Usage of birds, like pigeons, to carry messages dated back centuries and was a very efficient messaging system. In the fantastic world of Game of Thrones by George RR Martin, Ravens are trained to carry messages from one realm to another. Ravencoin is an idea based on carrier Ravens from this epic fantasy. Ravencoin is an open-source blockchain platform that deals with efficient creation and transfer of digital assets from one party to another. Unlike Bitcoin and Ethereum which also have asset transfer functionalities, Ravencoin blockchain is optimized specifically for the transfer of assets such as tokens from one holder to another.
Ravencoin, being a Bitcoin fork, has similar architecture. However, it is an upgraded version and does not have limitations of scalability that one observes in Bitcoin. Ravencoin offers faster block times (one-minute to Bitcoin’s ten), a larger coin supply (21 billion to Bitcoin’s 21 million), and higher mining rewards, among other things.
Ravencoin (RVN) is an American company headed by Bruce Fenton and Tron Black. It was launched January 3rd, 2018 and on February 2019 the coin was priced at USD 0.010731 with a market cap of USD 31,937,059. RVN is mined using an ASIC resistant algorithm called X16R which is an upgrade to X11. X16R needs 16 chained hashing algorithms to be resolved to mine crypto tokens which makes ASIC mining rigs harder to build.
Ravencoin is not just a cryptocurrency; it is claimed to be a cryptomoney by the developers. This opens its use cases to include any asset transfers, storage, and exchanges. When people can instantly transfer their wealth immediately using cryptocurrencies, they will likely demand the same efficiency for their securities and other asset holdings.
Ravencoin enables everyone to issue a proprietary digital asset backed by a set amount of RVN. RVN tokens are comparable to legal documents like deeds, mortgages, titles, even employment agreements, stocks, bonds, and more. Ravencoin also acts as a certificate of authenticity. The tokens cannot be destroyed or duplicated. Ravencoin foresees its system to be as secure as any officially stamped and sealed government document.
Ravencoin ensures fair launch, i.e. it will be issued and mined transparently with no pre-mine, developer allocation or Initial Coin Offerings. It is a community driven project and is not designed to be cash. It is intended to prioritize user control, privacy and censorship resistance and be jurisdiction agnostic while allowing simple optional additional features for users based on need.
The team behind the project have built a great system that can be used in government, entertainment, supply chain, and so much more.
Presently, though the project doesn’t have any significant backers yet, and if Ravencoin hopes to survive, it would need a strong enterprise partnership.