What is Ravencoin?
Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was launched January 3rd, 2018, and is a truly open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community.
How Ravencoin works
A Ravencoin post on Medium from November 2017 references Game of Thrones when introducing this experimental currency:
“In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what assets”
Launched on January 3rd, 2018, the ninth anniversary of bitcoin’s launch, Ravencoin is an open-source project designed to enable instant payments to anyone around the world. The aim of the project is to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another.
A fork of the bitcoin code, Ravencoin features four key changes:
- The issuance schedule (block reward of 5,000 RVN)
- Block time (1 minute)
- Coin supply (21 Billion)
- Mining algorithm (X16R)
This algorithm is intended to address the centralization of mining caused by ASIC hardware. In the X16R algorithm paper, the team behind the currency explains that the fixed order of ordinary hashing algorithms lends itself to the construction of ASIC miners.
However, the X16R algorithm aims to overcome this problem by constantly disrupting the ordering of the hashing algorithms – it uses the same algorithms used in X15 and SHA512, but the ordering of those algorithms is changed based on the hash of the previous block.
Unique characteristics of Ravencoin
- ASIC resistant – Uses an X16R hashing algorithm to discourage the development of ASIC hardware
- Fair launch - Everyone has equal opportunity to mine or purchase RVN since day one.
- No pre-mine, no ICO, and no coins held for developer or founders rewards.
- Community Driven, and True Open Source