Updated: Dec 20, 2019
Ravencoin was launched on the 3rd of January 2018 without ICO, master nodes or pre-mine to improve upon Bitcoin and Ethereum, solely in the trading segment. Ravencoin is an open-source blockchain project, intended to facilitate immediate payments around the world. It allows for on-chain transfer and issuance of any digital asset, including security tokens, and focuses on building an open-source technology for management, and implementation of trade trading.
This guide will explain what Ravencoin is designed for, its creators, the way it works, and the various uses and applications.
What Is Ravencoin Designed For?
Ravencoin is a digital network, aimed at providing an alternative to the inflexibility and limitations, afforded by both the Bitcoin and the Ethereum platform, for asset trade. The Ravencoin (RVN) blockchain platform is a peer to peer (P2P) blockchain that permits the efficient conception and transfer of assets, instant payments, and token issuance between the intended parties.
Focused on building an open-source blockchain technology, Ravencoin has a strong and emerging community that aims at executing simple issuance and management of tradable assets, on a blockchain network. Ravencoin is a blockchain, built specifically on a code fork of Bitcoin to improve on its trading aspect.
It focuses solely on the management and trading of digital assets, including security tokens. It also provides a block time that is one-tenth of Bitcoin’s. Ravencoin thus provides a dedicated solution to minimize any potential issue in the asset trading segment.
Who Is the Team Behind Ravencoin (RVN)?
Ravencoin was announced at MIT, Texas Bitcoin Conference, social media and other events in October 2017, by Bruce Fenton. It was launched on Oct 31 to coincide with Bitcoin’s 9th birthday and went operational in January 2018.
At the time of its commencement, the core team was funded by Medici Ventures, who are owned by Overstock.com. Bruce Fenton was an early advocate of Bitcoin and served as Executive Chairman of the Bitcoin Foundation, from 2015-2016.
Medici Ventures is a wholly-owned subsidiary of Overstock.com and was launched in 2014, with the vision to change the world by advancing blockchain technology.
How Does Ravencoin (RVN) Work?
Ravencoin can be touted as the answer to both Bitcoin and Ethereum’s lack of specialization, in transferring the assets. It is a decentralized open-source blockchain network that relies on its peer to peer community, for the exchange and management of digital assets.
It follows a new mining algorithm X16R to prevent ASIC mining. Since Ravencoin is a Bitcoin fork, it uses the Bitcoin’s UTXO model. This enables it to afford reliable protection against accidental destruction since, both the protocol involved and the network are aware of the asset existence and their end transference.
Users have the opportunity to issue tokens, track as well as transfer them with each other. It enables both the creation and trade of real-world assets, like land deeds, gold bars, etc. and digital assets like a software license, gaming and so on.
For asset creation, the user has to burn RVN and present a unique token name. Thereafter, the numbers of tokens are set to their exact decimal places and their future issuance is determined.
These types of tokens are the most basic forms facilitated on the Ravencoin platform. Apart from these basic tokens, Ravencoin has Rewards, Unique tokens, and Non-Asset tokens. Its only aim is to facilitate optimum specialization in the area of trading and management of assets.
What are Current and Future Applications of Ravencoin (RVN)?
Several ongoing projects currently make use of the Ravencoin framework:
NVRMOR.io: The creators of NVRMOR are a group of artists, focused on using the Ravencoin blockchain as an instrument, for the tokenization of digital art. This gives the RVN platform the same scarcity as traditional media. This project at present allows the artists to form non-fungible tokens, which are then directly attached to the artist’s work. With this, the artists can then issue “trading cards” to trade on the Ravencoin platform.
Vincent Wine: Ravencoin technology is used by this wine-trading platform to permit peer-to-peer trading of wine futures. There is no intermediary involved in this trade, like other futures markets. Ravencoin generates a direct link between consumers and wineries. Vincent wine users can get access to limited edition wine, directly from the boutique wineries through their app.
Guncerts: This platform facilitates gun ownership through tokenization. Ravencoin tokens are used to accumulate pertinent information about the firearm namely its make, model, and serial number. This is then directly linked to the token, by laser etching it on the gun. Ravencoin asset digitization facilitates privacy retention while gun owners prove, transfer ownership or record repairs.
Bits Be Trippin: The owners of the Boring Not-A-Flamethrower use Ravencoin technology in the Bits Be Trippin project. Ravencoin tokens are used by the Boring Not-A-Flamethrower user, to share the best memories of the device. The device history though remains under the direct control of the Not-A-Flamethrower owner, thus providing control to the owners.
TokenizEU: This is a more traditional utility and takes full advantage of Ravencoin’s security token offerings.
TokenizEU, owned by Comstar, is a platform for configuring STO’s in compliance with European Union regulations. Ravencoin network enables token holders to be contacted directly, undertake vote participation and receive dividend payments proportionate to their holdings.
Apart from these, there are many other ongoing Ravencoin projects, which deal with a variety of different needs and interests. Ravencoin goes beyond being just a cryptocurrency to be crypto money. This helps in diversifying and expanding its decentralized ecosystem at a rapid pace, enabling its users to include any asset transfers, storage, and exchanges.