Ravencoin (RVN) is ready to become Ethereum of security tokens

Ravencoin, a fork of Bitcoin, is a relatively young token; it is only since January 3, 2018 that it has been in the balance between the crypto currencies. But in recent months, the currency has attracted attention due to its steep rise in prices. The name is fictitious, borrowed from the imaginary world of Game of Thrones. This is how we read on the homepage:

"In the fictional world of Westeros, the crows are used as messengers who transmit true statements, Ravencoin is a specific blockchain of the use case that should provide true statements about who owns what assets."

To achieve this, Ravencoin's blockchain is designed to serve specific purposes. On the one hand, it should help to determine the ownership of goods impeccably. On the other hand, Ravencoin, similar to Bitcoin, wants to make direct payments possible. As the open source project on the homepage points out, it is completely decentralized: neither the master nodes nor, above all, the ICO are behind the project.

Two faces of Ravencoin

Bruce Fenton, a high profile expert in the traditional financial sector, is the father of Ravencoin. Bruce is known as one of the first supporters of Bitcoin, who has served as executive chairman of the Bitcoin Foundation from 2015-2016. His experience led him to discover the future of the blockchain's potential for the financial securities industry.

Tron Black is one of the seven main developers of Ravencoin on behalf of Medici Ventures, a wholly owned subsidiary of Overstock.com. Bruce was a friend of Patrick Byrne, CEO of Overstock.com, and that's how Tron was involved with Ravencoin.

Ravencoin is the Ethereum of security tokens

As TheTokenist writes, Tron has commented on the user-friendly nature of Ravencoin compared to Ethereum:

"I do not know if we're trying to replace Ethereum or something, although I would say that for the purposes of an ERC-20 token, we're much easier to use, so I think it will go a long way."

While Ethereum is the current leader of security token standards, the programming language of smart contracts is typically limited to specialized developers. The beauty of smart contracts lies in the ability of developers to create their own token protocols and standards, which are required to comply with the rules they establish. While blockchain technology continues to expand beyond the areas of digital currencies as we see with Bitcoin, Ethereum has seen significant success.

The user-friendly features of Ravencoin seem to suggest, as described by Tron, that Ravencoin has the potential to emerge as such a leader and could even become the Ethereum of security tokens.

Ravencoin changes the Bitcoin protocol

The community has changed the Bitcoin protocol in four main aspects:

Reward of 5,000 RVN
Block size (1 minute)
Quantity of coins available (21 billion)
Data Mining Algorithm (X16R)

With the modified mining algorithm X16R, the team wants to combat the growing centralization of mining by the ASIC miners. As can be seen from the X16R white paper, X16R is based on the same algorithms as X15 and SHA512, but in a different order. ASIC miners can not be prevented by this, but makes it more likely to extract CPUs and GPUs.

In addition, the entire extraction process is based on Bitcoin – instead of pre-mining as with many ICOs, there is a Genesis block, which exists from the beginning, after which theoretically anyone can extract the Ravencoin.

There is also a halving in the Ravencoin – this happens every 2.100.000 blocks – the reward is halved from 5,000 to 2,500 Ravencoin, this should happen for the first time in about four years.

If you want to start, you can create a paper wallet here and look for the mining pools here.

Currently, the project is in phase 2. After a positive start, the community of Ravencoin is implementing ways to transfer assets and property rights. In the following phases, Ravencoin also plans to make possible messages and elections. The entire roadmap can be found in the Github account.