LongBit AMA — The original chain has returned- Will Raven Classic become another crypto with huge potential during the Bitcoin halving period?
9:00 PM（GMT-5), May 12, 2020, Longbit Exchange organized AMA for Ravencoin Classic. Below are AMA recap details. Let’s see what we talked.
Theme: The original chain has returned- Will Raven Classic become another crypto with huge potential during the Bitcoin halving period?
Moderator: Zach, Asia Operations Director of LongBit Exchange
Guest: Karas, Raven Classic community representative
Hello everyone, I am Zach, Asia Operations Director of LongBit Exchange. I am honored to be able to discuss the topic “The original chain has returned- Will Raven Classic become another crypto with huge potential during the Bitcoin havling period?” with the Ravencoin Classic community today. Our community AMA live broadcast will start on time at 9:00, so stay tuned.
Hello, everyone, the live broadcast of “ The original chain has returned- Will Raven Classic become another crypto with huge potential during the Bitcoin havling period? “ now start.
The guest we have today in this AMA is Karas, a representative of the Raven Classic community. Let’s welcome him and get started.
Karas: Hello everyone, I am Karas, a representative from the Ravencoin Classic community. I am very happy to be here to share information about the Ravencoin Classic (RVC) project with you.
Zach: Good evening Karas. I am going to thank Raven Classic for supporting LongBit Exchange. As an old friend, I am very happy to be today’s host, Karas, please take us to explore the potential project of Raven Classic. I believe that Karas has prepared a lot of content to be shared with everyone.
Karas：Yes, thanks to LongBit for providing this opportunity, and I am also very happy to have such a exciting conversation with Zach. This time I did prepare a wealth of content that I want to discuss with all of you.
Zach：OK, welcome again, Karas. Please carefully read our conversation, the Fortune password is hidden in it. Let’s move to our first topic,
1. For many users, they don’t know much about Raven Classic,. Can you give me a brief introduction to Ravencoin Classic?
Karas: Ravencoin Classic (RVC) is a X16R algorithm protocol with features focused on allowing tokens to be issued on the Ravencoin Classic blockchain. Tokens of the protocol can have whatever properties the token issuer of the token decides — so they can be limited in quantity, can be named and be issued as securities or as collectibles.
You can make your own security token within minutes and take advantage of borderless, global transactions with fast transfer speed
2.Karas ‘s answer is very detailed, I believe you all have learned something about this project, the next question, what are the plans for the future development of the RVC? Please share it with us.
Karas: Ravencoin Classic is fully driven by community. Therefore, the key to future project development depends on the wishes and support of the entire community. However, I think there are a few general directions for the future that I can share with you,
1. Ensure a stable foundation for the original chain algorithm and project development
For a POW public chain, stable algorithms can bring more stable computing power (Hashrate) guarantee and technology development environment. In the future, the RVC project will continue to maintain the original X16R algorithm. On this basis, miners in the community can obtain transparent, open and continuous mining right, and developers do not need to spend energy on upgrading the version around the mining algorithm, and can focus more energy on the chain Technical innovation and asset development.
In addition, RVC will also cooperate with more large-scale mining pools in the future, hoping to have more miners join the community, and hope to provide you with a simple, convenient and transparent mining community.
2. Improve the liquidity of RVC assets
RVC is a public chain dedicated to bringing a better blockchain asset issuance experience. Its own tokens get better liquidity, which can bring the popularity and development of the on-chain ecology to a certain extent. Therefore, in the future, the community will actively engage with various Blockchain asset trading platforms (Exchanges) to improve the liquidity of RVC assets in the field of Blockchain assets.
3. Support the issuance of assets based on the RVC chain
This is also the most important point. RVC is a public chain that aims to realize the issuance, transfer, and setting of the number of asset types on the blockchain. Only the assets on this chain are becoming more and more prosperous. Only the chain can be called “mission accomplished”
Therefore, in the future, the RVC community will continue to improve basic performance, reach cooperation with the Exchange, and attract more asset related projects to be issued on the chain, and to be applied. At present, the community is seeking partners in the field of blockchain in the world, and everyone is welcome to analyze this project and join us in the development of the community.
3.The future of RVC is worth looking forward to. Next question.
Can you elaborate on the relationship between RVN and RVC?
Karas: This will start from the origin of the Ravencoin project.
The Ravencoin project was first launched in 2018. During the ninth anniversary of Bitcoin, a group of developers in the community forked BTC code, and added more thoughts about asset issuance on the basis of Bitcoin’s architecture, and functions of asset autonomy. The mining algorithm set at the beginning of the project is X16R.
