Ravencoin – Brief Explanation
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The Ravencoin platform is a peer-to-peer blockchain network that handles the processing and transfer of digital assets from one token holder to another. The white paper says that Ravencoin is open source and anyone can use it. Ravencoin aims to prioritize user control, security, audit resistance and privacy. Ravencoin is a bitcoin platform that allows users to offer and deposit assets on the blockchain. The platform is open for use and development in any capacity and allows easy additional services for users based on their needs.
The platform is named after Game of Thrones, a popular TV show. In addition, Ravencoin aims to solve the problem of trading and transferring assets on the blockchain network. The platform also aims to be blockchain based and is designed to transfer assets from one asset to another. Ravencoin provides a platform where users can provide assets that they can manage according to the rules they create on the blockchain network.
As mentioned in the white paper, one of the problems with the current financial system in the United States is that every product is held under a street name, making it difficult to hold a vote. In such a case, the public company must send a letter to all its shareholders on how to vote and a proxy voting form. Therefore, by using the messaging system, token holders can be notified of the vote, and by automatically issuing the VOTE token to all token holders, voting can be done by anyone market or through mobile applications. .
Based on the development and large-scale testing of the UTXO version of the Bitcoin system, Ravencoin was created in a fork of the Bitcoin code. UTXO refers to the number of cryptocurrencies a user has left after completing a digital currency transaction such as Bitcoin. Some important changes to Ravencoin include quarterly payout periods and changes in the number of coins issued. The platform offers 5,000 RVN tokens as block reward to its users instead of 50 BTC.
In addition, assets built on the Raven protocol have various advantages. They aim to be easy to use, secure with a good proof of work, connected to the benchmarks, and open source that the central office does not operate. In Ravencoin, assets are considered a unique number of tokens that can be transferred to any Ravencoin address.
The Ravencoin project also serves as a starting point and foundation for various Layer 2 projects, experiments, business ideas, and solutions that can benefit from other projects integrated into the Ravencoin blockchain or another Bitcoin-based codebase. . Ravencoin’s stock symbol is RVN. Everyone who gave a sign sells the RVN sign and gives a unique name for the sign.
Cryptocurrency fire involves removing tokens from ads, reducing the number of tokens used. In addition, the issuer will be responsible for determining the number to issue, the number of digits, and whether they can issue more copies of the same token in the coming days. The platform allows the payment of services in the form of RVN tokens.
Ravencoin history
After its launch in 2018, Medici Ventures backed Ravencoin, a blockchain-focused subsidiary of Overstock.com.
Ravencoin was clearly designed to create an ecosystem where the special mining equipment used for other cryptocurrencies – called fast-acting integrated circuits (ASICs) – has no value. In January 2020, Tron Black, the lead developer of Ravencoin, wrote that ASIC miners have discovered a way to mine Ravencoin’s original algorithm, giving them an edge over computers with full processing power.
To solve this, the Ravencoin team further tweaked their algorithm so that even if miners choose to use ASICs, their hardware will be forced to behave like regular computer hardware. He’s basically even playing games, at least for now.
Ravencoin Working Principle
Code Ravencoin is a fork of Bitcoin. However, he is not an easy imitator, but the work continues to have a unique network, principles and rules of wealth. To secure its network, Ravencoin uses a different type of Proof-of-Work (PoW) contract known as KAWPOW, which aims to lower the barriers to entry into mining on its blockchain.
The latency of Ravencoin is one minute, which means that a new block is mined every minute. This makes the Raven system faster compared to the Bitcoin blockchain, which has a latency of 10 minutes. This, along with Ravencoin’s 2MB block size, means that the network is optimized to handle higher transaction volumes than Bitcoin.
One of the main goals of the Ravencoin system is to build on the infrastructure creation technology pioneered by Bitcoin. Early in Bitcoin’s history, people dreamed of issuing tokens on the Bitcoin blockchain.
As shown in the past, Bitcoin can have its own assets in addition by creating secure, signed and immutable Bitcoin transactions, which contain information about the supply and transfer of assets. In other words, Bitcoin nodes are able to recognize tokens issued by the Bitcoin core layer blockchain. Shown by projects such as Mastercoin, Counterparty and Colored coins, which are the first attempts in this regard.
The obvious advantage of connecting such an asset to the Bitcoin blockchain is the high level of security, while Bitcoin is still considered the most secure blockchain by many different cryptocurrency experts. However, the downside of investing directly in Bitcoin is that the blockchain is also considered too slow and unwieldy.
To be able to address the weaknesses of Bitcoin, Ravencoin aims to provide an alternative way to create tokenized assets by introducing a fully Aware protocol system. It also allows a single entity to issue, track and transfer assets.
Additionally, the system aims to be a fully asset-aware system that operates with market value, a strong mining community, and a widely distributed network.
