Ravencoin Crypto & StealthEX AMA Recap – All You Need to Know
On September 8, 2021 we had StealthEX & Ravencoin crypto AMA Session in our Telegram Community Chat and here is a recap. Just take a little time to read through and learn everything you need about the RVN coin. Let’s start!
Today, we are going to have an AMA with Tron Black Ravencoin’s lead developer. A great chance to chat all things blockchain and catch up with your fave project!
We’ll start with some questions from Twitter and then move on to the live chat part.
Questions From Twitter
What are the steps to become a part of your community, and start getting revenues? Where do we buy, where do we sign up? This looks like an amazing project!
You can join the community on Twitter (@Ravencoin), Telegram @RavencoinDev, Discord, Newsletter Updates, /r/Ravencoin on Reddit.
To get Ravencoin, you have to mine it.
Join any of these pools ravencoin.org/pools
You can mine with a 4Gb+ Nvidia GPU, and be competitive with everyone else.
Most importantly, you should know that this is a super-decentralized project. All of those pools, and social media sites are run by volunteers. They’re super nice and will help you if you have a problem.
Team member is an Internal part of a project. So, tell us how’s background of them and how developers are working on this project?
The development was initially backed by Medici Ventures, which was a subsidiary of Overstock.com. There was a full team that built the project for the first three years.
While crypto projects are never completely finished, Ravencoin has reached a point at which the community is now promoting and developing the project. I have shifted to the Ravencoin Foundation which monitors the ecosystem and helps with collecting funds for bounties, security audits, and sometimes special projects that we want added to the second layer of Ravencoin.
The development volunteers are distributed around the globe and mostly coordinate through Discord and work in SIGs (Special Interest Groups).
Why Coinbase is still ghosting us?
I DON’T KNOW. The Ravencoin project seems like a perfect fit for Coinbase because of the fair way it was launched. It never sold any RVN so it is very clean from a regulatory perspective. US crypto exchanges have to be very careful not to list securities because securities trading is so highly regulated. Since Ravencoin didn’t raise funds through selling RVN, it is a very safe project for Coinbase.
When is Ravencoin going to have its own NFT Art?
Ravencoin has lots of NFT projects going on right now:
What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
Ravencoin is already a very global project. There are certain countries that have really embraced Ravencoin. South Korea has a massive connection to Ravencoin. Turkey also.
The main purpose of Ravencoin is to be able to create your own tokens. For 501 RVN (500 RVN burned, and 1 RVN for fees) you can create your own token. Then it is up to you what it represents.
Some tokens represent wine (that is still ageing in barrels), some are gift cards, some represent fractional art, and many represent NFTS.
The community is strong. Join into Discord, Telegram, Twitter or Reddit and you’ll see.
The Ravencoin Foundation provides links to all of the ecosystems and also monitors the ecosystem https://ravencoin.foundation
The next question is about two things.
If the price of #Ravencoin rises sharply, the 500 required to create an asset may exceed the price of the asset. Is it possible to adjust the required quantity?
Incinerating 500 will increase the price, but why not leave it for the future?
That question has come up quite a bit. If it gets way out of line, it is possible with community support to make a change. The price now is very low and so it isn’t a problem. Also as the project grows and the price strengthens, the security of the project strengthens with it which makes the value of tokenizing on Ravencoin increase proportionally.
Can you tell us about #Ravencoin milestones and top priorities for the end of 2021? any updates on your research and development progress.. and what will you do to develop and engage the user community in the next stages?
Right now there is a new version that has been developed. It is being run through a security audit by Independent Security Evaluators (ISE.io). The new code improves Ravencoin in several ways, including some user interface enhancements, but the biggest change is P2SH for assets.
P2SH is pay-to-script-hash and it already exists for RVN, but after the upgrade it will work for assets (your tokens) as well. This allows multi-sig and other advanced features which can lock up assets before minting on other platforms for use in DeFi operations. We don’t know everything it will be used for, but there are some specific use cases which need P2SH. It will help bridge the Ravencoin issued asset with other popular platforms.
