[Blockchain 101] Ravencoin Explained | A Bitcoin Hard Fork Built for Security Tokens?
3 min read · · Korean original
Contents 4
Ravencoin is an open-source project forked from Bitcoin, and its goal is to make transferring assets easy. The name "Raven" is said to come from the ravens that carry the truth in "Westeros," a fictional land from a novel. So you could say Ravencoin is a coin that aims to deliver assets together with the truth about who they belong to.
Sending and receiving assets on a blockchain is actually one of the most basic things you can do, through Bitcoin, Ethereum and so on. But Bitcoin and Ethereum weren't created specifically for transferring assets. Ravencoin, on the other hand, was created for transferring assets, and that is its one and only purpose.
Here, an asset can be anything. It could be a real-world house deed, land deed, gold or diamonds, or a digital item, a software license, company shares and so on.
Ravencoin vs. Bitcoin
Ravencoin is a hard fork of Bitcoin and has its own blockchain. It differs from Bitcoin in the following 4 ways.
Initial issuance: Ravencoin's initial mining reward starts at 5,000 RVN. For Bitcoin, it was 50 BTC.
Block time: Ravencoin produces one block every minute, whereas Bitcoin produces one block every 10 minutes.
Supply: Ravencoin's total supply is 21 billion coins. Bitcoin's is 21 million.
Mining algorithm: Unlike Bitcoin, Ravencoin aims for ASIC-resistant mining with an algorithm called X16R. The idea is to make mining fairer.
Another way it differs from typical coins: Ravencoin held no ICO and did no pre-mining. The developers don't hold a pool of Ravencoin for themselves either. You could say it aims for a fairer coin ecosystem.
How Ravencoin Works
So, how does Ravencoin actually transfer assets? To create a token on the Raven blockchain, you need Ravencoin. Once you issue a Raven token, you can use a few extra features.
Paying rewards and dividends to holders of the token you issued
Messaging only among token holders
A voting system (voting tokens are created and used to vote)
https://youtu.be/zyW7pot1qqc?t=495
Ravencoin Use Cases & My Take
The Raven token recently gained popularity after news that the CEO of Overstock had invested millions of dollars in it. https://www.youtube.com/watch?time_continue=140&v=M4JgCcGEr5U This video shows someone creating a token on the Raven blockchain and sending it. Well, if you believe it has value, then it does. But looked at another way, it could just be a meaningless scrap. After all, it's simply a promise between individuals with no legal guarantee behind it.
The truth is, turning tokens into assets and transferring them isn't all that hard. Ethereum is the classic example; creating a token there is really easy. Enjin Coin, which I introduced recently, is similar. Enjin specifically targets the digital and gaming industries. Polymath is a similar type too, but it targets securities. Seen in that light, Ravencoin is, hmm, a token more focused on peer-to-peer asset transfers through tokenization.
If I were to give my own assessment of Ravencoin, I'd say there are positives: it's open source, the developers are working hard on it, it pursues greater decentralization, and it's still in an early stage of development. But the key questions will be who actually uses it and how much commitment the community will bring.
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