RVN on the Rise after Major Protocol Upgrade
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Ravencoin overall health has climbed 37-points (7.86%) since its latest protocol upgrade, as the team ramped up development and the new features brought in more users. RVN price has since broken out from a descending wedge, up more than 50% since mid-January.
What is RVN?
RVN is the native token of the Ravencoin platform, an open-source blockchain project that specializes in the creation and peer-to-peer transfer of assets. Ravencoin is a Bitcoin fork that aimed to remove Bitcoin’s scalability issues, allows for faster block times, a larger coin supply, and higher mining rewards, among other things.
The project has some prominent backers, including Bruce Fenton, Board Member of The Bitcoin Foundation who advises the team, and former Overstock CEO, Patrick Byrne, who made a multi-million dollar investment in the project.
Rise of the Phoenix
RVN FCAS has increased 37-points (7.86%) since the release on January 21st of a major upgrade to the Ravencoin protocol — code-named Phoenix. The growth inflation was first driven by an upsurge in Developer Behavior (9.23%), followed by an increase in User Activity (6.25%) as the buzz attracted more users.
The upgrade brings forth a set of important new features, including: tags, which are provable attributes similar to tokens but assigned and attached to Ravencoin addresses; restricted assets, which allow for the creation of subscription-based or security tokens for STOs (stocks, bonds, equity) in a regulated environment; memos with every transactions; messaging to token holders; and rewards so as to fairly distribute RVN to token-holders.
Our Hot Take
With this major upgrade Ravencoin is empowering its peer-to-peer network to expand beyond areas of digital currencies, into the world of transferring all forms of value. The ability to include immutable information on-chain with every transfer opens the door for new use-cases to be built on Ravencoin, such as supply-chain tracking, corporate documentation, immutable contracts, counterfeit prevention, provable identity, and many others where the transfer of value is currently slow and expensive.
While Ethereum is currently leading the security token industry through its programmable smart contracts, we are starting to see a turn to Ravencoin due to its user-friendly design and primary focus on asset creation and issuance. It will be interesting to watch Ravencoin evolve, as its functionality matures and more dApps are on-boarded.
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