I want to speak about a relatively new coin today. It’s gained the attention of that one guy, Patrick Byrne, who runs Overstock.com but even more importantly, this project has a clear and concise goal matched with the interest in keeping the network as decentralized as possible.
Before I dive into what exactly it is that I like about Ravencoin, I should first explain that I’ve recently begun reading Nassim Taleb’s book, “Skin in the Game”. By the way, if you’re looking for a good book to get into, I recommend this one.
In it, Taleb describes why those who give advice ought to be exposed to the same amount of risk as those they are advising. He also gives plenty of examples and explores multiple facets of why actions should speak louder than words. Granted, his book is much more in-depth than what I just described but now you generally know what my mind had been focused on noticing at the time of my analysis of Ravencoin.
So right off the bat, as I looked over the READ.me file of Ravencoin’s GitHub I appreciated the fact that they have a clear and concise focus for what services their platform can provide.
Ravencoin is a use-case specific blockchain for declaration of ownership of assets.
Clear and simple.
They acknowledge the foundation that the Bitcoin network has afforded them, and the fact that Bitcoin is focused on being a better form of money.
Blockchains are a great innovation, but they aren’t necessary for each and every enterprise or business model. Ledgers are quite effective for declaring ownership of assets, as we’ve seen so far with its application of Bitcoin. Ravencoin will expand on this model to include assets in this new and increasing global economy.
Just as people can now send Bitcoin across borders, this concept can be applied to other assets as well.
I particularly like this kind of laser focus because it stands out to me now in this crypto space where so many projects are filled with ambiguity. It seems so many want to offer all of the solutions for all of the problems. In reality, the more concise your focus is, the more likely you are to achieve your goals. If you want to know why this particular project caught the attention of Patrick Byrne, check out the links I’ve included down below.
Let’s explore this global economy concept and its need for the eradication of jurisdictions, at least as they are applied to assets.
This is another aspect that the Ravencoin team points out in their documentation. That is the fact that in order for a global economic system to be fair, everything needs to be open.
Any one law enforcing agency in any jurisdiction cannot be able to control or dictate a transaction. A borderless economy is going to require an epic shift in how things work, but that doesn’t mean it’s impossible. The very fact that Bitcoin is proving jurisdictions are becoming increasingly more irrelevant is proof of this.
Moving onto the other aspect about Ravencoin I wanted to point out, that is their efforts for establishing a networked that is as decentralized as possible.
- Firstly, Ravencoin is a fork of Bitcoin’s code, its genesis block was produced in January last year. At the very start, anyone who was interested could have begun mining Ravencoin. There wasn’t a pre-mine where a select few were aware of or had insider information to mine it before it was open to the public.
- Secondly, Because Ravencoin was a fork of Bitcoin and did not hold an ICO, the distribution of mined coins is more spread out than if they were to hold an ICO and allow for whales to come in and purchase large portions of the supply before being made available to the public.
- Thirdly, The mining algorithm that Ravencoin uses is ASIC resistant. This means that you don’t need to buy expensive specialized hardware to mine. In fact, the particular mining algorithm used constantly disrupts the ordering of the hashing algorithms, which renders ASIC hardware ineffective.
- Lastly, they encourage the use of smaller mining pools. As with the use of their ASIC resistant mining algorithm, Ravencoin sees the problems of centralization that are plaguing Bitcoin and are doing what they can now, at the start of their network to avoid them.
All of this being said, please know that this is still a new project that is growing. As with any new project there will be growing pains, and unforeseen bugs and other things that need to be addressed.
So let me remind you that we have yet to see a perfect cryptocurrency, if one will ever exist, who can know. In the meantime we can enjoy observing these innovations and see how these different teams work to find solutions.
Those are my thoughts on this one, if you’ve had the chance to take a look I’d love to hear your thoughts down below!
RVN GitHub (README is great place to understand their motivation and philosophy)
RVN Views and Actions to promote decentralization
RVN Wallet Guide
How to Mine RVN
4 Reasons to hodl RVN
Patrick Byrne and RVN