This means that Ravencoin is still relatively easy to mine with your home GPU. Moreover, given the use of the unique consensus algorithm, Ravencoin has been able to stave off the threat that has been posed by ASIC mining chips on other blockchains. Proof-of-Work was chosen as the consensus algorithm so Ravencoin could take advantage of building an ever-larger wall of protection against future attempts at censorship and tampering. The Ravencoin website says it avoided using a pre-mine so all users will have an equal opportunity to accumulate RVN coins. The developers have also committed to continual improvement of the raven network, and have said that any new technology that improves on the security of the system or the privacy of users will be implemented in Ravencoin whenever possible. Privacy is included as one aspect, with Ravencoin fully taking advantage of the inherent separation between a user’s identity and their wallet address. Ravencoin functions with a strong mining community and wide distribution. The blockchain itself functions in much the same way as Bitcoin, and it shares the same level of security that Bitcoin offers. With so many different assets being stored on the blockchain one of the stated primary goals of Ravencoin is security. Image via RavencoinĪ few of the suggestions made in the white paper include gold bars or coins, physical fiat currency, rare artwork, real estate deeds, gift cards, in-game assets, electronic tickets, and many other things.Īny of these assets can be represented by a non-minable token on the Raven network, with such tokens being freely created by users on the Ravencoin platform. The creators of Ravencoin made a list of potential use-cases within the white paper, but they emphasized their list was only suggestions, and that virtually anything could be sent with the Raven network since that’s precisely what it was created for.Īssets that Can be Transferred. Once it’s seen that individuals can move significant wealth using Bitcoin or other cryptocurrencies people from all across the globe will demand to have the same ability with other assets such as equities, real estate or physical commodities like gold and oil. Eventually, they say geographic borders and government jurisdictions will become increasingly less relevant as trading across borders becomes increasingly frictionless. The whitepaper goes on to say that once blockchains begin to influence the global economies it will also change how capital markets work.
Raven charmstone code#
“The secure and free movement of various assets utilizing open-source code that will be improved upon continuously.”
Initial block reward of 5,000 RVN rather than 50 BTC.Block time reduced from 10 minutes to 1 minute.Total coin supply of 21 billion rather than 21 million.The other changes from Bitcoin that were made when creating Ravencoin include the following: That’s just what they did in October 2019 when they upgraded from x16r to x16rv2 simply on the suspicion of ASIC rigs mining the network.
The Ravencoin team has also stated they will change the algorithms used in x16rv2 if an ASIC rig with the capability to mine the Raven network is ever developed. This randomization makes it extremely difficult to develop an ASIC that can take advantage of the x16rv2, and allows anyone the ability to mine Ravencoin without competing with the powerful ASIC rigs. What makes the x16rv2 algorithm unique is that it using 16 different hashing algorithms and randomly chooses one to use. It was developed specifically to allow for PoW mining but get away from the centralization caused by ASIC mining. One of the most obvious changes made in the creation of Ravencoin is the use of the newly developed x16rv2 algorithm. They have also developed a unique algorithm called x16r, which allows for Proof-of-Work mining while also maintaining ASIC resistance.įuture updates to the blockchain are expected to include the ability to issue rewards to RVN holders, a messaging system, voting capabilities, a compatibility mode that allows newly created assets to appear exactly like RVN, LTC, or Bitcoin for easy integration into exchanges, wallets, explorers, etc. Work continues on the blockchain and so far the developers have created the blockchain and mining capabilities, as well as the ability to create unique assets. Ravencoin was created with a phased development schedule in place.
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