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Even though most cryptographic projects try to promise the world, Ravencoin (RVN) is proposing just one thing; a tokenized asset transfer. This single-minded focus of Ravencoin is truly worthy, as the attempt to solve many problems at once most often lead to a bunch of half-baked solutions.
The cryptospace has always been a hub of activities as users are daily inundated with the launch of new coins, tokens as well as investment opportunities.
In this space developers allow their imaginations roam wild, make promises, gain community support and then try to deliver on their promises. Even though there are numerous options, only some of them eventually become worthwhile investments in the course of time.
This is Ravencoin (RVN)
Amidst these new entrants is Ravencoin (RVN), an altcoin with a blockchain and a token. This cryptographic project is dedicated solely to aiding the creation of peer-to-peer transfer of assets. Asset creation is quite a common goal among crypto projects, and there are many platforms executing this functionality.
You might ask; why the rave about Ravencoin since it doesn’t seem to be bringing anything new to the table? Ravencoin is unique in the space because it is exclusively committed to this purpose alone.
The coin has managed to exceed the expectations and extrapolations that were held about it at its inception. It has succeeded in amassing quite a following and a support system in the crypto community where it has been able to strike a chord.
As it was launched in January this year, this cryptographic project is less than a year old.
Ravencoin allows its users to transfer exchange and create real-world assets and digital assets on its blockchain. Lots of people are usually quick to dismiss Ravencoin because it is offering functionality that is even now being delivered by whales in the cryptocurrency industry; the likes of Bitcoin and Ethereum.
The Problem of Bitcoin and Ethereum as Asset Transfer Channels
Even though Bitcoin (BTC) and Ethereum (ETH) can transfer assets, they were not designed to do so specifically and so usually encounter certain challenges when token are sent on the network as asset.
One major demerit of using Bitcoin (BTC) is that the network is not natively aware if assets are inserted which can lead to users inadvertently destroying the asset. Asset transfers usually require small amounts of Bitcoin as the assets have to be embedded in Bitcoin in the place of the native token. This could become an expensive venture depending on the price of BTC.
Although Ethereum (ETH) tokens such as ERC223, ERC20, and ERC720 supports smart contracts and asset transfer, these could be bewildering as there can be multiple ERC223 tokens with the same name. And it could lead to severe mistakes as the unique identity of an asset is essential to ensure both parties get the right asset.
Another problem is that there is no way for the token issuer and token holders to communicate in these networks easily.
The Ravencoin (RVN) Solution
Ravencoin (RVN) provides a peer-to-peer electronic system for creating and transferring assets. Ravencoin came up with the solution of creating a Bitcoin-like system that is fully aware of asset. This stops users from unknowingly destroying the assets and also removes the need to send Bitcoin with every transaction effected. It is enhanced for transferring assets.
It utilizes the x16r algorithm that is fashioned to be resistant to mining devices using application-specific-integrated-circuits (ASICs) as it constantly alters the order of the hashing algorithm.
Ravencoin (RVN) has three kinds of tokens on their network. Each of the tokens has extensively subscribed to use-cases on the network, and each of the tokens is optional and left to the users’ freedom of choice. The three kinds of token that are available on Ravencoin network are:
- Unique tokens
- Reward tokens and
- Non-asset tokens
Ravencoin (RVN): Unique Tokens
This is the basis of the Ravencoin (RVN) project. It is the kind of token that permits users to create their token on the network. Users can create, use and even transfer real-world assets and digital assets on the Ravencoin network. RVN users are given the opportunity to create their own tokens that can and will be distributed on the network.
As unique tokens cannot be duplicated, they help prove genuineness. Unique tokens are valuable in situations where there is a need for proof of ownership. Examples of some assets that could make use of this token include; fine art collecting, car registration, and software licensing.
The essence of the reward token is to motivate the use of created tokens. Since the Ravencoin (RVN) project aims to afford users a platform to create their own tokens and distribute such tokens; the reward token is created as an incentive to make use of and transact in such user-created tokens.
Therefore a token creator can decide on distributing rewards to users. The determining factors and the amount of the bonus are all up to the creator’s discretion. The use-cases for these rewards can range from a company’s dividends to customer loyalty points.
Ravencoin (RVN) Non-Asset Tokens
Ravencoin (RVN) users are fundamentally provided with a network that supports sub-networks of user-created assets and digital tokens. To ensure that there is proper agreement and smooth functioning in the main network, it is crucial to have an active communication channel among these sub-networks.
As such whenever a user creates a token with the intention of distributing, a non-asset token is also issued. The essence of these non-asset tokens is to facilitate interoperability and communication among the sub-networks. For this reason, the non-asset token is compulsory and non-negotiable on the Ravencoin (RVN) network.
Although Ravencoin (RVN) is built on a fork of the Bitcoin code, it has well-defined target of bringing real-world asset unto the blockchain and the fact that it is not meant to be a currency primarily will speak for it.
Overstock’s Patrick Byrne involvement in the project is particularly encouraging as the project is well funded and enjoys the right connection. The Ravencoin’s (RVN) support community is daily growing in number. By market cap, RVN is still a small coin but its dream is not small.