AMA Recap: CRYPTO MINERS X RAVEN COIN
Raven coin is a peer-to-peer blockchain, handling the efficient creation and transfer of assets from one party to another. Ravencoin is a protocol based on a fork of the Bitcoin code which adds features specifically focused on allowing tokens to be issued on the Ravencoin blockchain. These tokens can have whatever properties the issue of the token decides — so they can be limited in quantity, named and be issued as securities or as collectibles. You can make your own security token within minutes and have it trade worldwide. Ravencoin is a digital peer to peer network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin is a truly open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community. Based on the extensive development and testing of the UTXO model of the Bitcoin protocol, Ravencoin is built on a fork of the Bitcoin code. Key changes include a block reward time of one minute, a change in the number of coins issued, but not the weighted distribution schedule and the addition of asset creation and messaging capabilities. Ravencoin is free and open source. All Ravencoin (RVN) are fairly issued and mined publicly and transparently using Proof of Work (POW) using the x16r algorithm which was created for Ravencoin. There is no private, public, founder, or developer allocation set aside. Ravencoin is intended to prioritize security, user control, privacy, and censorship resistance. It is open to use and development in any jurisdiction, while allowing simple additional features for users based on need.
We hosted an AMA session with Raven Coin on 24th July.
Mr. Ramsy was the host from Crypto Miners and Mr. Tron Black, Lead Developer at Raven Coin was the guest. He shared delightful knowledge and unique features of Raven Coin.
.
Segment 1️⃣: Introduction
Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners AMA session With RavenCoin
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Tron
Tron:
Hi everyone.Looking forward to answering your questions.
Ramsy | Crypto Miners:
Hello there 👋
Welcome here
Thanks for bringing Us RavenCoin
Tron:
Thank you for having me.
Ramsy | Crypto Miners:
Before The Project Introduction, Can You introduce yourself?
Tron:
Sure.My name is Tron Black. I was the lead developer for Ravencoin.
I have a Computer Science background (degree) and an MBA, and I was working for a subsidiary of Overstock.com called Medici Ventures when I was tapped to lead the project.
I was already a crypto nerd. I love this space.
Here’s a more formal bio that I usually send out when I speak at conferences.
Tron Black is a freedom advocate, crypto developer, and entrepreneur. Tron holds a BS in Computer Science and a Master’s of Business Administration.
Since early 2013, Tron has been working in the crypto-currency space as a miner, developer, investor, and trader. He was one of the first five employees of t0 (tZero), and helped issue the first publicly traded SEC acknowledged parallel crypto-equity for Overstock.com and issued the world’s first crypto bond offering. He worked for ANX International, a crypto-fintech company located in Hong Kong. Tron was a Principal Developer for Medici Ventures which invested in a portfolio of blockchain companies and funded the development of Ravencoin.
Tron has given away crypto-currencies to hundreds of people in order to increase awareness of how value now moves as easily as e-mail. He’s written articles about Bitcoin, Monero, Dash, Financial Regulations, Security Tokens (STOs) and Ravencoin, and has been featured on many crypto-currency podcasts. He’s the inventor on a number of patents in the crypto space and regularly gives talks on crypto-currency topics worldwide.
Tron is currently the President of the Ravencoin Foundation, an advisor to TUSC, WETx and supporter of RVN which is both a top crypto-currency and a leading crypto-asset platform.
Ramsy | Crypto Miners:
Cool 👍
Now Let’s Proceed our Project Introduction….
Tron:
Ravencoin is both a token (RVN) and a platform that lets you create your own tokens.You burn 500 RVN + 0.01 RVN fee to create your own uniquely named token. The name must be unique and we have a DNS-like registry built-into the protocol.
Here you can explore the over 66,000 tokens that people have created.
https://ravencoin.asset-explorer.net/
And here is a short answer to the question: “Why Ravencoin?”
https://tronblack.medium.com/why-ravencoin-af62e00121bc
This graphic is a visual representation of part of the Ravencoin ecosystem.
Ramsy | Crypto Miners:
👌
Thanks Tron For this well start
So what are your main features and advantages that discern you from other Projects?
Tron:
I think one of the most important distinguishing features of Ravencoin is that it is an open-source project, and not a company. No funds were ever raised. The project was funded by Medici Ventures, and so no RVN tokens were ever given to anyone (not the dev team, not Medici Ventures, not Overstock.com). All RVN were mined with proof-of-work.This is the project: https://github.com/RavenProject/Ravencoin
The emergent Ravencoin network is a very complete tokenization platform.
When you create tokens, you do not need to be a programmer. You specify a unique name (up to 31 characters), the qty of tokens you want (from 1 to 21,000,000,000), whether you want to be able to issue more later or lock the qty forever, and then you supply IPFS files for what your token represents. And, BOOM, you’re the sole token holder.
