Forbes reports that Medici Ventures, a subsidiary of Overstock.com, Inc and one of the leading blockchain accelerators, has used a public Ravencoin blockchain to successfully conduct a first digital securities token transfer representing its equity ownership in Chainstone Labs, a company focused on digital securities and decentralized asset management.
Medici Ventures made a purchase of 29 percent stake in Chainstone Labs for $3.6 million. The digital security token was issued by Chainstone Labs using the Ravencoin blockchain, an open source, public blockchain built specifically to help users create and manage tokens and digital assets such as securities.
“Ravencoin is an ideal protocol and chain to use for this security token. The aim of Ravencoin is to do one thing and do it well: help users issue tokens and digital assets securely. Tokens, particularly securities tokens, are a promising area for blockchain technology,” Bruce Fenton, Chainstone Labs CEO, noted.
Chainstone security token is first major security token issued on Ravencoin blockchain is one of the first equity tokens issued on a permissionless, public blockchain like the one of Ravencoin:
“I think blockchain technology has shown that it’s really good at moving things of value around without requiring a trusted third party. Of course, this can apply to a lot of applications, but I think securities are one of the major use cases here.”
Ravencoin, a fork of Bitcoin, is a relatively young token; it’s only since January 3, 2018 that it’s been hovering among the crypto currencies. But in the last month or so, since being listed on Binance, the coin has attracted attention thanks to a price skyrocketing and a an intriguing use case. Even the name is interesting – it is the fictitious one, borrowed from the fictional world of Game of Thrones.
Ravencoin (RVN) has all the properties of a good crypto project: no ICO, no founders holding majority of coins, it is a PoW project where anyone can mine it with their CPU thanks to the ASIC resistant design of the mining algorithm, it is backed by couple of reputable names of the crypto space like Bruce Fenton and Tron Black, it pays homage to Bitcoin and is very respectful of the work of the core developers from which it was forked which in turn secures them the help from couple of those Bitcoin developers etc.
Ravencoin changed Bitcoin protocol
The community has changed the Bitcoin protocol in four main aspects:
Block Reward of 5.000 RVN
Block size (1 minute)
Amount of available coins (21 billion)
Mining algorithm (X16R)
With the modified mining algorithm X16R, the team wants to combat the increasing centralization of mining by ASIC miners. As you can see from the X16R white paper, X16R is based on the same algorithms as X15 and SHA512, but in a different order. ASIC miners may not be prevented by this, but it makes CPU and GPU mining more likely.
Furthermore, the entire mining process is based on Bitcoin – instead of pre-mining as with many ICOs, there is a Genesis block, which exists from the start, after which theoretically anyone can mine the Ravencoin.
There is also a halving at Ravencoin – this takes place every 2,100,000 blocks – the reward is then halved from 5,000 to 2,500 Ravencoins, this is supposed to happen for the first time in about four years.
Currently, the project is in Phase 2. After a successful start, the Ravencoin community is in the process of implementing ways to transfer assets and ownership rights. In later phases, Ravencoin also plans to make messaging and elections possible. The entire roadmap can be found in the Github account.