In mid-2019, a group of community members in the Ravencoin community chose to upgrade the project algorithm to X16Rv2 in order to ensure the decentralization of the Hashrate and avoid centralized mining, and upgraded on October 1, 2019 via a hard fork. The Ravencoin project is divided into two. Ravencoin Classic continues to retain the X16R algorithm and continues to produce blocks.
In simple terms, Ravencoin Classic is the original chain of the Ravencoin project. Now Ravencoin is still regularly upgrading the algorithm via hard fork. If make an analogy, Ravencoin Classic is the original set of BTC, and Ravencoin is the BCH with key parameters changed.
4. So do you think RVC has the confidence to surpass RVN,? why?
Karas: Of course we are confident, for the following reasons
1. Stability
Earlier we said that the biggest difference between RVC and RVN is that RVC continues to use the X16R algorithm, and RVN will upgrade the algorithm every once in a while to maintain the anti-ASIC property, and every time RVN upgrades the algorithm, it will be accompanied by Hard fork, so from the mining pool, wallet, and Exchange level, you will need to do an upgrade. Correspondingly, it will bring some additional upgrade workload to the asset issuance project based on the RVN chain. In terms of the stability of the project development, RVC will not have such frequent and heavy fork upgrades as RVN, so it will be more stable.
2. Openness
Same with RVN community, RVC is open-source, and the entire project is completely driven by the community. In terms of algorithms, the RVC community generally believes that the algorithm that adheres to the original chain is the most open and fair project. Because every time RVN changes the algorithm, on the surface, it is to avoid the concentration of Hash power, but in fact, it is also an unfairness to the miners. In terms of hash power development, the fact that GPU mining will not actually avoid the phenomenon of centralized hash power, and changing the algorithm does not mean that this problem can be solved 100%.
In the world of hash power, an important factor to maintain the healthy development of the project is to introduce the mechanism of survival of the fittest on the basis of the stability of the bottom layer as much as possible. Under such a fully open and fair competition environment, hash power can have progress and development, the entire community will naturally form a distribution of hash power, and the entire project network can achieve balance and development.
5. Let’s talk about this one, some users are more concerned about. I have heard that the price of RVC still could be double, triple or even more. I would like to ask you whether this information is reliable?
Karas: Thank you for your optimism comment about the future potential of the RVC project,
However, RVC is a purely community-driven project, so the price depends entirely on the market response.
On the 10th, RVC listed on LongBit Exchange for the first time, and the 24h change peak of BTC trading pair was 2445%. This also reflects the market’s enthusiasm for RVC.
Going back to the project itself, I think RVC has great potential in the future. After LongBit, more mining pools, trading platforms, and industry partners will join the RVC community in the future. There will also be more asset projects landing RVC, let us look forward to the future development of RVC.
6. RVC has not chosen to be listed on exchange for so long, what kind of opportunity will let you launch this project on the cutting-edge exchange LongBit?
Karas: After the last fork, the RVC community has really been silent for a long time, but during this time, the community has not done nothing. We have been looking for opportunities and hope to return to the public.
Recently, on May 6th, Ravencoin conducted another algorithm upgrade around avoiding the concentration of hash power and Anti ASIC, and completed a hard fork. This is the second major algorithm upgrade & hard fork in the RVN community. This also fully shows that upgrading the algorithm can not completely solve the problem of concentration of hash power, and it is difficult to maintain a situation with 0% ASIC for a long time. These are temporary strategies.
Therefore, at this time, we hope that the community’s attention can return to the original goal of the Raven project, that is, whatever properties the token issuer of the token decides — so they can be limited in quantity, can be named and be issued as securities or as collectibles. So let’s back to the original chain.
Obviously, getting listed on Exchange is a good way for everyone to re-recognize Ravencoin Classic, so the community chose to cooperate with LongBit at this time.
Longbit is also a cutting-edge trading platform in the industry recently. It has always been very positive about the POW project, and it is also very recognized for the original RVC chain. We are also very happy to have LongBit as partnerto start the important step.
7. The project and the exchange are inseparable. What do you think of the current development of LongBit?
Do you think LongBit Exchange can drive the growth of your project?
Karas: For LongBit, we think it is a trading platform with great potential and vision.Been listed on LongBit is a very important milestone for RVC. This means that RVC’s liquidity can be gradually expanded, and its value can be recognized and agreed by the market again. This also fully proves the vision of the LongBit team.
In the future, we hope to develop together with LongBit, and the we two will cooperate more closely.
Once again, thank you Karas for your answers. I believe everyone knows more about RVC now. In my conversation with Karas, I am full of expectations for the future of RVC. LongBit hopes to cooperate harmoniously with RVC in the future and jointly contribute its own strength to the blockchain industry.