This is built into the core software (Windows, Mac, Linux, Android, iOS).
The easiest to use for creating assets is currently this one on the web. mangofarmassets.com
Other wallets are coming that will also be very easy to use.
RVN will have a limited supply of 21,000,000,000 that are mined into existence via GPUs.
The algo is ASIC resistant to prevent custom hardware from dominating the mining.
Ramsy | Crypto Miners:
Q3) How has the experience and background of your team been effective in the success of your project so far?
Tron:
There have been two teams. The first team (funded by Medici Ventures) built the first release which did not have asset capabilities. It was a code-fork of Bitcoin. The block size was increased to 2MB and the block speed was increase from 10 minutes to 1 minutes. This gives the network 20x the speed of bitcoin. This was informed by research and papers from Emin Gun Sirer and others on the speed of block propagation. We kept the estimates conservative as it would be possible to increase it more, but not a ton more.The project was launched on Bitcoin’s 9th birthday (Jan 3, 2018) with a Genesis block from the same publication as BTC, but the title of the article on that day mentioned bitcoin.
The second phase was completed by a second team. I was the only overlap between the two teams. We added asset capabilities, and that activated as a hard fork on November 5th 2018.
The story of the battle to get it activated was epic, and a must-read.
https://tronblack.medium.com/ravencoin-remember-remember-the-5th-of-november-85b5bd6cb634
Both teams were amazing to work with and had a variety of skills. Most came from the best developers that Overstock.com had to offer as Medici Ventures was a favored project of the company in 2018.
Ramsy | Crypto Miners:
4) Now Share us about your Native token, What are the some of utlities of $RVN Token in Your Ecosystem? And if possible share to us the Tokenomics
Tron:
RVN is the native token of the network. It gained a price just months after it began mining and has been added to some of the larger exchanges like Binance, Binance.us, Bittrex, and others.It uses the same halvening schedule as Bitcoin. The block reward is halved every 4 years or so.
The original block reward was 5000 RVN per block.
We are now 2500 RVN per block.
The blocks are faster (1 minute) than Bitcoin.
If you extrapolate out the math, there will be 21 Billion (instead of BTC’s 21 Million) at the end.
Over half have been mined to date.
But, RVN is burned to create assets.
500 RVN burned to create a root asset
100 RVN burned to create a sub-asset
5 RVN burned to create a unique asset (an NFT)
1500 RVN burned to create a Restricted Asset
The burned RVN are visible on-chain as they are sent to specific non-spendable addresses.
Millions of RVN are effectively GONE. This is part of the tokenomics.
RVN is also used for fees, but fees are very low unless the chain under significant load. 0.01 RVN for most transactions.
There is a very vibrant NFT ecosystem in RVN. The best way to explore it is to follow the links in the footer of the Ravencoin Foundation website.
Ramsy | Crypto Miners:
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from RavenCoin If possible could you please share road map with us.
Tron:
There was active development on it for about 3 1/2 years that was funded by Medici Ventures.Restricted Assets were the last added major feature which adds the ability to create tokens that can be legally compliant for securities in the US. By tagging addresses, it creates a smaller ecosystem of allowed addresses for your token. This helps with KYC type stuff. Using Restricted Assets is optional, and the Restricted Assets always start with $, so you know that’s what you’re getting.
Current and future development is being done with bounties. These are improvments or features that the community wishes to see implemented. Projects are proposed and funds may be raised through the foundation. Developers are paid for completing features.
We have some completed and not-yet-activated features. We also have some live proposals that are in contribution mode. These may be for core features, but also for 2nd layer tools, APIs, explorers, mining pool enhancements, miner enhancements, etc.
The road map is community driven at this point. There are weekly dev meetings.
There are also lots of projects that are building on top of Ravencoin.
There are real estate tokenization projects that are raising millions for real estate in the US, Australia, Philipines, and elsewhere that get tokenized. The owners of the real estate are the token holders.
There are also stablecoin projects, both active, and proposed.
There are lots of NFT projects.
Ramsy | Crypto Miners:
Thanks Tron for this well detailed introduction about RavenCoin:)
And that’s the wrap up of our the first part of the AMA session ✅
Let’s now proceed to our Twitter Questions section
i hope you’re ready for that!!
Tron:
👍Let’s go!!!
Segment 2️⃣: Twitter Questions
Ramsy | Crypto Miners:
1)Given the volatility of Bitcoin today, what is Ravencoin doing to get people to use Ravencoin more in these transactions? What makes Ravencoin different from Bitcoin? I see you have a new mining algorithm called KAWPOW, can you explain what it is? How does it benefit Ravencoin?
