Binance listing hype - RavenCoin, its purposes and solutions
If you are a crypto lover, you might be wondering why the hype around Ravencoin, adding to the fact that it had recently been listed on Binance, the number one cryptocurrency exchange by market capitalization.
Ravencoin was announced on October 31st, 2017 and had its first block “genesis block” mined on January 3rd 2018, the day of Bitcoin’s anniversary. Raven coin is a clone of Bitcoin; or rather a fork of the Bitcoin code built specifically for assets transfer. The project builds upon the original vision of Bitcoin with more features that increase its value.
It differs from Bitcoin in the sense that:• The number of issued coins is capped at 21 billion instead of 21million.
• Block reward times are reduced to a minute.
• messaging capabilities.
Purpose and usage of Ravencoin
According to the whitepaper, “Ravencoin is a blockchain and platform optimized for transferring assets such as tokens, from one holder to another.” It is a free open-source platform specifically designed to enable the transfer of assets between two parties on the blockchain. Ravencoin makes use of a new algorithm known as “x16r” which is ASIC resistant. This is due to the fact that Ravencoin changes the order of the hashing algorithm.
It is true that some awesome blockchains like Bitcoin and Ethereum which enable transfer of assets are already in existence, however, they were not specifically designed for that purpose, as they have their attention in other features as well.
What solution does Ravencoin offer?
Ravencoin is a hard fork of Bitcoin that got its name from the popular TV series Game of Thrones. Ravencoin protocol users can create uniquely named assets (tokens) without any need to mine. These tokens can, of course, serve whatever purpose the creator deems fit and are easy to transfer. The tokens can be transferred to any Ravencoin address as well as represent anything like stocks and securities, gold, concert tickets, artwork –anything unique at all.
By concentrating on just one solution, Ravencoin offers these benefits:• Assets can be protected from accidentally being destroyed because the protocol is aware of the assets.
• With the platform uniquely designed to issue, track and transfer assets from one holder to another, users can easily perform these actions by sending a message to one another.
• Adequate security levels to the underlying assets will be provided through dependence on a wide distribution, a strong mining community and market value.
RVN token and team behind it
The RVN token has a maximum supply of 21 billion tokens, with 1.2 billion currently in circulation. In order to create these unique asset tokens, the RVN token is burned (currently requires about 500 RVN). The issuer determines the number of issued tokens, the number of decimal places and whether they will be allowed to issue more of that token later.
With a team made up of notable names like Bruce Fenton (Board member on the Bitcoin Foundation and CIO of Atlantic Financial Inc), Tron Black (project lead developer) and Patrick Byrne (CEO of Overstock), the project seems well funded and likely to succeed, coupled with the fact that it focuses on providing a single solution.