Ravencoin — A Peer-to-Peer Blockchain – JayBird – Medium
What is Ravencoin?
Ravencoin is a digital peer to 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, the ninth anniversary of bitcoin’s launch, and is a truly open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community.
Raven is a unique coin for payments along with a platform (e.g., Ethereum) with the capacity to create and issue assets (potentially STOs). It is a peer-to-peer blockchain handling the efficient creation and transfer of assets from one party to another. RVN is a decentralized project like Bitcoin improving upon many features. The video below explains RVN basics and upcoming developments.
Ravencoin is designed to enable instant payments to anyone around the world. The aim of the project is to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another.
A fork of the bitcoin code, Ravencoin features four key changes:
- The issuance schedule (block reward of 5,000 RVN)
- Block time (1 minute)
- Coin supply (21 Billion)
- Mining algorithm (X16R)
This algorithm is intended to address the centralization of mining caused by ASIC hardware. In the X16R algorithm paper, the team behind the currency explains that the fixed order of ordinary hashing algorithms lends itself to the construction of ASIC miners.
The X16R algorithm aims to overcome this problem by constantly disrupting the ordering of the hashing algorithms — it uses the same algorithms used in X15 and SHA512, but the ordering of those algorithms is changed based on the hash of the previous balock.
Unique characteristics of Ravencoin
- ASIC resistant — Uses an X16R hashing algorithm to discourage the development of ASIC hardware
- Fair launch — Everyone has equal opportunity to mine or purchase RVN since day one.
- No pre-mine, no ICO, and no coins held for developer or founders rewards.
- Community Driven, and True Open Source
Ravencoin has not been in a bull market and is extremely undervalued when factoring in the community, project specifications, use, and team. Overstock Uses Security Tokens on Ravencoin (RVN) Blockchain for $3.6M DLT Investment. The retail giant’s Medici Ventures subsidiary has purchased a stake in distributed ledger technology startup Chainstone Labs by using securities tokens.