastructure that is asset compatible, according to its whitepaper. This eliminates the need to provide Bitcoin with each transaction, preventing someone from accidentally destroying an asset while transferring it.
Ravecoin’s protocol allows users to give their assets and tokens unique names without having to worry about mining. These tokens are readily transferable and may be used for any purpose the user or token creator desires. In essence, they are limited-supply tokens that represent a particular asset. These assets may then be readily transferred from one user to another via a Ravencoin address.
These tokens may be used to represent whatever the user wants. Books, artwork, equities and stocks, property titles, and much more may be included. The Ravencoin platform also includes voting and messaging capabilities. This allows token issuers to communicate with people who own their tokens.
Holders of Ravencoin may also get notifications that they need to vote through the Ravencoin messaging system. The issuer may then generate vote tokens and distribute them to all token holders. Then, by sending their tokens to a specific protocol address, holders may vote.
RVN ICO
Ravencoin does not have an initial coin offering (ICO), therefore none of the creators own the bulk of the RVN coins. This is a Proof-of-Work project, which means that anybody with a computer may mine Ravencoin. It has the support of two well-known members of the crypto community and provides Bitcoin credit. The RVN community is appreciative of Bitcoin developers’ efforts, and as a consequence, they have enlisted the assistance of a few Bitcoin developers.
Ravencoin’s Advantages
Ravencoin has many characteristics that come in useful for specific token platform use cases, in addition to some of the unique elements we’ve previously discussed. Here’s what you may anticipate if you use Ravencoin’s platform:
- Ravencoin native wallet and client: Ravencoin’s native wallet and client can manage, generate, and transfer assets. The Ravencoin client is also asset-aware, which implies that its assets have unique names rather than just a contract address. You won’t need to bother about downloading a wallet to store your RVN tokens. Developers do not need a particular browser to execute or submit smart contracts. It’s only one of the Ravencoin blockchain’s main features. Ravencoin’s network, in reality, does not support smart contracts in any way. Because this differs from how Ethereum handles things, there is no need to charge fees for gas.
- Messages: RVN holders may receive messages from the coin issuer, allowing them to interact with other RVN holders. Elections may be initiated by issuers, and they can engage with investors. There is an opt-out option in the messaging system, and it may be used to build particular assets that establish communication channels inside the platform.
- Dividends: Ravencoin issuers may now pay RVN dividends directly to token holders. This capability is a crucial feature that adds to the platform’s security. It also makes it simpler for token issuers to compensate investors.
- Voting: Token issuers may use the messaging system to inform stakeholders of a vote and remind them when it’s time to vote. Token holders are subsequently given Vote tokens, which they may use to express their voting preferences.
- Ravencoin differs from Ethereum in that it does not have the ability to execute smart contracts directly on its network. This is a significant distinction that has a direct bearing on the ability to scale. Ravencoin, on the other hand, has a second layer option that enables smart contracts through RSK. This enables the platform to concentrate on transaction completion rather than code compilation and execution.
- Ravencoin has two different asset kinds that it supports. Here’s a short rundown of what they’re all about:
- Token issuers have the ability to produce a single unique token. This implies there will only ever be one of them. If you just want to prove ownership of one unique item, a unique asset token comes in useful.
- Sub-Assets: After releasing an asset, token issuers may also release sub-assets. A sub-category has these sub-assets. A sub-asset, on the other hand, comes with an extra charge.
- Ravencoin tokens are issued via a burn process in which only RVN is accepted as payment. As a consequence, you won’t be able to build an asset without RVN. Establishing an asset will put you back 500 Ravencoins, while creating sub-assets will set you back another 100 Ravencoins. These are then forwarded to a burner address, where they are permanently removed from circulation.
- External Metadata References: From a technical standpoint, this isn’t a big issue, however the RVN protocol enables you to reference documents outside of the network. This is excellent for individuals who are working on agreements between persons that refer to items like securities that are not on the platform. As security tokens gain traction in the crypto community (which we’ll discuss shortly), having a mechanism for investors to request and receive contracts or other real-world assets makes sense.
- Ravencoin will be supported by the Lightning Network, which is now all the rage. This implies that utilizing the Lightning Network technology, you’ll be able to conduct very rapid transactions and transfers.
STOs and Ravencoin
As previously said, security tokens are having a significant effect on the cryptocurrency industry. As a consequence, a growing number of currencies and platforms are focusing on supporting and administering Security Token Offerings.
TokenizeEU has decided to use Ravencoin instead of Ethereum for its security token sales. It mentioned a number of characteristics of the Ravecoin platform that made it a good fit for their business. Tokenize EU is a business based in Europe that assists companies in structuring their STOs in order to comply with European Union laws and standards.
TokenizeEU’s choice of Ravencoin may have raised some eyebrows in the crypto world, but it firmly establishes Ravencoin as a platform capable of issuing security tokens. Ravecoin’s voting and messaging mechanism, dividend distribution, unique name system, and asset creation all contributed to the coin’s success with TokenizeEU.