There is also a new roadmap that is being worked on. Those discussions are ongoing and usually take place in Discord.
Most users only care about immediate benefits rather than the real value of the project in the long-term. How can Ravencoin convince users to invest in your platform in the long-term?
Ravencoin is a platform that has many use cases. There are new ones every day and they are growing. Ravencoin does not have a marketing department but does have fierce supporters. If you haven’t heard of Ravencoin before today, that’s understandable. It is a long-term project. It will have it’s first halvening in Jan 2022 which will be the first decrease in its issuance schedule. It is like Bitcoin in that regard. None of the RVN went into development, but only to those who mine them — similar to Bitcoin.
While you build your project, do you take into account community feedbacks and demands? Is that a good or bad comment? Does your project meet the requirements given by the customer?
Right now, it is only the community that is building Ravencoin. There is no Ravencoin company. There is no Ravencoin marketing department. There is no reserve of RVN that was given to anyone. This is very different from many of the projects like ETH, EOS, XRP, Tezos and others that sold the token either before the project was built, or as the project was being built. Many of the projects that were born in 2017-2018 are more at risk for legal issues because of the way they were launched.
Ravencoin is a community project. The initial project was driven from a roadmap that was developed in 2017 and published in 2018. There have been changes based on community feedback. This is ongoing.
In terms of scalability, how can RVN compare with other new networks boasting a thousand transactions per second? And what are the ways we the community improve it?
Ravencoin does not currently have a scaling issue, but it could in the future. Because Ravencoin is UTXO based, it can scale using Lightning with a few changes.
Do you have any concerns when Ethereum turns to POS, how do you think the transition of Hash Rate to other coins will affect RVN.
This transition will really help Ravencoin. Ravencoin is often #2 right behind ETH for mining profitability. I expect that Ravencoin will attract many of the former ETH miners. This will add to the security of Ravencoin.
Where can I buy your tokens now? What are your current contracts, and how can I buy them and what are the benefits???
Ravencoin does not have smart contracts. It has assets, sub-assets, Restricted assets, and unique assets. Unique Assets are NFTs https://tronblack.medium.com/ravencoin-creating-nfts-from-scratch-81dd8e1440da
You can get RVN at Binance, Binance US, tZero (mobile), Bittrex and if you already have some crypto you can use swap sites like our host StealthEx.
Why is the kawpow algorithm very hot when mining RVN this can damage the gpu and waste electricity if it is set lower it can’t get a lot of Ravencoin this should be fixed?
It doesn’t work like that. If we make it easier, then more people will mine until the same amount of energy (variable cost) is used to balance against the value of 5000 RVN per 1 minute block. The goal of KAWPOW is to make it very difficult to make an ASIC. Custom mining hardware — Application Specific Integrated Circuit or ASICs tend to be purchased and used by large mining farms. We want anyone with a gaming computer to be able to get some RVN, just by running the free-to-use mining software.
Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Every token that you create has to have a unique name. Built into Ravencoin is a DNS-like registration system that will ensure that the token name you buy (and keep) is guaranteed to be unique. With something like ERC-20, the token may have a name, but it isn’t guaranteed to be unique, only the contract instance hash is unique and this can lead to confusion, or worse — fraud. Also, the linkage of every token to an IPFS file lets you know what the token represents. This isn’t true of ERC-20. See https://ravencoin.asset-explorer.net/ for the over 29K+ tokens that have been created on Ravencoin. And, third, the system will make sure tokens can’t get lost. Every token can be audited. Every token created will be in an address. You can burn tokens by sending them to unspendable addresses, but you can’t lose them.
It’s easy to talk about the achievements and strengths of a project, but can you tell us what is the biggest obstacle or limitation faced by RavenCoin and how can you try to fix it?
