Ravencoin is a competitive cryptocurrency project focused on the blockchain use case of asset transfers. Announced on 31st October 2017, Ravencoin has since risen to Coin Market Cap’s top 50 with the project demonstrating rapid development. Based off the UTXO Bitcoin model, Ravencoin is currently developing an ASIC-resistant x16r mining algorithm to regulate the centralization of mining.
Statements of Truth
Ravencoin finds inspiration within Game of Throne’s Westeros with the aim of acting as a reliable ledger of asset ownership. Ravencoin roots lie with Bitcoin, identifying the asset as highly secure due to the global distribution of mining power, which it then builds upon through an asset aware ecosystem. Users create assets and define their purpose and rules independent of the Raven protocol. These assets are represented by transferrable tokens which are tightly tethered to the native coin (RVN) and secured with fair proof-of-work mining through Ravencoin’s x16r mining algorithm. With a focus on use case, users have complete freedom to create assets as they please. Common examples of assets which can be digitized as tokens include custodied physical and digital assets, shares in projects, virtual goods and credit.
x16r and Asset Management
Ravencoin is creating an intuitive and adaptable asset creation and management ecosystem. Users can create unique tokens to represent assets they own. They can create unique rules to govern asset issuance and transfers. Additionally, Ravencoin is equipped with the capacity to allow asset owners to vote, communicate with each other, receive rewards and maintain their privacy. Ultimately, what sets Ravencoin apart is its x16r mining algorithm. The issue with conventional proof of work blockchain’s is that in the real-world mining power is centralized in the hands of a few. This is because older projects did not foresee the rise of dedicated mining hardware, for instance ASIC miners. Such specialist hardware is expensive, presents significant energy costs and centralizes mining power. Ravencoin’s x16r algorithm constantly disrupts the order of hashing algorithms to create an ASIC-resistant mining algorithm by design. Consequently, Ravencoin’s asset aware blockchain will remain decentralized in the hands of the project’s supporters and cryptocurrency enthusiasts rather than a select few running ASIC-based mining farms.
View to the Future
Recently listed on Bittrex, Upbit and Binance, Ravencoin launched its asset aware wallet on 31st October 2018 and is currently conducting asset layer voting. Despite its infancy, the project represents how the cryptocurrency industry has matured. Instead of promising the moon as some projects have, Ravencoin is focused on asset creation and management, much as Bitcoin was focused on asset transfers. Presenting demonstrable use case potential, Ravencoin is set to be one of this year’s most promising cryptocurrencies and worthy of any prudent investor’s shopping cart.
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