Ravencoin | $RVN | Bitcoin .. But Better??

by birtanpublished on September 2, 2020

hey everyone welcome back to my channel today I wanted to do an overall review of the project Raven coin I'd heard about it a few months ago and I intended to look into it and then I honestly forgot I posted a poll on Twitter and

Raven Queen one so here we are in the spirit of transparency this is not a paid review and Raven Queen is not in my portfolio quick reminder to everyone watching if you haven't hit that like button yet or that subscribe button

Please do so also if you want to chat feel free to join my discord my normal friendly disclaimer as I am NOT a financial advisor all investments have inherent risk and please always do your own research

After Bitcoin was created it was eventually recognized that assets could be created on top of or embedded in the Bitcoin blockchain new assets can be added to the blockchain by sending transactions which also carry

Information on asset issuance and transfer however there's a downside to this Bitcoin nodes are unaware that the assets are being embedded meaning that Bitcoin must be a part of every transaction even though the primary

Purpose of that transaction might be just to send the asset the bigger issue is that if the Bitcoin client sends that Bitcoin without being aware of the embedded asset transaction it will destroy the asset enter raven coin Raven

Coin is a fork of the Bitcoin code and aims to implement a blockchain which is optimized specifically for the use case of transferring assets such as tokens from one holder to another as an alternative to Bitcoin Ruth area Raven

Queen is a free and open source project that started with no ICO and no pre mine Raven Queen is not designed to be cash is intended to prioritize user control privacy and avoid censorship while allowing simple optional additional

Features for users based on need let's talk about the project history Raven coin made its debut on October 31st 2017 and the mining binaries were released on January 3rd 2018 to coincide with the 9th anniversary of the coins launch the

Project is open source and gives credit to 430 Bitcoin developers in the opening paragraph of its white paper I mention this because it has no formal team or group running the project however it is led kind of by Bruce Fenton and Sean

Black Bruce Fenton is a board member of the Bitcoin foundation and is the CIO of Atlantic financial Tron Black is the lead developer of the project as well he currently works for Medici ventures which is a subsidiary of overstock.com

Raven coin takes its name the alien delivery system of choice in Westeros one of the fictional continents created by the author george RR martin in his fantasy series a song of fire and ice Ravens for the role of passenger

Pigeons for use in traditional snail mail in the novels under the technology currently the circulating supply is two billion coins with a max supply of 21 billion unlike Bitcoin which is 21 million Raven is a proof-of-work project

But uses X 16 R for its algorithm making it different than Bitcoin which uses sha-256 if I'm being honest I really don't understand the technical details of the algorithms the one thing I do understand is the X 16 R is a 6

Resistant ASIC stands for application specific integrated circuits and their computers that are built with the sole purpose of mining crypto currencies more specifically Bitcoin the issue with that is the majority of bitcoins mining power

Is now centralized to amp pool one of the largest Bitcoin mining pools which is controlled by pit main the controversy is that bitcoins network is supposed to be distributed not centralized so by making raven Asics

Resistant to preventing the same problem from happening in the future raven has a block time of 1 minute with block rewards of 5,000 rvn tokens the rewards will be cut in half at approximately 2 years same as Bitcoin so

How does this whole asset creation and transfer thing work anyways to create asset token you were required to burn some rvn and provide a unique token name as of right now it costs 500 rbn as a creation fee after that you set the

Number of tokens and the decimal places you want them to have and whether or not you can issue more in the future these tokens can be created by the protocol without the need for mining these tokens are easily transferable and can

Represent anything unique and scarce such as artwork rare video game items stocks gift cards concert tickets gold land deeds and the list goes on an example of a use case would be imagine an art dealer who wishes to transfer

Ownership of a physical painting to someone the dealer creates a token on the system which is associated with a unique name and serial number this token can not be duplicated or destroyed and it serves as a digital stand-in for the

Physical painting it also acts as a proof of authenticity as the coin is unique and specific to that particular painting Ravin coin developers have also mentioned that they can revision its

System being used to simplify voting for shareholders and public companies users can also distribute RV and rewards to holders of a token the use cases for these rewards range anywhere from customer

He points to a company's dividends reven also supports a messaging feature active communication channels are necessary for many token-based systems and a common problem is that the token issuer cannot communicate with the token holders this

