Ravencoin, a bitcoin fork, is a relatively young token; since January 3, 2018, it has been hovering among cryptocurrencies. But in recent months, the coin has attracted attention due to its skyrocketing prices. The name is fictitious, borrowed from the fictional world of the Game of Thrones. Here is how you read on the main page:
“In the fictional world of Westeros, crows are used as messengers who convey true statements. Ravencoin is a blockchain case-by-case that should provide true statements about who owns these assets. ”
Having achieved this, the blockchain of Ravencoin is designed for specific purposes. On the one hand, this should help determine the ownership of the assets flawlessly. On the other hand, Ravencoin, like Bitcoin, wants to make direct payments possible. As the open source project emphasizes on the main page, it is completely decentralized: none of the main nodes, and especially ICO, is behind the project.
Two faces of Ravencoin
Bruce Fenton, a high-profile expert from the traditional financial sector, is the father of Ravencoin. Bruce is known as a supporter of Bitcoin, who served as Executive Chairman of the Bitcoin Foundation from 2015 to 2016. His experience made him discover the future potential of blockchain for the financial securities industry.
Tron Black is one of the seven leading developers of Ravencoin working at Medici Ventures, a subsidiary of Overstock.com. Bruce was friends with Patrick Byrne, CEO of Overstock.com, and that was how Tron became involved in Ravencoin.
Ravencoin – this is Ethereum security tokens
According to TheTokenist, Tron commented on the friendly nature of Ravencoin compared to Ethereum:
“I do not know whether we are trying to replace Ethereum or something like that. Although I would say that for the purpose of the ERC-20 we are much easier to use. So I think it will go a long way.”
Although Ethereum is a leader in security token standards, the programming language for intelligent contracts is usually limited to specialized developers. The beauty of smart contracts lies in the ability of developers to create their own protocols and symbolic standards that must conform to the rules they set. As blockchain technology continues to expand beyond digital currencies, as we see with Bitcoin, Ethereum has witnessed significant success.
The user-friendly features of Ravencoin seem to suggest, as described by Tron, that Ravencoin can become such a leader, and perhaps even become the Ethereum of security tokens.
Ravencoin changes bitcoin protocol
The community has changed the bitcoin protocol in four main ways:
Block Reward 5.000 RVN
Block size (1 minute)
Number of coins available (21 billion)
Algorithm mining (X16R)
With the modified X16R development algorithm, the team wants to fight the growing centralization of mining by ASIC miners. As can be seen from the white paper X16R, X16R is based on the same algorithms as X15 and SHA512, but in a different order. ASIC miners cannot be prevented by this, but this makes the CPU and GPU more likely.
In addition, the entire mining process is based on bitcoin – instead of pre-mining, as in many ICOs, there is a Genesis block, which exists from the very beginning, after which theoretically anyone can mine Ravencoin.
In Ravencoin, there is also a halving – this happens every 2,100,000 units – the reward is halved from 5,000 to 2,500 equal numbers, this should happen for the first time in four years.
If you want to get started, you can create a paper wallet here and look around the mining pools here.
The project is currently at stage 2. After a successful start, the Ravencoin community is in the process of implementing ways to transfer assets and property rights. At later stages, Ravencoin also plans to make the exchange of messages and elections possible. The entire roadmap can be found in the Github account.