Ravencoin is a peer-to-peer blockchain platform optimised for the efficient creation and transfer of digital assets and tokens. It was specifically designed to offer a decentralised system for issuing and transferring assets, such as real-world commodities, securities, and virtual goods, on a secure and reliable blockchain network.
Ravencoin operates by using a blockchain forked from Bitcoin, which means it shares many of Bitcoin's security features. It has modifications tailored to asset creation and transfer, incorporating a faster block time of 1 minute and the KAWPOW mining algorithm. KAWPOW is ASIC-resistant, promoting decentralised mining by preventing the dominance of specialised mining hardware. Users can create tokens by burning RVN coins and setting custom properties for their tokens, which are then transferred across the network without needing smart contracts.
Ravencoin has several potential use cases due to its flexible asset creation capabilities:
Ravencoin was founded by Bruce Fenton and Tron Black and launched on January 3, 2018. It was developed as an open-source project without a pre-mine, ICO, or masternodes, promoting a fair distribution of RVN tokens. Initially, it employed the X16R algorithm but later transitioned to the KAWPOW algorithm to ensure further decentralisation. The project received funding from Medici Ventures, a blockchain-focused subsidiary of Overstock.com, and has since evolved with a robust community of contributors and developers.