What is Ravencoin?

Ravencoin (RVN) is a digital peer-to-peer network that seeks to implement a use-case-specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Launched on January 3rd, 2018, Ravencoin is an open-source project built on a fork of the Bitcoin code. It focuses on building a useful technology, with a strong and growing community. The project is truly open source, with no Initial Coin Offering (ICO) or masternodes. Ravencoin is designed with a focus on user control, privacy, and censorship resistance, and is open to use and development in any jurisdiction.

How does Ravencoin work?

Ravencoin operates on a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another. It features four key changes from the Bitcoin code: a block reward time of one minute, a change in the number of coins issued, a coin supply capped at 21 billion, and a mining algorithm called KAWPOW. This algorithm is intended to address the centralization of mining caused by ASIC hardware. Ravencoin uses the KAWPOW hashing algorithm to discourage the development of ASIC hardware, allowing most consumer-grade GPU hardware to mine Ravencoin.

What are the potential use cases for Ravencoin?

Ravencoin strives to solve the problem of assets transfer and trading over blockchain. The tokens issued on the Ravencoin blockchain can represent anything: real-world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles, or an hour of someone’s wage, etc. This makes Ravencoin a versatile platform for a wide range of applications. Future versions of the Ravencoin protocol strive to support integrated messaging and voting systems, further expanding its potential use cases.

What is the history of Ravencoin?

Ravencoin was announced on October 31, 2017, and released binaries for mining on January 3, 2018. The Ravencoin whitepaper was published by Bruce Fenton, Tron Black, and Joel Weight, all seasoned businessmen and developers. Fenton is known in the crypto world for being a board member and an executive director of the Bitcoin Foundation from 2015 to 2018. Tron Black is a principal software developer with more than 30 years of experience, including leading several software companies as a CEO. Joel Weight is a chief technology officer at Overstock.com, a well-known online retailer. The project is designed to be as fair and open as possible for a new cryptocurrency, with no pre-mine, no ICO, and no coins held for developer or founders rewards.