Some of Ravencoin strengths become its weakness. By being very decentralized, the project gains a tremendous amount of value. But the corresponding weakness is not having a central authority (company) in charge of the project. Decisions can take longer or not happen at all if there isn’t sufficient consensus. It is the type of project I want to be involved with.
As an individual user, In what ways can I contribute to the development of Ravencoin? Do you have Ambassador programs and what are its benefits?
It depends on your core skills. There is room for everyone. We have artists working on NFTs, professional musicians that have created a full CD of songs about Ravencoin, hardcore c++ developers that are working on core. Front-end devs that are building NFT creation sites, and stores, social media experts that post about Ravencoin every day, users that HODL RVN, helpful people that moderate the social media channels, and so many other volunteers. Jump in with what you’re great at doing and enjoy the ride. Crypto is changing the world — be a part of it.
What educational methods do you use within RavenCoin so that the information provided is really learned by users who are just starting out in the world of cryptocurrencies?
There is a newsletter you can sign up at ravencoin.org or ravencoin.foundation. There are dozens of articles about running nodes, creating assets or NFTs, etc. at https://tronblack.medium.com/ and https://blog.ravencoin.email/
Marketing is a central element for every project so that everyone knows the potential that a project can bring is vital to achieve the goals set. What is your strategy to attract new users and Investors to your platform and keep them long term.
Marketing is important, but it is handled by the community. I will do my part with panels, AMAs (like this one), podcasts, and I’ve recently been invited to be on the local radio in Utah (99.1, 105.7 and 570 AM) which will also be available via iHeartRadio.
Can you explain how is your Tokenomics Distribution? How many tokens will be minted? And How many tokens will be locked by the team?
None were given to the team. That’s what makes Ravencoin unique. The team members were able to mine them at the same rate/cost as everyone else when the project launched. 21 billion eventually. The first half will be issued by about Jan 20th 2022, and then the mineable amount will be halved. The halving will happen about every 4 years just like Bitcoin. RVN is as easy to get now as it ever will be.
What are plans in for global expansion? Are you focusing on market at this time or focus on building and developing or getting customers and users, or partnerships?
Ravencoin is organic. There is no company planning for global domination. This is the people’s project. It belongs to the community. The code is free to use, run, and to copy https://github.com/RavenProject/Ravencoin
The market cap is over $1,000,000,000 and the daily trading volume is usually over $100,000,000 making it a very liquid project.
What is your strongest advantage that you think will make your team leading the market? and In contrast, what is your weakness? How do you plan to overcome it?
The community! It is our greatest strength. As I said earlier, the weakness that the project doesn’t have central coordination for decision making is also a strength.
On your website, we see a lot of partnerships and many great names. How will these and possible future partners help RavenCoin growth and vision? How do you feel about the collaboration of good partners to further develop the ecosystem in CEX and DEX?
RVN is available on some of the largest exchanges, but we’d like to be on more. We are working on the tech (specifically P2SH) to be able to bridge to some of the DEX technology. We’d like more exchanges to support assets. The largest white-label trading platform AlphaPoint is now Ravencoin asset aware so that anyone wanted to run an asset exchange can use that platform.
How does the project increase the token’s value, liquidity and utility? So that it can lead to an increase in token prices? What is your plan to make your project stable and provide the highest return for investors in the long term?
The liquidity comes from usage. The project is free to run, and use. There is great liquidity for RVN on a number of exchanges and swap sites like StealthEX. The tokenomics are such that creating assets will burn RVN. If you want to build on Ravencoin assets you should get and hold RVN now.
What is the role of token in the ecosystem? Where can people currently buy it? What would be its used?
I answered earlier where you can buy it. RVN is used to create assets and for the small transfer fees. 500 RVN to create a main asset, 100 RVN to create a sub-asset (under a main), and 5 RVN to create a unique asset (NFT) — under a main asset. And 1500 RVN to create a Restricted Asset. Restricted assets are for areas that are highly regulated and the issuer needs better control of who can accept (and hold) the asset. The holder might need to be KYCed, or be accredited or something like that. Tags are 1 RVN — and can tag addresses with meta-information that Restricted assets will honor.
