Ravencoin is an open source, digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was launched January 3rd, 2018, and is a truly open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community. It will be used for verifying the holding and transaction of other assets and funds, such as cryptocoins, tokens, precious metals, works of art. It also has privacy, messaging and micro-payment aspects as well.
Please note, although it says reward reduction 0% - the actual structure is - every 4 years (approximate, it's at a specific block height) - the rewards are reduced by half.
- Privacy Cryptocurrencies
- Application Cryptocurrencies
- Decentralized Management
- Physical Asset Digitization
- Private Cryptocurrency
- Proof-of-Work (PoW)
In approximately 4 years, the block reward will halve at a specific block #
Open source, community team
Phase 1 - Complete
Ravencoin (RVN) is a Proof of Work coin built on the Bitcoin UTXO model. As with other Bitcoin derivatives, RVN coins are distributed to persons augmenting the Raven network by mining Raven.
Phase 2 - Assets (in progress)
ASIC Resistance - A published commitment to continual attempts at ASIC resistance. If ASICs are created for x16r, then we will, at a specific block number, modify one of the algorithms to add some varients of Equihash or similar efforts to increase the resistance to ASIC miners for Raven.
Ravencoin will be a hard fork that extends Raven to include the ability to issue and transfer assets. The expected release of asset capabilities will be approximately seven months after the release of RVN. Raven will be extended to allow issuing, reissuing, and transfer of assets. Assets can be reissuable or limited to a set supply at the point of issuance. The cost to create assets will be 500 RVN to create any qty of an asset. Each asset name must be unique. Asset names will be limited to A-Z and 0-9, '' and '.' and must be at least three characters long. The '.' and the '' cannot be the first, or the last character, or be consecutive.
The RVN used to issue assets will be sent to a burn address, which will reduce the amount of RVN available.
Asset transfers require the standard RVN transaction fees for transfer from one address to another.
Metadata about the token can be stored in IPFS. Initially this cannot be changed. If there is a demand, the system can be updated to allow updating the metadata by the token issuer.
Reward capabilities will be added to allow payment (in RVN) to all holders of an asset. Payments of RVN would be distributed to all asset holders pro rata. This is useful for paying dividends, dividing payments, or rewarding a group of token holders.
Example: A small software company issues an asset GAMECO that represents a share of the project. GAMECO tokens can be traded with others. Once the software company profits, those profits can be distributed to all holders of GAMECO by sending the profits (via RVN) to all holders of GAMECO.
Raven may increase the blocksize from 1 MB to X MB to allow for more on-chain transactions.
Phase 3 - Rewards
Rewards allow payment in RVN to asset holders.
Phase 4 - Unique Assets
Once created, assets can be made unique for a cost of 5 RVN. Only non-divisible assets can be made unique. This moves an asset to a UTXO and associates a unique identifier with the txid. From this point the asset can be moved from one address to another and can be traced back to its origin. Only the issuer of the original asset can make an asset unique.
The costs to make unique assets will be sent to a burn address.
Phase 5 - Messaging
Messaging to token holders by authorized senders will be layered on top of the Phase 3 unique assets. See KAAAWWW Protocol for additional information.
Phase 6 - Voting
Voting will be accomplished by creating and distributing parallel tokens to token holders. These tokens can be sent to RVN addresses to record a vote.