Being only 3 months old, Ravencoin has already sparked the interest in many investors and cryptocurrency world personalities.
The purpose of this coin is to be a foundation where everyone can create their tokens that can represent anything including companies, pieces of art and virtual goods (games, tradable game items, etc). The main feature of this foundation is authentic decentralization. In order to achieve that, Ravencoin has been designed to be one of the most ASIC-resistant open source coins to the date.
Now, what really makes this coin really different is the approach rather than the code. The team has chosen the path of natural, organic growth for their coin. According to interviews (as well as the strategy the team has been following so far), the devs of Ravencoin don’t want this project to be a flash in the pan.
Instead, they are aiming to create a solid community of people who use and support the coin. They first want to create a working system and then let the system speak for itself, which is why here’s what they did:
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No ICO. Ravencoin had no flashy ICO or airdrops. Those usually attract a lot of the kind of people who jumps from ICO to ICO in the hope of making some quick money.
No pre-mine. Devs have started mining the coin together with anyone willing to join them. At first, there were only about 70 computers mining the coin. In a week or so, the number increased to 4500. There was no insta-mine, no founder coins, no coin sale, nothing that would give a limited group of people an unfair advantage.
Open Source. The project is open source and will remain like this. The idea is to attract as much people as possible to work on the project rather than to create a product and sell it to customers. This approach adds a lot to the transparency since it lets people understand that Ravencoin is a public tool rather than a product manufactured by a private company.
Active Telegram and Discord Channels. As Brian Liotti from Medium states, this might be one of the main reasons why Ravencoin community and network hashrate have boomed in the past 2 months.
Zero Paid Marketing. It’s a fact that Ravencoin haven’t paid anyone to promote the project. There is no bounty program of any sort. For example, I won’t be compensated by Raven for writing this article. As a miner and crypto investor, I see a lot of potential in Ravencoin, which is the only reason why I share this info here.
Bounties Don’t Go to Promoters. While there are bounties, they go only for those who work on the technical side of the project. This again points at the fact that developers believe in the natural, organic growth of the project and don’t want to rush and attract unnecessary attention.
No CEO, leader or corporate controller. Anyone who contributes to the project is part of the developer team. Dev funding is possible, though it is completely voluntary and only can be done through donations.
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Ravencoin: What we Already Have and What is Left to Do
So far, Ravencoin has managed to create a solid community of both investors and developers. The amount of transactions to the date is exceeding the 800.000 mark. Quite impressive for a project that has been around for only about 3 months.
Three days ago, they’ve also released the roadmap as well as the whitepaper to the public. Do notice that the technical paper is open for peer review. Since there is no ICO or no RVN coin selling involved, the paper is not aimed to sell you anything. It’s just a detailed description of the project to work as an introduction for newcomers.
According to the recently released roadmap, here is what we should expect from Ravencoin in the near future:
So we already have Ravencoin – a PoW coin built on the Bitcoin UTXO model that is being mined by common people. Now that decentralization is achieved, it’s time to make Ravencoin work as it was meant to.
In this phase (#2 according to the roadmap since #1 is already completed), Raven should be extended, allowing people to issue, reissue and transfer assets. It is expected to be completed 7 months after the release of Ravencoin.
Those assets are stored in the blockchain and they store info on who is the real owner. Those assets allow rewards to be paid to their owners, which will allow actions such as paying dividends. This will be possible in phase 3, though.
Phase 4 is about giving more flexibility in the creation and distribution of assets. It will allow people to subdivide their assets.
Phase 5 and 6 are about creating a message system to allow token issuers to communicate with token holders. As announced on their latest tweets, Ravencoin will also allow token holders to reply to those messages, though on a limited way.
Token holders will be able to reply with yes/no or other multiple-choice answers. There will be several addresses where to send the signed message. The answer will depend on the address where the message has been sent.
It is also worth mentioning that, quoting Ravencoin devs, “voting can be weighted on how many tokens or token shares someone controls”. I am not sure whether the “can” part means that it is an optional feature or not.
As for now, mining is probably the best way of getting your hands on some RVN. The coin is still not available on most popular exchangers. The only exchange where you can buy it is CryptoBridge. I’ve also seen people selling stuff on the reddit page (such as Steam games) for RVNs as well as on the Discord group, though I’d be careful to use those because there is little protection against scammers there.
From what I’ve seen, most investors are not interested in dumping their coins yet. They mine and keep them. If we take a look at Ravencoin trading charts, we can see that the price is quite stable. Compare that to most other coins that had an ICO and you will notice a huge difference.
Here are the links in case you’d want to know more about the project and participate. You will find links to get in touch with the community, which is the best way of figuring out what kind of help they would need from you.
There is also a link to my article on how to get started with mining. The guide is really simple to follow and if you do all of the steps, you will be mining your first coins in the next few minutes.
Personally, I am already mining my share of Ravencoins and I’m curious to watch the project do its steps forward. Back when I’ve published my first article on the coin, there was no roadmap available to the public. It’s nice to see that the project is constantly moving forward – I really hope that the community will keep growing and will keep being as helpful and welcoming as it is now.
Thank you for reading. As always, your comments, suggestions and questions are welcome.