Ravencoin ELI5 Summary

Ravencoin is designed to help users issue tokens securely.

CODE

The code is a fork of Bitcoin. Changes include:

  • 21 billion coin fixed limit
  • 1 min block times, 5000 Ravencoin award per block
  • Same halving schedule as Bitcoin

To create tokens, Ravencoin’s protocol burns 500 Ravenccoin.

The token creator can also create sub assets.

All tokens / assets have unique names.

ASSET LAYER

Asset layer allows the creation of tokens.

Tokens can be anything: securities, collectibles, games, money or something else.

The creator of the token decides its purpose and properties.

Properties include the name, number of coins, how they are issued etc.

Creators can create a fixed supply and lock the token so no more can be created. Or they issue more.

PROJECT ECONOMICS & STRUCTURE

Ravencoin is fair.

  • no ico
  • all coins issued by POW (proof of work) mining
  • no premine
  • no founder or dev set aside
  • no fundraising of any kind
  • no corporate structure, foundation or any official leadership

LAUNCH

  • fair launched, fairly mined
  • announced at MIT, Texas Bitcoin Conference, other events and social media in October 2017
  • Medium article announcement and Twitter in October 2017
  • launch on Oct 31 (Bitcoin’s 9th birthday)
  • binaries released Jan 3
  • within a day over 100 miners — within a week, thousands, hash rate has grown since

DEVELOPMENT

Development has been supported by volunteers. Many generous people and companies have donated time and money.

The biggest funding contributor has been Medici Ventures which is owned by Overstock (I am on the board). Medici allows employees to work on open source projects.

Chainstone Labs is also a supporter as are many individuals and companies.

NETWORK

The network went live and operational on Jan 3. It has been up since.

Ravencoin uses its own blockchain.

This is minable.

ALGO

The mining algo is X16R

This was created for Ravencoin By Joel Weight and Tron Black.

(Note, the original paper referenced “ASIC resistance” — this was a year ago. New capabilities of ASIC manufacturers make it easier to make ASICs. Ravencoin and it’s algo should not be considered ASIC resistant today.)

Hash rate has been very high, currently over 3 TH/s

TESTNET / MAINNET

The testnet for the asset layer is live.

You can use it to test creation of a token.

Mainnet launch is October 31, the first birthday of Ravencoin.

It takes about a day and a half worth of blocks to activate. So you should be able to create your tokens on about November 2.

TO SUPPORT THE NETWORK

  • Mine or run a full node
  • Use test net and create tokens
  • Join discussion groups, chat etc
  • Experiment and build

You do not need permission to build on this network.