Tron:
Ravencoin is a lot like Bitcoin. It is up to the community to use and educate others on the technology. It is an open-source project, not a company, or a profit venture. There is no marketing dept. But AMAs like this are a great way of letting people know about the project.Ravencoin is a lot like Bitcoin. It doesn’t have any legal overhang from raising money.
It is just open-source code that is available to anyone. It is a global project.
The mining algo was originally X16R which was designed to be ASIC resistant, and it was for years, but eventually someone was rumored to have built an ASIC that outperformed (by a little bit) the GPUs.
If you’re interested in how it worked, here’s the paper.
The mining algo has been switched to KAWPOW which is a custom (slightly improved) version of ProgPOW. ProgPOW was an improved version of Ethash with the design goal to be ASIC resistant.
The way this is accomplished is to use ALL of a GPU (memory, processing, etc) so that an ASIC would have to almost be a GPU but without the manufacturing economies of scale.
It pushes your GPU to its limits. But at least you are mining on a level playing field.
We prefer that anyone, anywhere, can switch their gaming rig to mine at night. This makes a very widely distributed and safe network.
Yes, there are GPU mining farms, but nothing like the industrial ASIC farms used by Bitcoin.
Ravencoin is a “people’s coin” and we want to keep that flavor.
Ramsy | Crypto Miners:
2)Does RVN provide programmes for staking? if yes. What is the operation of your stake system? What conditions must users meet in order to invest in your platform?
Tron:
No. Ravencoin is proof-of-work like Bitcoin. There is no staking.There are some good security reasons for proof-of-work. Buying up 51% of RVN would not allow hijacking of the network. The network may be securing trillions in real esate tokens.
Ramsy | Crypto Miners:
3)Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships and what everybody stands to gain from these partnership??
Tron:
Partnerships occur between participants on the Ravencoin network. Ravencoin is not a company. The Ravencoin Foundation exists to monitor the network, and perhaps make introductions to others to foster cooperation.Contacting others that are doing something similar to you is probably the best type of partnership. We have lots of companies that work together that are in similar fields. This ecosystem keeps growing.
I posted this earlier, but it is a good representation of the ecosystem.
Ramsy | Crypto Miners:
4)Users often care less about technology, but rather the value of the token. How do RVN manage to strike a balance between developing the technology and also improving the value of the token?
Tron:
The price will naturally follow from the community, activity, and properly designed tokenomics. I think Ravencoin has all three, and the first two are growing. Usage is growing, projects are growing, the community is growing — with a bit of a slowdown in the bear market.Awareness is growing — slowly but steadily.
The recognition of the nature of Ravencoin as a non-security in the current environment where the SEC is being really weird about providing guidance is a strength of Ravencoin.
RVN is not a security. Tokens issued on the Ravencoin network might be a security if they’re sold to others.
RVN, like other coins, are priced at-the-margin and go up and down like a commodity with supply and demand.
Demand is increasing, and supply will continue to drop at each halvening — like Bitcoin.
Ramsy | Crypto Miners:
Thanks for the honest answer 👍
Now let’s hear our last question from Twitter
5) As an investor, I want to know how strong is your project security system? and what benefits will a user have in the years to come when I decide to join the project you are working on right now?
Tron:
Security of the code is paramount. Because we had an attack (on the code) a couple of years back, the security has ramped up signifantly. Through some generous donations by the community, the foundation has been doing security audits of the code. The code was originally the best code from Bitcoin. Fixes have been applied for the significant security issues found in Bitcoin.Here is the result of the security audits.
Ramsy | Crypto Miners:
That’s the wind up of our twitter segment
Tron:
If you want to jump into Ravencoin’s twitter-sphere, follow @Ravencoin, @tronblack, @leon_texas, @mangofarmassets, and then follow others from there.
Ramsy | Crypto Miners:
Now Moving on to our last segment — Live Q&A
Shall We Go mate?
Tron:
Yes. Let’s do it.
Ramsy | Crypto Miners:
Lets go,
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)
1) Are there any hidden gems about your project you have not talked about till now that you believe makes you better than other projects similar to yours that would make me what to invest in your project?
Tron:
Yes. The DNS-like system for choosing a unique name for your token. This allows you to have a token brand. Also, if you create NFTs, you create them under your main token which is unique to only you as the owner of the root token. This gives your NFTs provenance. Imagine NFTs under a brand like PRADA which could only be created by and guaranteed to originate from the company. These NFTs could even be VR/AR 3-D models that could be verified by Apple, or Meta as authentic. This brings the world of scarce digital items to the virtual world. This is likely to be the next wave of NFTs — built specifically for the virtual world and unable to be counterfeited because of the blockchain ledger tech that hosts the item.