Does the transaction fee depends on the payload value of the asset? or FIXED Also do you foresee congestion or transaction delay in RVN blockchain and subsequent fee increase?
The transaction fee is very low. 0.01 RVN/KB. A standard asset transaction is about 325 bytes or .325KB. A RVN transaction is about 250 bytes or .25 KB. The system will automatically adapt under load and the fees will increase. There are RPC calls to get the current fees just like there is in Bitcoin. Just like Bitcoin in its early days, the fees are minimal, but the infrastructure is in-place if the Ravencoin chain goes under load. The Ravencoin chain has about 20x the capacity of Bitcoin.
So many projects just like to speak about the “long term vision and mission” but what are your short terms objectives? What are you focusing on right now?
Security audit and releasing the P2SH and other improvements.
According to the roadmap, what are your most important next priorities? Does your team have enough funds and strong community to achieve those milestones?
The team is mostly volunteer and distributed. There are some limited funds in the Ravencoin Foundation to support the ecosystem. The priority is P2SH release.
Tell us a little bit about security? Have you done an audit of the platform? Are the smart contracts error-free? What are the test results?
The code is being audited and the audits are published. There is currently an audit by ISE.io for the code that will be release with P2SH and other improvements. Here are the security audit results: https://ravencoin.foundation/code-security-audit
Does real-world physical asset when tokenized on RVN need local jurisdiction laws to support it? similar to tokenized Securities by SEC rules in the USA
It differs from jurisdiction to jurisdiction. The SEC jumps in (in the US) if the token meets four criteria of the Howey test. https://www.investopedia.com/terms/h/howey-test.asp But NFTs, gift cards, and other use cases fail one or more of the questions that the Supreme Court established back in the forties in a case about Orange groves.
Many projects on a daily basis promise great functionalities utilities and, but they end up throwing the carpet days after the presale, how do you really know that your project will not throw the carpet? What guarantee do investors have?????
There are no investors. Period. There are people who mined RVN, and they may or may not have sold their RVN. But the Ravencoin project is just code that people choose to run. No money was raised. The project was graciously funded by a subsidiary of Overstock.com that has now been converted to financial funds managed by Pelion Venture Partners, but only after the Ravencoin project was terminated and the Ravencoin Foundation was established to monitor the project.
If the Ravencoin Foundation went away one day, the Ravencoin project would continue on. It isn’t necessary, but it is helpful.
Like Bitcoin, the Ravencoin project is so decentralized that it can’t be shut down.
When the DEX will release? Is there any demo version we can experience and provide feedback? working products any idea has zero value. We see many projects are on paper only and no product. So, kindly ensure us that your project is just not an idea and it already has working products or practical use cases?
There is a DEX called Atomic DEX that trades RVN. There is also RavenTrader.net which is just a list of half-signed transactions for NFTs and other tokens. These can be counter-signed by others to complete the transactions as atomic on-chain swaps.
What makes you feel confident about the survival & sustainable success of Ravencoin in the near future? While you build your project, do you take into account community feedbacks and demands?
It isn’t my project It belongs to everyone. The code is free. Free to use. Free to improve. Free to run. I helped architect the project, but it now has a life of its own. At this point, I’m a fan, a hodler, a glorified cheerleader, and President of a foundation that helps support the ecosystem.
I was bullish on RVN before this AMA, now I’m in Pampalona running with all the Bulls. Thank you Tron.
Sounds scary and fun. Be careful.
Thank you to StealthEX for this opportunity to answer questions. I can be reached at [email protected] Thanks to everyone that participated!
Always welcome to swap Ravencoin on StealthEX
How To Buy Ravencoin RVN Coin?
Just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, BTC to RVN.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your RVN crypto!
Before making an exchange, you can take a look at Ravencoin price prediction.
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