A Number of sequential Tweets from @brucefenton on Twitter recently: For those that are not following him or using Twitter.
- First: The paper isnt asking anyone for a penny- it's actual technical paper not a marketing document for a centralized scam coin/ ICO. Ravencoin is a free & open source community project
- The paper is open for peer review, its not working to sell you something, its purpose is to discuss ideas and determine if this science can work, comments are welcome --
- There is no leader, CEO or corporate controller, the project is decentralized, real free & open source with anyone able to contribute, dev funding is voluntary and/ or covered by community, personal & corporate donations - mining is fair, transparent POW (proof of work)
- The purpose of the Ravencoin protocol is to use a significantly modified code fork of the Bitcoin code adding OP RETURN changes and the ability to issue assets, add messaging and pay dividends -Ravencoin is already operational,
- all Ravencoin in existence are issued the same way: through a fair and transparent mining process there are over 20,000 miners (or 80k? not sure how to read node count depending on pool) securing the network with 1.5 GH/s in hash power wow!
- In only three months the community of fans got together and built a highly secure and decentralized network with a strong blockchain, wide diversity of mining and nodes and lots of activity all driven by community members with zero paid marketing
- Over 800,000 transactions have been done on the network so far, network and mining growth and the community has grown rapidly with active Telegram and Discord channels
- total supply is fixed at 21 bn coins block rewards are currently at 5000 with a halving schedule the same as Bitcoins in terms of adjusted blocks, 773 million coins (approx. 3.6% of total supply) have been mined since the coins public and fair launch on Jan 3 18
- there was no premine, developer set aside, founder or advisor coins, solo mine, insta mine, tricky gpu algo holdback, sale, pre-sale or any public or private fundraising of any kind: notice was given...
...code was released & people chose to run it - thats it - within one day the network had 70 miners, within a week it was 4500, since then the hash rate has grown and adjusted and grown again
- these code changes to allow asset creation (as well as a new ASIC resistant algo called x16r, 1 min block times etc) wouldnt be practical to add to Bitcoin and the purpose of Bitcoin is not to serve as rails for tokens--- hence the reason for a separate project
- BTW the x16r algorithm was invented for this particular project (already at least one other project has used it in a fork) --- x16r rotates through 16 algorithms at random intention is to make this difficult to make an ASIC for
- even if someone creates and ASIC, main devs have a stated policy to code an algo change to break the asic - thats very raveny
- by the way, ravens are amazing animals - part of legends from Shakespeare to Edgar Allen Poe, Norse legend and they are worshiped and subjects of stories in numerous cultures the birds are highly intelligent, punish cheaters and remember allies)
- Heres some more on ravens https://news.nationalgeographic.com/2017/07/ravens-problem-solving-smart-birds/
- Will tokens and assets on a chain be a thing? Who knows? I can argue securities tokens all day
doesnt mean Im right but Im pretty sure SOMEONE SOMEDAY will SOMEHOW make ONE token or crypto kitty that has value - this doesnt matter to the code
- The Raven protocol will allow creation of fungible assets which can represent whatever the user wants them to represent (coins, tokens, in game gold, securities tokens, flyer miles, good projects, bad ideas, whatever)
- Users will ALSO have the ability to issue unique assets such as in game items, tokens representing a serial number, physical bar of gold, art etc.
- I personally think there are TONS of good uses for tokens such as securities tokens but thats a separate conversation the protocol doesnt care if securities tokens become a thing, the protocol doesnt even know what a security is (& shouldn't)
- Yes there are also tons of issues with using a blockchain to represent physical assets will they make it impossible? I dont think so - from a scientific / technical paper standpoint does it matter? Nah ...
- All that matters from a computer science & technical standpoint is whether the protocol can do what it is trying to do (issue tokens, allow messaging, dividends, unique names etc) the evidence indicates that what the protocol is trying to do is possible
- We know that step one can be done: the creation of a secure, decentralized network running this code - thats been done already by the Ravencoin community
- The rest of the changes and code upgrade are being worked on and tested - the chief developer is working on a paper for the "Kaaawww Protcol", which is the built in messaging system for token holders
- Messaging is cool and unusual (unique in this way afaik) --- the protocol will allow a token creator to message token holders(!!!) this is automatically opt in because only voluntary holders get the message and it can ONLY come from that tokens admin
- So someone can create ActivistCoin and divide it in to 100 parts, send one privately & securely to another activist (who can also divide it) and they can all receive uncensorable messages from that tokens admin
- (to be clear this is for tokens created ON the Ravencoin network, not Ravencoin itself)
RVN can also be sent to token holders as a dividend or reward -- the ability to send RVN to other token holders is another interesting, perhaps unique feature of the protocol - Messaging also works for securities tokens: right now ERC20 token holders have no way to message token holders if they are securities this is a problem you need to be able to message shareholders, tokens on RVN will be able to
- Messaging can be fun for games and other uses as well holders of the Platinum_Sword_of_Badassery can get a special message for a hero quest that only they can get
- Game players can also bring their virtual suit of armor to a game upgrade or to an entirely different game expect small independent game developers to use common currency, items & cross-platform tokens games will use more open source sharing
- Since the suit of armor or other game good is represented by a token the user can print it on to a paper wallet or sell it to a friend or carry it in a mobile wallet
- Cant a database do all this? Yes!! But ONLY if its self-contained and separate-- as soon as you want to go cross platform or with parties who dont trust each other (like global banks and brokerages) you benefit from a decentralized system
A few of the standout questions
- Question: Was there an airdrop to btc holders at time of fork?
Answer: No -/ it's a code fork only. There is no airdrop. All coins had to be mined fairly from scratch.
There was no ICO, airdrop, premine, developer set aside etc. - Question: Full disclosure please. Do you own any?
- Answer: To be clear this is presentation of a technical paper not a market pitch (I almost never discuss price). Holdings should be private & disclosed voluntarily. Yes- I own roughly 6 million RVN - accumulated about 4 million since last time I disclosed the holdings 2 months ago