Competition
Ravencoin is one of several initiatives on the crypto market that provide comparable features and capabilities. Ethereum has been suggested many times as a platform that allows users to generate tokens. Ethereum, on the other hand, isn’t primarily concerned with tokenization.
Other initiatives, like as Enjin Coin and WAX, allow for the tokenization of digital assets, although they are mostly focused on the gaming sector. Polymath is in a similar situation since it focuses on securities.
Bytom is probably the most comparable project you’ll come across. Ravencoin and Bytom are virtually similar in terms of their platforms and objectives. However, there are a few distinctions. Bytom permits ASIC mining and conducted an ICO, both of which Ravencoin did not participate in.
Is Ravencoin a Good Investment?
Pros
- In the crypto realm, tokenizing assets is an interesting and rapidly expanding area. Many marketplaces will be able to use blockchain technology because they will be able to handle the movement of real-world assets. Although there are rivals that have been in the market longer than Ravencoin, the project stands out because of the many advantages it offers to its customers.
- Ravencoin has made a firm commitment to avoid ASIC mining. Because RVN is so community-focused, ASIC resistance is critical because it enables new miners to hop right in and start mining. It also provides them with a level playing field by enabling them to utilize consumer-level hardware.
- The shares and securities sector is an intriguing area that Ravencoin has the potential to disrupt. Creators may compensate token holders for owning their tokens by tokenizing assets. Securities and regulatory agencies are beginning to take cryptocurrencies seriously, implying that securities on a blockchain are just a matter of time. Ravencoin is in a great position to take a piece of that pie.
- Ravencoin was created with the sole purpose of giving a value to one-of-a-kind items. RVN offers a method to authenticate ownership of assets by tokenizing them. Tokenizing assets is a novel concept. An asset cannot be held by another person or project after it has been registered.
- Ravencoin is an excellent chance for investors to join a market that will almost certainly see substantial capital inflows in the near future. Ravencoin is cheap in comparison to other, smaller initiatives in the same sector, and has a lot of room for development. Ravencoin will undoubtedly be a major participant in this area, thanks to its completely decentralized architecture.
Cons:
- The amount of Ravencoins accessible is a major source of worry in the Ravencoin community. The value of any current tokens in circulation will decrease when additional RVN enters the market. This is a significant issue for people considering long-term investments. The amount of coins accessible, on the other hand, may not be as essential if the project gets momentum and acceptance.
- While Ravencoin is doing all it can to differentiate itself, it faces stiff competition. Polymath, for example, is actively competing in the same area and has raised a considerable amount of money from investors. Because of their financial resources, individuals with the greatest money can usually go on with growth at a faster rate. While this isn’t a major issue for Ravencoin at the moment, it is something to bear in mind for community-driven initiatives like RVN.
- While there may be some additional issues like not having key devs identified or not having an official ICO, they are minor in comparison. Ravencoin is backed by a robust community and excellent foundations.
Ravencoin is currently available on the world’s most popular exchange.
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Last Thoughts
Ravencoin is a blockchain initiative that aims to make it easier to transfer assets electronically. While this isn’t revolutionary in and of itself, it is a use-case that may see widespread implementation. RVN is able to generate and manage conventional assets by tokenizing them. Land deeds, artwork, gold, and any other valuable real-world object fall into this category.
Ravencoin may also be used to transfer commodities like as business shares, sports event tickets, and even reward points. According to Ravencoin’s whitepaper, the project may also serve as a foundation for people who are just getting started with cryptocurrencies and blockchain. It’s a good place to start, thanks to its Bitcoin-based technology and Ravencoin-specific features.
Ravencoin is a fascinating initiative that is currently finding its footing. It’s only been operating for a little over a year, but it’s already had a lot of success and forged many important relationships. While building a solid following and community, RVN has received a lot of positive publicity.
The Ravencoin blockchain has expanded rapidly in the last fifteen months and will continue to do so as it develops. Ravencoin has a bright future ahead of it, despite the fact that it is a tiny coin and a little-known initiative. It has its job cut out for it as it progresses, but it’s one we’ll be watching closely in the future.
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DISCLAIMER: The activity of the cryptoassets discussed in this paper is uncontrolled. This post is not intended to provide financial advice. Always do independent research.
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Author Biography
Justin Caldwell
Justin has an MBA from Baker University and is interested in learning more about the real-world uses of blockchain and cryptocurrencies. He is a bitcoin investor with a long history of writing experience. Justin has his own Medium site, https://medium.com/crypto-pilgrim, where you may follow him.
The how to mine ravencoin is a question that has been asked in the past. This article will answer all of your questions about Ravencoin, including how it works and what makes it unique.
Frequently Asked Questions
What is Rvn used for?
Rvn is a program that can be used to record and stream gameplay on Twitch, YouTube, Mixer, and more.
Is Ravencoin a good investment?
Ravencoin is an open-source, peer-to-peer decentralized platform for sending payments and interacting with smart contracts. Its a good investment if you want to invest in cryptocurrency that has a lot of potential.
What is special about Ravencoin?
Ravencoin is a new and improved version of Bitcoin. It uses the same blockchain technology as Bitcoin, but it has a few different features that make it unique.
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