Must be handled very carefully because the token holders may not want to be identified to facilitate these channels Raven Queen layers specialized communication tokens on top of the assets that you hold because of

Communication tokens are linked to the assets only the asset holders receive the messages Raven coin implements the same process for voting in their white paper they state that one major downfall with the current systems is that if a

Publicly traded company wanted to get the votes from all of their shareholders on a decision they would have to hire someone to get all the mailing addresses and then a physical mailing would need to be sent out to all shareholders with

The information on how to vote along with a voting form instead raven uses their messaging system which will notify token holders of the vote and the vote can be automated by the holders through the web or a mobile interface using the

Protocol built on the client Raber will create an exact number of vote tokens and distribute them on a one-to-one basis to token holders currently raven coins sits at number 62 on live coin watch with a market cap value of 107

Million if you're interested in buying the token you can pick it up on a bunch of different exchanges the major ones being financed up itand bit tricks Rema coin does have a desktop wallet available to windows max and linux which

Can be found on their github as well as a web wallet called pocket raven and mobile apps for Android and iOS a notable mention is that Patrick firing the CEO of overstock aam is a public supporter of the Raven Quinn project

He's publicly stated that overstock has put millions of dollars into supporting the development of this project as far as competition goes tokenizing assets it's been popular for a while and several projects are aiming to provide

Functionality similar to Raven coin a theorem in waves give you the ability to create tokens however unlike Raven coin tokenization isn't the sole purpose of the project another very similar project is

Counterparty however the major difference is that counterparty functions on the Bitcoin network this could be seen as a strength or weakness depending on who you're talking to projects like wax and engine coin offer

Tokenize digital assets but target online gaming more specifically the project most comparable the Raven coin would probably be vitam the goals are almost identical but how they're going about achieving them is very different

Unlike Raven coin bytom held in ICO and does allow Asics mining on the network which are two very different things more specifically things that rain coin is quite proud of not doing what's coming up in the future that we have to

Look forward to Raven coin is listen on Ledger's Trello for implementation into their hardware wallets but I was reading in the discord that they've been waiting on the ledgers to add their coin for something like

Five months so I guess it's all really in Ledger's hands right now and there's not a great estimation on when that might be implemented a message an admin on their discord and they said that October 31st assets go live on the

Platform on the roadmap phase two is what is currently in progress and that consists of developing resistance to the ASIC miners implementing rewards and metadata usage out of the pros Raven Quinn was built specifically for the

Transfer of assets which alleviates any issues or concerns that they may be accidentally destroyed on the blockchain also the fact that it was purpose-built makes it less likely to have tons of competition because it's focusing on a

One-goal instead of trying to reinvent the wheel users can issue track and transfer assets on the platform as well as easily send messages to one another Raven Kuan will provide strong security and protection to those underlying

Assets by creating the blockchain to be a sixth resistant they're proving that fair distribution of the project hashing power is a priority the project also has some really good press around it and also more recently it's seen a huge jump

In price that people are speculating is related to the fact that was listed on Finance recently under the cons a concern for early investors would be dilution of tokens just like Bitcoin in its early stages newly mined tokens make

Them a large percent of the total circulating supply and the possibility of people selling off their tokens as they mined them could make the price unstable as with any crypto project adoption is always a huge hurdle however

I wonder if that would be more of an issue for rayvin coin due to the fact that they have no standard team I assume that that means that the chances there's people doing outreach specifically to promote the project or partnership with

Mainstream companies is probably lacking now I could be wrong but the downsides of not having a structured team could be lack of awareness of the project final thoughts I think Raven Quinn is very interesting it definitely has a lot of

Growing and developing still to come in its future but in the meantime the project has garnished a lot of really positive press and community sentiment I do think that their use case is very specific and could actually benefit from

Being on the blockchain which is an important consideration to make because not everything needs to be put on the blockchain with newer projects it's really hard to gauge where one might see in a few years

Because the markets in the crypto space changed so quickly I'm interested to see how successful they end up being the future and I believe this project is one of those that you should keep track of

Going forward well everyone that about wraps it up for me in this video today if any wants to chat more about crypto and non crypto related topics I mean mostly non crypto related topics hop into my discord and say hi otherwise

I'll see you guys next time hey if you're sad this videos over don't be I've got a ton of our content and all my playlists over here go check them all out let me know what you think in the comments down below

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