Ravencoin: A complete review
What is Ravencoin?
A new project announced on October 31st, 2017, Ravencoin is more than a fork in the Bitcoin code. It retains the original vision of Bitcoin but with added features that make Ravencoin truly unique. This free open source platform is designed for a very specific use case – the transfer of assets from one holder to another.
photo/ Gerd Altmann
Isn’t the transfer of assets already an issue that has been resolved?
It may seem that way with Bitcoin and Ethereum’s blockchain but it is far from true. Bitcoin and Ethereum were never designed for facilitating ownership of additional assets and focus on other use cases.
Although Ethereum and Bitcoin have seen widespread adoption, these blockchains pose several problems when it comes to the transfer of assets.
In Bitcoin, the rules governing the blockchain must be followed which means that Bitcoin nodes are not able to register an asset being embedded into a token. To circumvent this, every asset transaction made on the Bitcoin network needs to be accompanied with a transaction fees. This means your BTC wallet will be much lighter if you try using Bitcoin to transfer assets.
The other drawback is that an asset can be easily destroyed if it is sent to an exchange or a wallet.
In Ethereum, the problem is a little more nuanced. The network is unable to recognize smart contract tokens natively which causes confusion when there are multi[ple ERC20 tokens with the same name. The only thing that can distinguish two identical ERC20 tokens is the contract hash which is far from user friendly and can be used by scammers.
Ravencoin: The effective solution
Ravencoin has chosen to focus only on the transfer of assets while building a Bitcoin-like system. It is based on PoW or Proof of Work but employs a different mining algorithm – x16r.
Advantages of Ravencoin –
- Assets cannot be accidentally destroyed because the system and protocol is aware of the assets.
- Users can issue, track, transfer assets as easily as sending a text message.
- Underlying assets can be secured properly.
How can you mine Ravencoin?
To start mining Ravencoin, you will need a reliable Ravencoin wallet. Ravencoin has a smaller block reward of 1 minute along with of asset creation and messaging capabilities. Ravencoin allows users to make international transactions within seconds without involving any third parties. Ravencoin is a heaven-send for asset owners allowing them to efficiently transfer assets.
Once you have a sizeable investment of Ravencoin, you can always convert RVN to BTC since Bitcoin is proven to steadily increase and gain mass adoption in the next decade or so.
Why was a Raven chosen to be the symbol of Ravencoin?
The Raven symbolizes transformation. Since the Ravencoin is a Bitcoin code fork, this is what the developers wanted to express.
Who is backing the Ravencoin project?
Tron Black, Medici Ventures’ principal software developer, and Bruce Fenton, a blockchain advisor, have signed Ravencoin’s white paper. There are over 430+ anonymous Bitcoin developers who have been credited in the white paper.
Author: Lena Burkut
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