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As we already know, blockchain technology gives rise to countless projects that could surprise us. One of them is Ravencoin. In case you don’t know what it is, don’t worry. In this article we will tell you all about what it is and how it works.
Ravencoin is a project designed on Bitcoin’s unspent transaction output (UTXO) model. This means that the projects share some fundamental similarities. In more technical words, it is a decentralized peer-to-peer network developed with blockchain technology.
This open source project is community driven. In this case its main focus is the secure tokenization and transfer of real-world assets on the blockchain.
There is a slight difference between this token and other digital currencies. This is that while for Bitcoin and other cryptocurrencies the main objective is to exchange assets, Ravencoin is not so focused on this goal.
Simply put, Ravencoin allows the creation and trading of any real-world asset. We could talk about gold bullion, property titles and digital assets such as gaming items, software licenses, among others in a network.
History of Ravencoin
Thanks to Blockchain technology, it is now possible to issue shares and financing rounds online. The issuance of property titles established on a token within a blockchain and even the casting of votes in elections in a totally secure, private and transparent way.
However, this technology is not available to everyone, not even to people with knowledge of web development. Due to its difficulty, it has become a territory only for experts in the field. As a result, the interest and capacity of crypto-revolution to reach every sector of society has diminished.
This is one of the main reasons for the creation of Ravencoin. This project was born on January 3, 2018, precisely on the ninth anniversary of the beginning of Bitcoin mining. The company that created Ravencoin aimed to facilitate such costly processes without an intermediary to make use of cryptocurrencies in terms of value representation in the real world.
As you may have noticed, the name of the coin refers to the ravens from the world of Game of Thrones. This is because the creators wanted to convey that just as the ravens of Westeros sent messages between castles, the Ravencoins will convey ownership over certain assets.
Prominent members of the core Ravencoin development team include Bruce Fenton, who is a member of the Bitcoin Foundation and is also the author of the Ravencoin white paper. To top it off, he acts as an advisor to the team. Other notable participants include Tron Black, Jesse Empey and Patrick Byrne among others.
How does Ravencoin work?
Ravencoin’s core code has the ability to recognize assets and be able to differentiate between them and regular transactions. This is a feature that Ethereum does not have. The blockchain also allows messages to be transmitted between users, which makes it easier to dictate and organize contracts and agreements.
To carry out all processes, no smart contracts are required. This is because the main chain is designed to carry out its main functions natively, so no actual cryptocurrency transactions are needed if we want to move assets.
X16R and KOWPOW hashing algorithm
En el whitepaper de Ravencoin está representado cómo el equipo desarrollador pretendía emplear un algoritmo de minería específicamente con el objetivo de evitar el dominio inmediato de los grupos de minería y el dominio futuro de los equipos de minería ASIC.
Bitcoin es y siempre ha sido un claro ejemplo de la centralización de la minería, dando lugar a ciertas dudas sobre ataques del 51%. Las grandes corporaciones mineras que cuentan con mucho capital disponible para invertir en hardware de minería costoso con acceso a tarifas de energía bajas cuentan con ventajas rentables sobre cualquier criptoentusiasta individual que busca comenzar a minar.
Ravencoin ha resuelto este problema aplicando el uso de adaptaciones del algoritmo de hash SHA-256 de Bitcoin. El algoritmo hash original del proyecto, conocido como X16R, fue una mezcla de los algoritmos conocidos como X15 y SHA-512. No obstante, la minería de los ASIC poco tiempo después se volvió económicamente viable, por lo cual la comunidad hizo una votación para introducir un nuevo algoritmo de minería. Este nuevo algoritmo sería KAWPOW, creado con el objetivo de eliminar las capacidades de distribución injusta de tokens RVN.
KAWPOW se trata de un algoritmo de minería relativamente nuevo derivado de Ethhash y ProgPOW. Con los ajustes a esta combinación, Ravencoin ha creado un algoritmo resistente a ASIC. Este está diseñado para desalentar la producción de hardware de minería ASIC. Además, dicho algoritmo mejora la igualdad de distribución de tokens para la minería.
¿Qué es RVN? La moneda nativa de Ravencoin
Ravencoin is a cryptocurrency whose blockchain is entirely focused on facilitating the creation of new tokens within its platform. This mechanism resembles the way Ethereum allows the issuance of ERC-20 tokens within its blockchain.
This mechanism works with the objective of massifying the use of cryptocurrencies in real-world applications. In this way, its tokens are promoted to be used to represent and trade assets such as property titles. We are also talking about company shares, gold, comics and even Gift Cards, among others.
Therefore, Ravencoin’s main objective is to function as a facilitator in the creation of new cryptocurrencies. This simplifies the process of programming them in its blockchain. It also promotes blockchain technology worldwide.
Regarding Ravencoin mining, miners in such blockchain produce blocks every minute achieving a throughput of approximately 116 TPS (Transactions per Second). If you want to know more about rvn mining you can visit this article on how to mine Ravencoin.
As for the coin supply, it is limited to 21 billion coins. Compared to Bitcoin (21 million), Ravencoin presents 1000 times more.