Launched in 2018, Ravencoin is an open source fork of bitcoin specifically designed to facilitate the transfer of assets from one party to another.
Users can create assets on the Ravencoin protocol that adhere to rules independent of those of the platform. This distinguishes ravencoin from other protocols that have sought to create tokens on the bitcoin blockchain.
Ravencoin utilizes the X16R proof of work algorithm, which was designed to make the protocol resistant to ASIC mining. ASIC-resistance lowers the barrier of entry for people wishing to mine, because it means that less specialized equipment is required.
How Does Ravencoin Work?
Ravencoin was created to be different from asset-transfer blockchain predecessors such as Counterparty and Omni. Tokens created on the platform can represent securities, credit, commodities, etc.
Launch & issuance
Ravencoin was launched in 2018. It did not conduct an ICO, nor did it pre-mine coins. Users can mine ravencoin or purchase coins from exchanges.
Network design & security model
Ravencoin is a fork of bitcoin with several modifications. The X16R algorithm, for example, is different from those of other blockchains which have sought ASIC-resistance because it disrupts the ordering of hashing algorithms according to the hash of the previous block in the blockchain.
The platform enables the creation of tokens, and all tokens have unique names and can represent one-of-a-kind assets.
According to the project’s white paper, Ravencoin will include a mechanism through which token issuers can communicate with token holders and hold votes in the future.
The total possible ravencoin supply is capped at 21 billion coins. Block rewards are set at 5,000 ravencoins per block, and are set to halve every 4 years.
Ravencoin’s block time is one minute.