Ravencoin was created out of an open-source fork from Bitcoin's original code in order to transfer assets efficiently between parties. It was specifically designed for that use case as an alternative to ERC20 or Bitcoin transfer protocols.
The Arcane Bear family has been asking us the last few weeks, whats our thoughts on Ravencoin, Well, we like to please, in fact its our pleasure to serve and work to bring high-quality content in the blockchain space. The new products companies and influencers who push us forward have always inspired us to dive in and learn more. The depth we can go together is a delightful experience, so lets go ahead and dive right in, let's start with the mythical story of the Game oF Thrones Series. Part of this token coined its name from the famous story tales. Cryptocurrency is one of these places where the imagination of the future and what we are capeable of is extremely important!
Where to Trade Ravencoin?
Ravencoin Was Just Recently Listed on Binance, Which significantly increased the awareness around this already growing community. Decentralization is a core concept of everything we take aim it. It empowers more people and gives true meaning to the reason this work can be so profound, if done properly! So if you are interested in buying selling or speculating, remembering this is not financial advice! Take a look at Ravencoin, Do you own Due Dillegence and dive into the first best investment you can make. YOUR OWN EDUCATION!!
Ravencoin gets its name from the Westeros avian delivery system, with Westeros being a fictional content that George R.R. Martin created for his epic fantasy series called "A Song of Ice and Fire." In Martin's novels, Ravens perform the role of traditional snail mail or passenger pigeons.
Debut and Creation
Ravencoin debuted on October 31, 2017. The following January 3, mining binaries were introduced on the same date as the ninth anniversary of the launch of Bitcoin.
There is a phased development schedule for Ravencoin. There is ongoing work on developing the Ravencoin platform along with x16r, its brand new mining algorithm. The new algorithm is being specifically created to combat ASIC mining equipment and top-heavy mining pools.
The Ravencoin website says it will be done without any pre-mine to provide all users with an equal opportunity at the coin. Mining is going to be done through proof work, not due to it burning too much electricity or computer hardware requirements, but instead focusing on the most valuable aspect, which is to build a time-based and ever-larger wall to protect user data against future censorship and tampering with each new layer.
If you want to start mining Ravencoin on your own, we will be working on a comprehensive guide that we created to guide you through the entire process.So stay tuned for that as well
Everything that is needed for Ravencoin can be downloaded from their official website, including Client-Side forms of paper wallet generators and binaries for Linux, Mac, and Windows. Storing this token in the native softwware wallet is the obvious first choice as we are not sure if any hardware wallets have incorporated this new blockchain aside from software wallets.We will be working on a new video to help peole understand more of this token, as a kind of special treat into learning how to mine and do some more of the backened work that is involved in the community building process for one of these tokens!
Who is Backing this Project?
Tron Black from Salt Lake City and Bruce Fenton, a blockchain adviser from the Boston area signed the white paper. Bruce Fenton is the founder of the Dubai Bitcoin Conference and has advised the Bill and Melinda Gates Foundation. Most recently, Tron Back served as Medici Ventures' principal software developer.
More than 430 unnamed Bitcoin developers are also credited in the white paper. This is important as a lot of what we see in decentralization is the pure use of opensource technology to build the best product and are able to take advantage of the products and services for the many, not just the few.
Find links for Ravencoin at the bototm of this article
What Sets Ravencoin Apart?
In the white paper, the Ravencoin developers acknowledge the deep debt they have to Satoshi Nakamoto, the creator of Bitcoin, and admit that their code has been built based on the Bitcoin UTXO protocol model. The specific fork of Bitcoin code used by Ravencoin includes several changes that were made from the original, but most notably there are no messaging or asset creation abilities or weighted distribution schedule. Ravencoin basically utilizes a system of unique tokens for moving assets through its blockchain, and that feature was given the highest priority. It is minable yet ASIC resistant. There is also a messaging system that Ravencoin features for token holders. Any token holders who don't want to receive messages have the option to opt out of this system.
What's The Overall Vision of the Developers?
The secure and free movement of various assets utilizing open-source code that will be improved upon continuously.
In their white paper the developers wrote that if actors using different blockchains influence the global economy, then it could also change how the capital markets work. They also noted that jurisdictions and borders might become less relevant with more assets becoming tradable and as trading across borders becomes more frictionless. At a time where individuals can instantly move significant levels of wealth using Bitcoin, consumers all over the world will most likely demand to have this same efficiency for other asset holdings like securities.
What Types Of Things Can You Sent Using Ravencoin?
In their white paper developers provide a list of suggestions, with the caveat that their list is only suggestions. You can send almost anything using Ravencoin due to that ability being its sole focus. Some of the suggestions include: physical stores of value, such as rare comic books, silver ingots, and gold bars; real estate deeds and physical fiat currency; virtual goods, such as sporting event e-tickets and in-game currency; and credit representations, such as gift cards or airline miles.
A non-minable token represents each assets being sent, that a Ravencoin platform user creates.
Is It Secure?
One of the Ravencoin project's top stated goals is security. The actual blockchain operates in a similar way to Bitcoin. It functions with wide distribution, a strong mining community, and market value. Privacy is one aspect of it, and Ravencoin is intending on taking advantage of the blockchain's inherent separation between the token holder's real identity and their address. The developers also state that as better and new technology becomes available to secure the system and protect the privacy of users, that these technologies will be applied to Ravencoin whenever possible.
Are There Any Unique Use Cases?
Along with the types of items that you can send using Ravencoin, several fleshed-out examples were offered by the developers of the system being used in action. Think of an art dealer who wants to transfer the ownership he has in a physical painting over to a customer. Every token created by the art dealer on Ravencoin system has a unique serial number and name associated with it. The coin may not be destroyed or duplicated and serves as the physical painting's digital stand-in. It acts as the proof of authenticity as well, since the coin is specific and unique to the particular painting.
The Ravencoin developers also envision the system being used for simplifying voting for public company shareholders.The developers stated, for example, a public company issuing shares on Nasdaq will need to pay a quasi-monopoly company in order to get their own shareholders mailing addresses at a certain point in time.Then a physical mailing will need to be sent to shareholders that provide a proxy voting form and voting instructions.
Ravencoin can potentially eliminate that system with the messaging capabilities that it offers. Token holders can be notified when a vote is scheduled and then new voting tokens can be issued with a 1:1 ratio with the original token. Then the actual vote can mainly be automated through the vote tokens being sent to specific counting addresses.
The white paper can be read here or you can review the Ravencoin homepage here.
We hope that you all enjoyed our beginners guide to Ravencoin. We will be doing more dive in as time goes on, Thank you so much for the support, if you are interested in learning more. Remember to check back to our homepage https://arcanebear.com