This guide will walk you through the process of setting up a Ravencoin wallet and using it to create a restricted asset.
Restricted assets work in tandem with tags, also known as ‘qualifier assets’. These are assets that you use to tag addresses. Tagged addresses are allowed to receive and send a restricted assets tied to the tag. To use restricted assets with tags, you will need to issue a qualifier asset, a main asset, and a restricted asset. The total cost to make a working restricted asset with tags costs 3000 RVN + some miner fees; 1000 for the qualifier asset, 500 for a main asset, and 1500 for a restricted asset. Tagging an address costs 0.1 RVN per tag. These coins are burned and will be removed from the available supply forever. So, by issuing assets, you make the rest of the available RVN a tiny bit more scarce.
This guide assumes that you know how to acquire cryptocurrencies on exchanges (or by mining) and how to send them to your wallet. If you do not know how, there are multiple guides around to get you on your way. You can for example:
- Buy Ravencoin on Binance (guide here)
- Use a swap service like Changelly
- Choose any of the other available services
- Or mine it! (but you will need specialized hardware for that)
Getting a Ravencoin wallet up and running
1. Get the latest wallet from: https://github.com/RavenProject/Ravencoin/releases
2. Install or extract the wallet and open it.
3. If you are running the wallet for the first time. It will ask you where to store the blockchain files. You can leave it to the default location or choose for example a different hard drive if you have more available space there. Since the Ravencoin wallet verifies and uses the full blockchain, it will use 10–20 GB of data, which increases with time. Let the wallet fully download and sync the blockchain. Depending on your processor and internet speed, this may take a couple of hours.
Getting Ravencoin to issue assets.
4. I am going to assume that you know how to buy cryptocurrencies on exchanges and how to send them to your wallet. If not, read the helpful links in the introduction.
5. To get an address in your wallet go to File > Receiving Addresses, and choose + New. You can fill out a desired label there and press OK to get an address assigned to it. Now, in the Receiving addresses window your label will appear with an address behind it. Use that address to send your coins to. Once you have enough RVN in your wallet, you are ready to issue assets.
Working with restricted assets
6. Let’s start with a qualifier (i.e., tag) asset.
- Go to the Create Assets tab.
- For Asset Type, choose Qualifier Asset. This costs 1000 RVN.
- For Name, type a name starting with a #-sign.
- As asset names are unique, you will have to choose one that does not exist on the network yet. Click, Check Availability on the right side to check if your desired name is available. You will see Valid asset in the middle of the screen. If not, change the name.
- For quantity, choose 1. Unless you have a colleague who you also want to allow to tag addresses. You can issue more then and send your colleague a tag asset later.
NOTE: The maximum number of tag assets is 10. So, you can assign a maximum of 10 addresses/people to whitelist Ravencoin addresses. This specific asset type is not reissuable! Make sure you choose a quantity that suits your purpose.
- You can add digital content such as a contract PDF to the asset using IPFS or OIP if you check add IPFS/Txid Hash. This content will be written onto the blockchain and visible to anyone looking up the asset.
NOTE: As these assets are not reissuable, choose your IPFS/Txid Hash wisely if you want to add something and what it should be. Whereas IPFS is static, OIP allows you to add data but is more complex to use.
- Choose create asset once you are satisfied with your settings. Verify the action. The issuance of this asset will be a transaction on the network and will burn 1000 RVN.
You now have a tag asset!
7. To make a restricted asset, you first need to make a main asset (that will hold the same name).
- Go to the Create Assets tab.
- For Asset Type, choose Main Asset. This costs 500 RVN.
- For Name, type a name.
- Click, Check Availability on the right side to check if your desired name is available. You will see Valid asset in the middle of the screen. If not, change the name.
- For quantity, choose the desired number of tokens and for Units, the desired amount of decimals. If you keep reissuable checked, you are able to change these settings later at a cost of 100 RVN.
CAUTION: you can only increase the number of tokens and decimals. Decreasing these numbers would effectively delete coins on the Ravencoin blockchain and that is not allowed.
- You can add content to the asset using IPFS or OIP if you check add IPFS/Txid Hash. This allows you for example to attach more details or contracts to the asset. You can use https://www.mangofarmassets.com/assetbuilder for example to build an IPFS document to attach.
- Choose create asset once you are satisfied with your settings. Verify the action. The issuance of this asset will be a transaction on the network and will burn 500 RVN.
Great, you now have a main asset!
8. Before we issue a restricted asset associated with the tag we made earlier, we need to do two things. First we need to find the address containing the tag asset.
- Go to the Transactions panel.
- Find the transaction of the Tag you made.
- Right click the transaction and choose copy address.
9. Second, we need to tell the Ravencoin blockchain that the address holding the tag token is a whitelisted address, so we need to tag it.
- Go to the Restricted Assets panel and select the Assign/Remove Qualifier panel.
- Choose your tag token in the drop down menu.
- Paste the address that you copied in step 8.
- Press check for the wallet to check that your action is allowed.
- Press submit, and verify your action.
NOTE: So, tags are not assets that are sent to other users that they can use and see. Rather, tags tell the blockchain where restricted assets may go.
For the next steps, make sure that the transactions from your previous actions hit the Ravencoin blockchain. You can see this in the Transactions panel. Make sure there is no question mark in front of your latest tag transactions.
10. Now let’s create the restricted asset.
- Go to the Create Assets tab.
- For Asset Type, choose Restricted Asset. This costs 1500 RVN.
- In the dropdown box, choose your main asset associated with your restricted asset.
- For Address paste the address from step 9 and 10.
- For verifier string type the name of the tag asset starting with the #-sign.
- Choose a desired quantity and number of decimals.
- Add IPFS/OIP if desired.
- Choose reissuable if you want to change the quantity, units, and/or IPFS/OIP later.
- Click, Check Availability on the right side to check if your desired name is available. You will see Valid Asset in the middle of the screen. If not, there is already a restricted asset associated with your main asset.
- Choose create asset once you are satisfied with your settings. Verify the action. The issuance of this asset will be a transaction on the network and will burn 1500 RVN.
Congratulations! You are now set to work with your restricted asset. Go to the Restricted asset panel. You can start tagging more addresses like you did in step 9. When you go to the Restrict Addresses/Global tab you can freeze/unfreeze trading on tagged addresses or freeze/unfreeze all trading of the restricted asset. In the Transfer Asset panel you can transfer assets to whitelisted addresses. You will notice error messages if you try to send it to non-whitelisted addresses.
11AUG2019: added info on tag burn cost.
13AUG2019: added a note on tag asset quantity.
13OCT2019: updated to latest testnet version.
11FEB2020: updated for main net