If you have ever been affiliated with cryptocurrency or involved in the crypto trade, you must be well aware of a new class of crypto assets known as Ravencoin. Before we jump into the details about when it was launched, who initiated it, and what makes it unique, it is essential to have a brief introduction to Ravencoin.
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Introduction to Ravencoin
Ravencoin is, in fact, a Bitcoin code fork. It is designed to allow the users to generate or issue tokens and digital assets.
In the original Bitcoin code, there was no “intent” field in the transactions. Instead, mining nodes were expected to agree on the current intent of every transaction through a process called “consensus.” A variation of this approach from earlier cryptocurrencies was used in Bitcoin prior to 2012 when that consensus feature was removed due to the way it impacted scalability.
Ravencoin is coded with an “intent” field which allows everyone who downloads a new block containing blockchain information with an intent set for its access to work on that particular chain without any oversight by centralized servers.
Now that we know what is Ravencoin, let’s dig into its history without further ado.
All About the History of Ravencoin
Developer Tron Black and businessman Bruce Fenton got the idea of launching Ravencoin. They executed their plan and launched Ravencoin in the year 2018. The purpose of Ravencoin was to create a protocol for building tokens and assets that would be more inclusive than some existing tokens platforms. For example, Ravencoin is used to issue digital tickets or coupons or collectible cards that could then be transferred and traded on a public ledger with built-in asset support.
Ravencoin’s intent is to be able to handle many different types of tokens in the future. This includes tokens for payments, loyalty points, content rewards, or any other type of asset one might want to issue and transfer on a public ledger. The creators of Ravencoin believe in the importance of decentralization, and that it is important to enabling people to contribute to this protocol even if they are not the original creators.
What makes Ravencoin Unique?
Ravencoin is unique in the way that it was designed to be a peer-to-peer network for the issuance of tokens and digital assets. This is a major advancement on top of a standard blockchain protocol. Ravencoin is designed to be able to handle the needs of many different types of tokens in the future.
Ravencoin’s token standard is called “built-in issuance.” Other coins structured as built-in issuance such as Waves or Ethereum impose their own restrictions after token or asset creation. In Ethereum, one must pay gas fees for every operation related to an asset contract, whereas on Ravencoin, one only pays the set issuance fee upfront. This allows Ravencoin to be a more flexible and compatible network than most other centralized and decentralized issuance platforms.
Ravencoin can be mined using the same algorithm as Bitcoin but with an altered difficulty adjustment algorithm that is coded in the coinbase transaction. The difficulty is adjusted for every 2016 block based on the total number of coins mined over the previous 2016 blocks. The intent behind this change was to make mining Ravencoin more profitable than mining Bitcoin, at least at first, and to help protect against network attacks.
The maximum block size is one megabyte. This is the same as Bitcoin, but more than most other “Bitcoin Forks.” However, the block reward is variable and decreases every minute, which influences the output of the network.
Conclusion
To sum up, Ravencoin is a fork of the Bitcoin Code, but with built-in issuance added. This allows anyone to issue tokens and assets on their own blockchain. Ravencoin mining problems can be solved using the same hardware used for Bitcoin mining. As opposed to other decentralized cryptocurrency platforms such as Ethereum or Waves, Ravencoin’s protocol supports tokens that have additional features such as apps, collectible cards, or movies/music rewards.
Issuers of assets can also create an unlimited number of sub asset chains within their main asset chain – effectively allowing issuers to create their own blockchain networks with their own rules and consensus mechanisms. And they have to pay only a small token fee for each transaction. The same is true for issuing coins. It means, if you are someone who wants to enjoy the ultimate freedom when it comes to tokens while staying safe as well, Ravencoin is your way to go!
