Cryptoassets Explained: Ravencoin
Purpose and Classification
Ravencoin (RVN-USD) is a fork from Bitcoin (BTC-USD, COIN, OTCQX:GBTC) core that concentrates on being decentralized, quickly, ASIC-resistant and energy-efficient. Ravencoin boasts such financiers as Patrick Byrne, the CEO of Overstock, who declared that he invested millions in the tokens. Byrne stated of Ravencoin:
It'sBitcoin, however a thousand times more energy effective.
(Source: Ravencoin homepage)
TaxonomyClassification
Utilitytoken.
Age,History, Current Status
Ravencoin was released this year after a statement post on the Bitcointalk forum They produced some buzz on Cointelegraph, and Peter from Decentralized TELEVISION made a brief video about them back in February 2018.
(Source: YouTube)
You might acknowledge Peter as the "Bitcoin Lambo" man. But truly he's a hard-working business owner with many businesses and a cult-like following.
Ravencoin is now live, and they have wallets for all significant platforms, consisting of mobile and desktop.
(Source: Ravencoin website)
This is remarkable to me due to the fact that they didn't have an ICO and pay the creators countless dollars. This is all the work of a devoted neighborhood which seems rather active for being so young. This is how Bitcoin got its start - individuals dealing with the task even if they thought and hoped that it would develop into something later on. Bullish, in my viewpoint.
Software Development
Ravencoin was forked from Bitcoin core, and you can plainly see this on their GitHub page. Taking a take a look at the activity levels, I like what I see.
(Source: GitHub)
Eight authors pressing 42 devotes is okay at all. Especially considering that this coin did not have an ICO and declares to be leaderless.
Market capitalization
Ravencoin can be found in 72 nd in market cap as I'm composing this on October 21 st,2018 CyberMiles is simply to the north, and GXChain is simply to the south. However, considering that Ravencoin has actually increased 33% in the last 24 hours, there's no assurance that it will remain in this position by the time you read this post.
With a market cap of $99 million, Ravencoin has exchange volume that overshadows its next-door neighbors' undersized $1.2 million and $3.2 million over the last 24 hours. This is bullish, a minimum of in the short-term.
Since I began composing this post, the coin has actually moved from rank 72 as much as rank 59 - what a bull run! It is now trading for $0.05 with a market cap of $111 million.
Exchange liquidity
Ravencoin is noted on many exchanges, such as Bittrex and Upbit, however Binance (BNB-USD) has the lead without a doubt with 85% of the exchange volume.
(Source: CoinMarketCap)
Token issuance design
Ravencoin appears to be following the lead of numerous other coins that have actually forked Bitcoin, and increased the coin cap from 21 million to 21 billion. This modification is simply mental (due to the fact that you can divide cryptocurrency into ever smaller sized and smaller sized pieces), however it appears to be capturing on.
The block times in Ravencoin have actually been reduced to one minute, which is 1/10 th the time it considers a Bitcoin block.
As with Bitcoin, tokens are released from Proof of Work (mining), however Ravencoin has an unique technique that concentrates on their own algorithm called X16 R.
Tokens are released to miners who find blocks, however the algorithm modifications after each block, hopping arbitrarily in between 16 various possibilities. From the X16R whitepaper:
Some of you, if you are educated about mining cryptocurrencies, may be asking, "Hey, isn't this what X11 already does?" X11 is the algorithm utilized by Dash (DASH-USD) and a couple of other coins.
Well, not precisely. Because what X11 does is to run numerous algorithms in a chain, so the output of one ends up being the input to the next. However, ultimately they began making ASIC devices that might manage this, so the ASIC resistance broke down.
Why do individuals appreciate ASIC resistance?
Let's take a look at the effect ASICs had on the biggest X11 mined coin,Dash Essentially, it increased the centralization of the network, and it made mining with a GPU (which is a simpler type of mining - anybody with a video gaming computer system can participate) totally unprofitable. The brand-new ASIC devices from Bitmain struck the network and increased the trouble so high that as the rate dropped, the miners began disconnecting in droves (although the hash rate appears to have actually been recuperating once again recently). See listed below:
(Source: BitInfoCharts)
If you occurred to be among the very first ones to get your D3 dash miner, you were making numerous dollars each day in October and November2017 Today, you're fortunate to make extra modification, if anything.
