Ravencoin (RVN) community pulled off a great save for their project – this is how crypto is supposed to work
Ravencoin has been one of the more interesting market performers in the last couple of days. After flatlining throughout the first third of the month of October around the values of $0.014040/225 satoshi, the currency started moving on October 11th. A massive uptrend was initiated here, one that made the currency explode to its monthly high of $0.065627/1019 satoshi. The peak was followed up by a strong correction which saw RVN close off the month with the price of $0.039457/628 satoshi. November started off on a high as Ravencoin perked up to $0.051183/809 satoshi on the 2nd.
At the moment of writing, Ravencoin can be purchased for 0.048070 USD (5.14%)/0.00000754 BTC (4.30%). The coin has been one of the more traded currencies on the market, with a daily trade volume of $60,234,446 USD/9,447 BTC. Most of this volume comes from Binance (51%) and DigiFinex (41%). With a market cap of $103,763,250, Ravencoin is the markets 63rd most valuable cryptocurrency at the moment.
Trader Philosof offered his insight regarding Ravencoin’s latest movements:
“When you see an open range use Fibonacci to estimate how far the price will go before the next stop. In this case I see pretty good possibility to see another 100% profit. Maybe even more. Surely it is not guaranteed yet, as the price has to lift above 800-830 resistance zone. It will be like exit of Earth gravitation and entering space with no gravitation at all. Once the price exits this resistance channel we will see it fly to the moon.
Right now I have buy orders around 766 zone which should be a bounce area. And my target is 1500 (= ~100% profit). Not less.
Remember – this forecast is valid only for the option when price gets over 800-830 zone. Otherwise RVN will bounce back to 700-730 zone.”
Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: transfer assets with the help of tokenization from one party to another. To create a new asset, Ravencoin’s protocol burns 500 Ravencoin. Every asset/token related to it has a unique name and the token creator can also create sub assets. Assets on this network can be transferred separately without requiring Ravencoin to be sent within the transaction. Tokens can be anything: securities, collectibles, games, money or something else. As one Reddit user calls it, Ravencoin is basically the WhatsApp of blockchain, a decentralized secured network with a native proof-of-work currency and securitization. A pretty good overview of the project can be found here.
Built as a fork of the Bitcoin code, Ravencoin was launched January 3rd, 2018. The project prides itself as a fully open source project with no ICOs or masternodes attached to it. Community driven (implements a stakeholder voting system) and with zero premining done, Ravencoin focuses on building a useful technology, with a strong and growing community.
The mainnet for the protocol asset layer was scheduled to be released on October 31st, 2018. This date is the one year anniversary of the Ravencoin founding and the 10 year anniversary of Bitcoin. Ravencoin mining network has been live since January 3rd, which is the anniversary of the Bitcoin mining network launch. Ravencoin also has a fixed supply of 21 billion and is reportedly ASIC resistant.
Going back to the mainnet, it was supposed to be activated after a period during which users had a chance to test out its features on a testnet. The mainnet launch would bring about permissionless asset issuance (including security assets) with the help of Ravencoin protocol. The mainnet switch was to come through a hard fork of the software; as soon as enough miners (at least 90% of the entire mining network) picked up enough blocks with the new, asset-ready rules over a 2016 block period, the new asset-ready mainnet would go live.
The 10% problem
As the process of mining new blocks began and the consensus started forming, things went well until one issue popped up. A mining address RSa5JNhT8CQT44DDJ9gq2ospns5r9zBZM5 apparently failed to update its Ravencoin wallet to the version 2.1.1., which was the main requirement to start mining the new updated blocks. The address had over 10% of the network’s hashing power and has thus, in effect, kept saying “no” to the new network update.
The community at this point started debating what’s happening with the address. Some felt that this was a non-malicious mining pool that was simply unaware/forgot that they needed to update. Others felt that someone was intentionally holding the network back by keeping more than 10% of the hash rate on the old software. One Redditor shared this information about this address:
“…it’s most likely a mining farm in China or Russia that was hired by somebody big to stall the asset layer. It’s literally 25% of all the hashing power out there right now for Ravencoin. According to the Discord channel, this farm came online only 11 days ago, which means that they are using an older wallet than what was originally available to them. So it is most likely being done on purpose.”
Due to this, the first round of 2016 block creating failed to implement the update. The community then organized to make sure the second round brings the asset layer online. The yes vote hashrate went up, thus making it harder for the “farm” to keep voting no on the update. Ultimately, more than 90% of the second 2016 round blocks were mined by the new rules and the asset layer mainnet was given a “yes” vote. Assets will activate on November 5th at around 8:45am US EST, at block height 435456.
The project went over this difficult initial hurdle with relative ease. The asset naming will start soon as the full features of the network are enabled. The names will be unique and registered on the first come, first serve basis. Securities, precious metals, real estate, art and collectibles, tickets, voting, supply chain management will all be able to get tokenized through the Ravencoin platform and as such, there will be some strong competition for the project to fight off. Ravencoin does have its guns in this fight, most of which are described in this article and in this Reddit post in better detail. It remains to be seen if they’ll be enough to make Ravencoin become the one dominant asset management blockchain of the future.
Hi, nice article but ravencoin supply is 21 Billion not million in the early paragraphs above!
Thanks – that has been corrected.
This is not how crypto is supposed to work. Ravencoin’s first mistake was forking the shitty bitcoin code base, but there is a lot more to the story.
The asset release was a complete disaster, it was not as advertised or portrayed in this article. They advertised first come first serve (which was never true in the first place, had things worked as expected). No one could register assets when it was activated on the platform. It failed. Go read the goddamn discord channel and other support forums.
When assets could not be registered on activation, due to a setting they “forgot” to toggle on mainnet, miners were given the first advantage snapping up asset name spaces first by mining their own blocks bypassing the QT wallet and json/rpc calls. They had to release a new binary for the rest of the world which took some time.
Then they published the code first which gave those with the ability to compile the code and run a wallet the advantage to snap up what miners had not registered. Two hours later binaries were released for the various platforms, and everyone else had to download and install the new software. Also many had their blockchains and outgoing transaction data structures (mempool) corrupted, machines left unusable until downloading another entire blockchain. People tried to register assets, their money disappeared, assets were not registered and a lot of fiddling around with command line parameters, reindexing, .conf file settings just to see their blockchain balances again – leftover crud from a shitty bitcoin blockchain implementation.
The writer of this crypto article is full of shit and did not do their homework, as is with most crypto articles. I am abandoning any plans to do anything on this shit platform called Ravencoin. I could say a lot more about how this platform is being portrayed, nothing advertised is true. It’s not a scam, the creators really believe they have something but have deceived themselves and others in turn, living in self-deception bubble.
Thank you very much for this insight! I will make sure to look into it – my job on the site (and in life) is to be the thorny skeptic!