2) Almas:
IS This Your project only for elite investors, how about others with small funds, is it open to everyone?
Tron:
Ravencoin is under 3 cents at the moment, and can be purchased by anyone. Or, even better, can be mined by anyone with a video card having 4GB or more. It is available on exchanges all over the world. Here is a link to some of the exchanges that have RVN pairs.
This project is for everyone. For under US$20 (now), you can create your own tokens. Up to 21,000,000,000 of them. You decide what they represent. It could be an hour of your time, or a gift card for something you make or build. The tokens are counterfeit-proof and move around the world in under a minute.
3) Munna Bhaiya:
I see there is a Ravencoin wallet so is it the official wallet of Ravencoin? If so, Can you share the links to download it and also Is it downloadable on Windows, MAC and Linux? also, Is it available for android and apple mobile phones?
Tron:
There is a core official wallet. It requires syncing the chain after you download and install it. The mobile wallets are available on AppStore (iOS), and PlayStore (Android). I would recommend MangoFarmAssets.com for easy, and quick wallet and much better than the core Android wallet. MangoFarmAssets.com looks like a custodial web wallet, but it isn’t. All keys are client-side and your browser does the signing. The site holds an AES encrypted payload to make it work more like a custodial system, but it is not. It is non-custodial where you hold your key, and you store your 12-word backup seed phrase securely. If the term 12-word seed phrase doesn’t mean anything to you, I would recommend that you learn about custodial vs. non-custodial wallets before doing too much more in the crypto-space.Download: https://ravencoin.org/wallet/
4) Paul Macao:
I saw many people said that NFTs are the next ‘Trend’. I also saw some use-cases of NFTs in crypto space. How do you think about the evolution of NFTs in crypto space and the real world?does Ravencoin launch any NFTin future??I am excited for Ravencoin NFT
Tron:
Thank you for asking about NFTs. The Ravencoin NFT ecosystem is very vibrant. Best to look at the footer of the Ravencoin Foundation website in the NFT section to explore.I have my own thoughts on NFTs and where they are going in the future. My opinions do not necessarily reflect the opinions of the Ravencoin community. But here they are….
https://tronblack.medium.com/understanding-nfts-883f220181db
5) King ♚:
What do you have?
1- Telegram Group 2- YouTube Channel 3- Medium 4- Discord 5- Twitter 6- Website
FOR this project , where can I get the latest information and what is the latest plan for your project? sir please tell me 🙏🙏
Tron:
We have all of the above.Telegram: https://t.me/RavencoinDev
YouTube: Best to search for Ravencoin. There are channels on Mining — look up BitsBeTrippin. Search for Ravencoin and go deep down the rabbit hole.
Medium: Tron Black
Discord: https://discord.com/invite/jn6uhur
Check out #thenest
There’s Dev meeting every Friday at 4pm ET.
Twitter: Follow @Ravencoin, @tronblack, @leon_texas, @mangofarmassets
Then branch out from there. Follow the people that like, retweet those, and you’ll get deeply connected to the Ravencoin twitter-sphere. It is FUN!!!
Websites: ravencoin.org, ravencoin.foundation
Branch out from the footer on the https://ravencoin.foundation/ website. There are lots of independent Ravencoin websites. It is not a company, it is an open-source project. Like Bitcoin, or Linux. Feel free to contribute to the project in your own way. It is made up of all of us.
*This segment ends here*
Tron:
Thank you everyone for your great questions. I wish I could answer ALL of them.
Ramsy | Crypto Miners:
Thankyou so much Tron For your valuable answers and information about RavenCoin,
It Was Pleasure Hosting An Ama With You
Time To Conclude Our AMA Section
Is there anything else you would like to share or you want us to know ?
Tron:
For all the winners. Create a wallet with a Ravencoin address. Easiest is MangoFarmAssets.comBut for just RVN, you can use Exodus, or any of the other non-asset-aware wallets listed on this page.
I want to thank everyone for being here and asking such great questions. It wasn’t easy to choose.
Try out Ravencoin. Just play with it. It is fun, cheap, easy, and non-scary. The community is friendly. Be nice and they’ll really help you out.
Ramsy | Crypto Miners:
We Wish all the very best for Project RavenCoin And The Entire team behind the project❤️🤝
Community, if you would like to learn more about RavenCoin, here are some useful links for you:
Website: https://ravencoin.org/
Twitter: https://twitter.com/ravencoin
Telegram: https://t.me/RavencoinDev
Facebook: https://www.facebook.com/groups/RavenCoinNest
Reddit: https://www.reddit.com/r/Ravencoin/
Discord: https://discordapp.com/invite/jn6uhur
Medium: Ravencoin
