What is Ravencoin (RVN)?
Ravencoin (symbol: RVN) is a Blockchain platform project optimized for transferring assets through a peer-to-peer network. The Ravencoin network grows based on inspiration from the fictional world of Westeros. Ravens are often used in this world to spread the truth. The way Revencoin works is similar; it also spreads the truth on a blockchain basis to those who own the block.
Ravencoin was built by developers based on Bitcoin’s UTXO model – a widely used protocol. The source code of Ravencoin is completely open; all RVN coins are issued and mined publicly and transparently using the POW – Proof of Work, the mining algorithm used is X16R. Similar to Ethereum, RVN has no separate organizations, individuals or owners.
The technology of the RavenCoin project was completed on Bitcoin’s 9th birthday, but it wasn’t until January 3, 2018 that the development team launched. The Ravencoin project also does not carry out an ICO, Masternode, or Airdrop.
The purpose of the RavenCoin project
The Ravencoin project was created with the priority given to privacy, security and user control. Raven is an open source to use and develop in any scope, allowing the addition of simple features based on user needs.
Raven coins are designed to effectively handle a specific function, which is the transfer of assets. The purpose of the Raven protocol is to create a blockchain use case and endeavor to develop it. This means that if other blockchains are too multitasking, then with Raven, it will only optimize for a particular type of feature and develop it to the highest level. Users can build separate tokens on RVN’s blockchain (similar to Ethereum).
Ravencoin project development team
The Ravencoin project has no established development team and anonymous team members. This is an open-source project led by the main developers, RavoncoinDev, Tron and Chatturga (only the Discord username and not the real name). Bruce Fenton – the member of the board of the Bitcoin Foundation, is one of the advisory members for the Ravencoin group.
In addition, Ravencoin has been invested millions of dollars by Patrick Byrne – CEO of Overstock. Overstock is one of the leading US companies in the retail e-commerce industry, and the first commercial company to accept payments in Bitcoin. According to Byrne, Ravencoin has a “future” and is 1,000 times more energy-efficient than Bitcoin and is ASIC resistant. Byrne told Business Insider that Overstock has put millions of dollars into the Ravencoin development team, confidently asserting, “this currency really has a future.”
Whereas most blockchain projects try to promise the world, Ravencoin offers just one thing: tokenized asset transfer. And that singular focus isn’t a bad thing. When projects attempt to solve a bunch of problems at once, they often create a bunch of half-baked solutions. Ravencoin is avoiding that.
As a young project with the seemingly endless competition, it’s difficult to predict how successful Ravencoin will be. An active community and backing from one of the most respected names in online retail are positive indicators, though. There’s a clear trend toward the tokenization of all types of assets. However, we have yet to see whether or not Ravencoin will be leading that change.