Ravencoin (RVN), which was launched on 3 January 2018, has seen a 122% price rise in the past seven days. In this article, we take a closer look at this project and examine some of the possible explanations for this strong performance.
The developers of Ravencoin describe it as "a protocol based on a fork of the Bitcoin code which adds features specifically focused on allowing tokens to be issued on the Ravencoin blockchain," and such tokens "can have whatever properties the issue of the token decides - so they can be limited in quantity, named and be issued as securities or as collectibles." This means that you can "make your own security token within minutes and have it trade worldwide." The aim of the Ravencoin project is "to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another."
"In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what assets."
The following tweet gives some examples of tokens you might want to create using the Ravencoin blockchain:
Some Sample Uses:— Project Raven / RVN / Ravencoin (@Ravencoin) February 27, 2019
You can create these digital assets easily on your mobile device https://t.co/EePEcg5tTx
Ravencoin's code is different from Bitcoin in the following ways:
- "The issuance schedule (block reward of 5,000 RVN)"
- "Block time (1 minute)"
- "Coin supply (21 Billion)"
- "Mining algorithm (X16R)"
The X16R mining algorithm is "intended to address the centralization of mining caused by ASIC hardware," and how it does this is explained below:
"... the fixed order of ordinary hashing algorithms lends itself to the construction of ASIC miners... However, 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 block."
The Ravencoin team says that the following characteristics make this project unique:
- "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"
So, what is behind the 122% increase in the RVN price from $0.010766 (February 25th, 10:00 UTC) to $0.023907 (March 4th, 10:00 UTC)?
One of Ravencoin's many fans is Bruce Fenton, Managing Director and Chief Investment Officer Atlantic Financial Inc., as well as a board member of the Bitcoin Foundation. And these nice words about Ravencoin on February 27th could not have hurt:
You can now create a unique, very secure, POW backed security or other token/ digital asset in minutes...on your phone!— Bruce Fenton (@brucefenton) February 27, 2019
No smart contract. No complex programming needed. You don’t even need a PC.
The asset is unique, stable, verifiable & the network decentralized.
Great stuff https://t.co/eH2K3ggNaC
Another famous fan seems to be Changpeng Zhao ("CZ"), the CEO of Binance:
Keep building.— CZ Binance (@cz_binance) March 3, 2019
The next day, February 28th, came the realization that if the Lightning Network protocol got implemented for Ravencoin, that could help with Ravencoin's adoption:
Lightning Network is a robust scaling solution. Raven is based on a code fork of Bitcoin so it is completely compatible with LN.— Project Raven / RVN / Ravencoin (@Ravencoin) February 28, 2019
Digital assets and LN channels are well suited for use cases with high volume like securities.
Devs who want to work on this are welcome! Join us!
And finally, we found out on March 2nd that crypto exchange Vertbase had decided to introduce a USD/RVN trading pair:
Nice little update on the @Ravencoin website. Vertbase currently offers the only USD-RVN pairing. Sign up, verify, and purchase Ravencoin in under 5 minutes! 😎https://t.co/HQnDsNepvU#Ravencoin #CryptoNews #cryptocurrency #RVN #blockchain #cryptoexchange pic.twitter.com/GV9aNeKyov— Vertbase (@vertbase) March 2, 2019
Featured Image Courtesy of Ravencoin