We get a lot of questions on what makes us different from Ethereum and Ravencoin as we are a code fork of Ravencoin and will be adding smart contracts. First, I will list the differences between Raptoreum and Ravencoin both technology wise and for the overall project.
Note: This is meant to be a quick, simple, easy to digest comparison. Going in depth is beyond the scope of a single article. If you want more in depth details on Raptoreum and what it can do and offer please check the following;
Full Spec List: https://medium.com/@kawwwoin/raptoreum-full-spec-list-ba1d4d48e7a4
Raptoreum FAQ: https://medium.com/@kawwwoin/raptoreum-faq-446185503cee
Raptoreum And Ravencoin
1.) Raptoreum allows for trustless on chain transfers VIA smart contracts. This allows for the trustless on chain transfers of assets. With Ravencoin you have to trust that the other person will send their part of the transaction or rely on a third party service such as an exchange or an escrow. Raptoreum eliminates this need and allows for a safe transfer in a trustless fashion.
2.) We are expanding on the Ravencoin asset system by adding the ability to set a decay time on an asset at which it is destroyed at a certain block # number or timestamp. Additionally we are adding the ability to lock Raptoreum coins into an asset to be unlocked at timestamp or block # of your choosing. Read More.
3.) GhostRider which is our algorithm will be help to reduce the impact of FPGA and ASICs on the network. Planned is also adding the ability to change certain algorithmic parameters on the fly (no hardfork needed) that will remove ASICs and require FPGAs to be recoded. It also makes entry into Raptoreum for FPGAs very expensive, and for most probably not worth the cost while also reducing their performance / advantage over GPUs. Hence we avoid the ASICs and FPGA that are already active on the x16r algorithm which Ravencoin makes use of. Read The Whitepaper.
4.) Raptoreum adds Servicenodes that have two critical functions on the network.
• 51% / double spend protection.
• Storing, verifying and executing smart contracts.
5.) We have no ties to and are not influenced by any corporation or business. Neither is Raptoreum designed to service any form of centralizing platform ie an exchange etc.
Summary
Raptoreum expands upon Ravencoin’s current feature set adding flexibility and security, while at the same time opening the doors to a much wider range of markets and businesses. Particularly when it comes to product traceability/ storytelling.
Raptoreum And Ethereum
1.) Ease of use: It takes only a minute to create a uniquely named token with Raptoreum, on Ethereum it takes much longer and is beyond most users. Here is a short video that shows the difference.
2.) 51% and double spend protection: Raptoreum is immune, Ethereum does not have this protection and at the time of writing this would take $76k [1] to perform a 51% attack for an hour. A relatively small amount considering the possible gains.
3.) Flexibility: As an example a token created using the ERC20 standard is locked in and things like name, total supply cannot be changed. In addition the name can again be used by somebody else, naming is not unique. In Raptoreum naming is unique and nobody can create an asset with the same name as another, you can also adjust max supply.
4.) Safety: The most widely used token type on Ethereum is ERC20 standard which contains a critical bug that has already caused millions in losses [2]. This standard to this day is still promoted and widely used. There are now other standards that can be used, each with different pros and cons. So which one is correct and safe for your use? ERC20, ERC777, ERC827, ERC624, the list goes on…
5. Traceability: With Raptoreum you can see every transaction related to an asset which is traceable back to the origin. With Ethereum this is not the case, amounts are simply added to or removed from an address.
Summary
Raptoreum adds security, flexibility, ability to scale easily, greater ease of use, and traceability, in comparison to Ethereum.
Sources
[1] 51% cost — https://www.crypto51.app/
[2] ERC “Critical Bug” — https://www.cointelligence.com/content/comparison-erc20-erc223-new-ethereum-erc777-token-standard/
