What is Ravencoin? Version 2.1.1 QT Wallet Available
A digital peer to peer network for the facilitation of asset transfers.
In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what assets.
The Ravencoin project is launched based on the hard work and continuous effort of over 400 Bitcoin developers who made over 14,000 commits over the life to date of the Bitcoin project. We are eternally grateful to you for your efforts and diligence in making a secure network and for your support of free and open source software development. The Ravencoin project is made on the foundation you built.
Ravencoin aims to implement a blockchain which is optimized specifically for the use case of transferring assets such as tokens from one holder to another. Based on the extensive development and testing of Bitcoin, Ravencoin is built on a fork of the Bitcoin code. Key changes include a faster block reward time and a change in the number, but not the weighed distribution schedule, of coins. Ravencoin is free and open source and will be issued and mined transparently with no pre-mine, developer allocation or any other similar set aside. Ravencoin is not designed to be cash. Ravencoin is intended to prioritize user control, privacy and censorship resistance and be jurisdiction agnostic, while allowing simple optional additional features for users based on need.
A blockchain is a ledger showing the value of something and it allows one to transfer that value to someone else. Of all the possible uses for blockchain technology, the reporting of who owns what is one of its core functions. This is why the first and most successful use case for blockchain technology to date has been Bitcoin.
The success of the Ethereum ERC 20 token shows the demand for tokenized assets that use another blockchain. Tokens offer many advantages to traditional shares or other participation mechanisms, such as faster transfer, increased user control and censorship resistance, and a reduction or elimination of the need for a trusted third party.
Bitcoin also has the capability of serving as the rails for tokens by using projects such as Omnilayer, RSK or Counterparty. However, neither Bitcoin nor Ethereum was specifically designed for facilitating ownership of other assets.
Ravencoin is a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another.
Bitcoin for example is and always should be focused on its goal of being a better form of money. Bitcoin developers will unlikely prioritize improvements or features which are specifically beneficial to the facilitation of token transfers. One goal of the Ravencoin project is to see if a use case specific blockchain and development effort can create code which can either improve existing structures like Bitcoin or provide advantages for specific use cases.
In the new global economy, borders and jurisdictions will be less relevant as more assets become tradable and trade across borders grows increasingly frictionless. In an age where people can move significant amounts of wealth instantly using Bitcoin, global consumers will likely demand the same efficiency for their securities and similar asset holdings.
For such a global system to work it will need to be independent of regulatory jurisdictions. This is not due to ideological belief but practicality: if the rails for blockchain asset transfer are not censorship resistance and jurisdiction agnostic, any given jurisdiction may be in conflict with another. In legacy systems, wealth was generally confined in the jurisdiction of the holder and therefor easy to control based on the policies of that jurisdiction. Because of the global nature of blockchain technology, any protocol level ability to control wealth would potentially place jurisdictions in conflict, and will not be able to operate fairly.
This coin and project are an experiment. We are simply working on ideas and writing code. If people choose to contribute, fork or run this code, we hope it will be beneficial.