On Saturday (June 8), the team behind Binance's official non-custodial wallet app, Trust Wallet, announced that it had added support for Ravencoin (RVN).
What Is Trust Wallet?
Trust Wallet, which was first released (for Android) on 25 October 2017, was acquired by Binance in July 2018. Originally it only supported Ether (ETH) and Ethereum tokens, but after it got acquired by Binance, support for other coins started to happen, and it turned into a multi cryptocurrency wallet. Trust Wallet also has an integrated full-featured Web3 browser (called "Trust Browser") that allows the user to interact with decentralized applications (DApps) directly from within the app.
Some of Trust Wallet's key features include:
- Ability to participate in any ERC20-based or ERC233-based initial coin offering (ICO) or airdrop. (Note that you can easily adjust gas price, gas limit, and data/message.)
- Fully audited by a leading security firm.
- Support for 32 blockchains—including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), XRP, Stellar (XLM), Litecoin (LTC), Ethereum Classic (ETC), TRON (TRX), Wanchain (WAN), Dash (DASH), ICON (ICX), EOS, , Kin (KIN), Nimiq (NIM), Aion (AION), Tezos (XTZ), Dogecoin (DOGE), Binance Chain (BNB), Cosmos (ATOM), and Qtum (QTUM)—as well as 20,000+ ERC20-compatible, ERC223-compatible, or ERC721-compatible Ethereum tokens (such as Basic Attention Token or Augur).
- Access to your wallet from various cold storage wallets, such as Ledger, Trezor, and KeepKey devices, without needing to reveal your private key via a "view-only" mode.
What Is Ravencoin (RVN)?
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: issuance schedule (block reward of 5,000 RVN); block time (1 minute); coin supply (21 Billion); and mining algorithm (X16R).
2019 has been an amazing year so far for Ravencoin, with the price up over 433%; in contrast, Bitcoin (BTC), which has been enjoying an impressive rally during the past five months, is up around 114% during the same period.
According to CryptoCompare, at press time, even though most of the top 20 cryptoassets are in the red, RVN is trading at $0.067897, up 7.8% in the past 24-hour period:
Trust Wallet's Support for Ravencoin
Let's take a look at how you would add Ravencoin to the Android version of Trust Wallet.
All you need to do is to tap on the magnifying glass icon in the top right corner, search for "Ravencoin", and then tap on the “+” sign to the right of the RVN ticker symbol to enable it:
Featured Image Courtesy of Binance