What is Ravencoin?

By ampersandninja | What is...? | 18 Mar 2021

I have since posted an updated version of this overview. In the spirit of tracking my writing progress, I won't be taking this one down. However, I invite you to read my new post if you're interested in more info.

What is Ravencoin?

Ravencoin, RVN, is a blockchain that allows efficient creation and transfer of tokens from one user to another. Ravencoin values privacy and ease of use over anything else and it shows with the tools they have provided for both users and creators.

As a fork of Bitcoin, Ravencoin offers some distinct differences from its parent token. Block rewards are 5,000 RVN vs 50 BTC and block times are cut down by 90% to 1 minute vs 10 minutes. The new mining algorithm, Kawpow, allows consumer grade GPUs to effectively mine the coin while proving to be ASIC resistant to promote decentralization. The supply is also a larger 21b vs Bitcoin’s 21m.

So what ways can you use the platform?

The platform can be used to create many different types of tokens. Some examples are seen below:

Representing a share of a project - Land deeds, gold bars, etc.

As proof of ownership for goods - Tickets to events, access to services, in-game currency and items, etc.

Assets - Ownership of stocks or shares of a company, proof of securities or partnerships with the potential to have dividends paid out in RVN.

Credits - Gift cards, airline miles, reward points

In order to create any of these tokens, the issuer will burn RVN and supply a unique name for their token. These are guaranteed to be unique and offer ease of transfer between users.

An interesting example I found in the whitepaper (page 7) is that an art dealer could use tokens as a certificate of authenticity for any works they sell. Tokens can be created and a serial number can be attached to it to identify specific works. These can then be transferred to the purchaser as an alternative to traditional physical certificates of authenticity. They could be used for in-game items in similar fashion to create limited quantities of the items and track ownership of them.

Another use could be to fund a project and later reward those who supported the project by providing dividends to them paid out in RVN. The ease of use allows RVN to be sent to every token holder worldwide without having to send them manually to each holder.

Currently existing assets can be viewed from the asset explorer.

So what do we have to look forward to from the project?

The roadmap offers an exciting look into what's in store for the project. The rewards mentioned above, easy communication with token holders by authorized senders, and governance through tokens are all things that are currently in the works with much more on the list.

The project has a loyal following as is and I think it has some potential to make waves in the world as it offers ease of use for both users and creators on the platform.

Ways to support the project are found through buying RVN, mining the coin, or hosting a node to promote decentralization. 

What does the market look like for RVN?

As of writing this RVN sits at #60 in market cap per CoinGecko. It’s all time high is .28 as of February 20 and has a 24 hour high of .22. Although it is currently down 4.3% in the last 24 hours, it is currently sitting at .21 and I think these numbers will continue to grow as there is hype around Coinbase potentially listing RVN soon.

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What is...?
What is...?

Brief overviews and occasional deep dives of different crypto projects.

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