(Source: Amazon)
This shift increases the hash power of a network by orders of magnitude, however likewise focuses it in the hands of a couple of big cryptomining operators. Bottom line, there are compromises.
Security design
A big part of the security design originates from piggybacking off of Bitcoin, however the X16 R algorithm plays a part too. You see, Bitcoin does have a security concern when it pertains to the centralization of mining giants inChina With the frustrating bulk of devices originating from China, and most of mining swimming pools managed in China, geopolitical pressures might have unfavorable effect on the Bitcoin network.
WhatRavencoin hopes is that by being ASIC-resistant, they can expand miners around the world, minimizing this sort of threat. This needs to boost their security if they can pull it off.
Whitepaper
Ravencoin has 2 whitepapers: one for their coin and one for their custom-made mining algorithm.
At the top of the Ravencoin Whitepaper, we see this:
Thank you to the Bitcoin creator and designers. The Ravencoin task was released based upon the effort and constant effort of over 430 Bitcoin designers who made over 14,000 devotes by the date of the Ravencoin code fork. We are forever grateful to you for your diligence in making a protected network and for your assistance of totally free and open source software application advancement. The Ravencoin task is developed on the structure you developed.
This I truly like. It takes an unique sort of jerk to fork Bitcoin's code and after that walk around trash-talking Bitcoin I imply, do you hear Neil deGrasse Tyson trash-talking Isaac Newton? Did Einstein trash-talk Pythagoras? It's unreasonable, however it takes place all the time in the crypto area.
Keeping it friendly with Bitcoiners is an excellent relocation. Being a part of the neighborhood instead of attempting to take control of the neighborhood - that's a crucial modification in point of view. This will assist to bring more individuals to their cause.
They continue (from the Ravencoin Whitepaper):
Ravencoin is created to effectively deal with one particular function well: the transfer of possessions from one celebration to another. One objective of the Raven procedure is to develop a utilize case focused blockchain and advancement effort which can develop code, supplying benefits for particular usage cases, while adding to open source code which might be utilized by Bitcoin or other jobs.
What they imply by a "use case focused blockchain" is that Ravencoin wishes to incorporate performance comparable to what Ethereum (ETH-USD) had actually finished with their ERC-20 and ERC-721 and what Mastercoin attempted to do and in the very same vein as "colored coins." The idea here is that you can construct things on top of Bitcoin that have more performance, various performance, while leaving the base procedure clear to be fairly "stupid" and quickly.
The whitepaper continues (from the Ravencoin Whitepaper):
The service is to develop a bitcoin- like system that is totally possession conscious
Let's dive ahead to the conclusion, where these concepts are summed up (from the Ravencoin Whitepaper):
Ravencoin is a platform coin developed on the UTXO [19] design ofBitcoin Modifying Bitcoin code to include these abilities is not useful, however Ravencoin is a platform developed from a code fork and releasing recently mined RVN. Ravencoin will be including possessions, benefits, distinct possessions, messaging, and ballot. The Raven procedure's abilities will be presented in stages which will be done as a scheduled difficult fork upgrade. The code base is created to enable users and designers to keep a protected, decentralized, and tamper resistant network.TheRavencoin task can likewise function as a base and beginning point for jobs, 2nd layer options, experiments, and organisation concepts which may take advantage of either the Bitcoin- based code base with modifications or the native extra functions contributed to the Ravencoin blockchain.
I like what I'm seeing here. I believe they have an asset and an excellent strategy. But time will inform if they can pull this off and achieve success.
Community
Ravencoin is brand-new, however they have actually handled to build up 15 k fans on Twitter and 4.6 k customers onReddit This task appears to be growing rapidly, and I anticipate the current rate run-up will bring more individuals in too.
Criticism
I do not truly have much criticism for this task, other than that it's still so brand-new we have no concept if the task will be here to remain. With the failure rate of brand-new jobs being so high, even appealing ones like Ravencoin ought to be considered very carefully.
Conclusion
I likeRavencoin They have an active advancement group, even without having an ICO. They took Bitcoin's design and extended it (much like Dash, Litecoin, Digibyte and numerous others have), while not being ill-mannered to individuals who worked extremely difficult to make Bitcoin what it is today, the center of the cryptoasset universe.
Are you a Ravencoin financier? Did you capture the current bull run? Let me understand in the remark area listed below.
Cheers,
Posted from Cryptotreat Cryptotreat : https://cryptotreat.com/cryptoassets-explained-ravencoin/