Over the last decade, great projects have emerged, expanding the applications of blockchain technology beyond bitcoin.
You might already know about Ethereum, one of the most actively used blockchains in the world today. However, this article will look at a different blockchain that is making a mark in the blockchain community.
What is Ravencoin?
Ravencoin is a peer-to-peer distributed ledger protocol that was launched in 2018. The protocol is based on a fork of the Bitcoin code.
The blockchain enables the creation and transfer of assets from one person to another. Therefore, Ravencoin facilitates tokenization.
The Ravencoin project seeks to solve the lack of a decentralized blockchain that specifically deals with asset transfer. While the Bitcoin and Ethereum blockchains can be used for asset transfer, they are not as reliable.
For instance, embedding assets in the Bitcoin blockchain could lead to their accidental destruction. That is because the nodes are unaware that asset embedding is taking place thanks to the original Bitcoin rules.
On the other hand, the Ethereum blockchain does not natively recognize smart contract tokens like ERC20, ERC223, and ERC721 which could lead to problems. Additionally, smart contracts could mix up users because of multiple ERC20 tokens with similar names.
To solve these challenges, the team behind Ravencoin created a protocol that is fully asset aware. Therefore, unlike other protocols that allow the creation of tokens, Ravencoin stands out because it is easy to use, it is made secure with proof-of-work mining, and it enables “a single native client to issue, track, and transfer assets.”
Although it is based on a fork of the Bitcoin code, Ravencoin is different in the following aspects:
- The total supply is 21 billion rather than 21 million.
- Block reward is 5,000RVN instead of 50BTC.
- The block time is one minute rather than ten minutes.
Ravencoin uses the KAWPOW algorithm which is ASIC-resistant. That means that miners can use the more available GPUs to mine RVN.
What Can You Do with Ravencoin?
On Ravencoin, token creators can use tokens or assets for anything they desire. Moreover, token creators have a lot of freedom. According to its whitepaper, “users of the Raven protocol create these assets and decide their purpose and rules independent of the protocol. These assets or tokens exist on the Ravencoin blockchain and could be whatever name, denomination, or purpose selected by the creators of each asset, coin, or token.”
You could use the Ravencoin protocol to create assets that represent physical or digital assets, shares of a company, virtual goods such as tickets to an event, gift cards, and reward points.
The Tinaga Island Resort project, for example, has used Ravencoin to create a security token that represents a beachfront property. This token is transferable from one party to another and its purpose is to give equity ownership in the property to token holders. Our token also has the unique name, TIRC.
As Tron Black, the Ravencoin Lead Developer states in a recent article: “The TIRC token being used for the Tinaga Island Resort project cannot be counterfeited on the Ravencoin blockchain, so it can safely be used for branding without the concern of someone creating a token with the same name. This is not the case for ERC-20 where the only the 40-character contract id is unique, and where branding the token name could be risky.”
Here are some of the pros of using Ravencoin:
- You can create a special name for your token. Ravencoin allows token owners to use uppercase letters only, underscore, and . (dot).
- Project owners can reward token holders in RVN.
- Ravencoin is created specifically for asset creation and issuance, unlike other blockchains.
- Asset holders can create sub-assets which they can use for tasks like voting.
- Token issuers can add project records to the token because Ravencoin supports IPFS meta-data. For example, you can find our legal documents here on IPFS.
From our experience, Ravencoin is suitable for creating security tokens. However, companies issuing ICOs or stablecoins can use the protocol as well. The fact that Ravencoin is built mainly for asset creation and transfer means that project owners are guaranteed the smoothest tokenization process possible.
To learn more about our project, please visit our website. We are currently selling our token at a discounted price of $0.1 per token. We also have an amazing offer for investors that buy 100,000 or 500,000 TIRC tokens. Note that the tokens allocated for the pre-sale are limited and could sell out any day now. So, buy TIRC tokens now.