What is Ravencoin?
Ravencoin is a digital peer zeroo peer 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 launched January 3rd, 2018, and is a open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community.
I found Ravencoin promising from a human capital perspective, as the project is backed and endorsed by people such as Bruce Fenton (Medici Ventures), Patrick Byrne (Overstock, tZero) and of course, Tron Black (RVN lead developer). Tron Black mentioned during our call that the team has been receiving some help from a former Pivx developer as well.
Unique characteristics of Ravencoin:
- ASIC free – Uses an X16R hashing algorithm (miners love this)
- No Premine – Genesis Block launched, opening mining started
- Fair Launch – meaning, on day one, everyone could have started mining
- Recently listed on Binance and Bittrex exchanges
- Individuals ask about price and do price checks, developers agnostic
One way I describe Ravencoin is “Counterparty 2.0”, where you can similarly issue assets in a simple way. In Tron’s words, “Ravencoin is an evolution of ideas like Counterparty, Mastercoin, Colored Coins, and Multichain.”
Exciting New Developments
October 31 unique asset issuance feature will be live on mainnet for all to create your own Raven-based tokens. These features will allow anyone to issue a token representing things like company voting, securities, and land rights. I am particularly excited to experiment with community token issuance and even game environments using the Ravencoin protocol.
Some cool features to expect on the Ravencoin protocol:
- Unique asset creation
Challenges Along the Way
Though the Ravencoin team has been hitting their timeline targets, there have been some challenges along the way. Specifically with rapidly fluctuating hash power due to Nicehash adding Ravencoin to their platform.
Tron states “We have seen some wild oscillations and we are looking at ways to make difficulty retargeting more agile using an algorithm such as Dark Gravity Wave.” The cryptocurrency, Dash, has used this same algorithm in the past.
Raven Core Wallet: github.com/RavenProject/Ravencoin/releases/latest
Android Wallet: play.google.com/store/apps/details?id=com.ravencoin
Desktop Wallet: zeltrez.io
As always, you should approach new protocols very carefully, and never consider them good investments. Ravencoin has no guarantee of survival, but is certainly an interesting experiment.
- Twitter @Ravencoin
- Website ravencoin.org
- Telegram t.me/RavencoinDev
- Discord discord.gg/jn6uhur
- Tron Black @TronBlack
- Bruce Fenton @BruceFenton
Keep calm and HODL on,