Following a post on the project’s twitter account, it was revealed that Ravencoin (RVN) Mainnet asset layer is set for activation. The implication of this is that the features that would make it possible to create tokens would become live.
On this new asset layer protocol, developers need not seek permission to create or issue asset as building on Ravencoin’s blockchain is open to all and sundry.
As such, developers were given freedom to utilize most of the tools including the second layer solutions. Users were encouraged to join the currently available testnet in readiness for the live asset issuance.
Events Necessitating Ravencoin (RVN)
The fact that we are at a time where people can instantaneously move substantial amounts of wealth using Bitcoin is a pointer that this same efficiency is likely to be needed for securities and other related asset holdings. Ravencoin (RVN) was conceived in response to this need.
Because of the universal nature of blockchain technology, conflicts are bound to be generated in jurisdictions if wealth is transferred independently of jurisdictional regulations.
This is because, in legacy systems, wealth is usually confined to the domain of the holder making it easy to control based on the rules of that particular jurisdiction.
And for any protocol level ability to control wealth on a global scale to work, it will require that it is independent of jurisdictional regulations. The need to be able to operate fairly without leading jurisdictions into conflict birthed the Ravencoin project.
Therefore the project and coin are an experiment as the initiators are basically working on ideas and writing codes while throwing it open to the cryptoverse to generate a winning streak in the long run.
Ravencoin’s (RVN) Purpose
Ravencoin is an open source Proof of Work project that started out as a code fork of Bitcoin inheriting both its strengths and weakness. The blockchain project was launched January 3, 2018, without an ICO just like Bitcoin.
As a cryptographic project that, Ravencoin is concerned with the efficient distribution of decentralized asset transfer. It provides issuers with the opportunity of creating more customizable tokens- divisibility, volume, worth, redeemability.
Since Ravencoin (RVN) has monetary value on the market, it can be used as a reward or a means to pay expenses on a network.
As such, it can be used for tokenizing items that have monetary value or even as a dividend. Another thing that stands this project in good light is the inherent privacy and security of the blockchain.
Ravencoin (RVN) purposes to implement a blockchain protocol that is geared specifically for the use case of transferring assets such as tokens from one holder to another.
As a result of extensive development and testing of Bitcoin (BTC), Ravencoin, although built on a fork of Bitcoin code, effected key changes. These changes include faster block reward time and a change in the number but not the weighted distribution schedule of coins.
Ravencoin (RVN) is free and open sourced and was issued and mined transparently without premine from January 3, 2018. The project is expected to prioritize user privacy, control, censorship resistance and agnostic towards jurisdictions while also permitting the addition of optional features based on users’ need.
The Import Of Use Case
A blockchain is a ledger that shows the value of something and allows a person to be able to transfer that value to another person. Of all the probable use for the blockchain technology, reporting who owns what is still one of its core functions.
This is the major reason why Bitcoin (BTC) is the first and most successful use case for blockchain technology till date. The success enjoyed by the Ethereum ERC20 tokens revealed the demand for tokenized assets that utilize another blockchain.
Tokens proffer many advantages to traditional shares or other mechanisms of participation. These advantages amongst others include faster transfer, censorship resistance, and increased user control as well as reducing/ eliminating the need for a trusted third party.
Even though both Bitcoin (BTC) and Ethereum (ETH) has the capability of serving as rails for tokens none of them was designed specifically for enabling ownership of other assets. And it is unlikely that their developers will prioritize features or enhancements that are explicitly advantageous to the facilitation of transferring tokens.
It is admirable that the Ravencoin (RVN) project one goal is to determine if a use case specific blockchain and development effort can create code that will either improve existing structures or provide an edge for specific use cases.
Success is bound to be birthed from this initiative as the community of developers is working with single-minded purpose. It will not be surprising if this crypto project goes ahead to dominate the cryptospace as members of the developer community are giving free reins to come up with befitting products.