The little known Blockchain project, Ravencoin, was featured with Overstock.com CEO Patrick Byrne, mentioning that his company had invested "Millions of Dollars" into the "case-specific blockchain focusing on the transfer of assets."

Ravencoin's opening line on a November 1st blog opens on a line referencing the popular Game of Thrones series from HBO: In the fictional world of Westeros, crows are used as messengers carrying declarations of truth. Ravencoin is a case-specific Blockchain designed to convey truth claims about who owns what assets.

But anything other than to bond to the show, what Ravencoin offers that sparked Byrne's interest? His four-page white paper is succinct, to say the least, but focuses primarily on his extraction algorithm: "X16R – ASIC Resistant by Design."

Promising New Algorithm

Byrne Offered In his interview, Ravencoin praised Bitcoin, but "a thousand times more energy efficient". He goes on to point out the problem of increasing mining prices and centralization around ASIC production and cheap electricity. Byrne also mentions the slogan of the whitepapers, saying that it solves the problems by being "ASIC resistant" and "redemocratizing mining", continuing to describe the current concentration of the mining industry in China.

If Ravencoin found a new mining exploration algorithm that, according to reports, is already making thousands of miners and manages to reduce the difficulty of making it accessible to all, is this something that worth to be studied?

X16R

Ravencoin is intended to completely cancel the use of ASIC hardware and to redirect mining power into the hands of GPUs and computers all over the world. In his white paper, Ravencoin presents the history of the current algorithm by stating that the X16R is the last step.

The white paper notes: "The hash history for cryptocurrencies started with SHA256 for Bitcoin, then Scrypt for Litecoin, Ethash for Ethereum, X11 for Dash, followed by X13, X15, and X17. X16R is the next step in this evolution to find a better algorithm for exploration. "

They continue to explain how coins like Dash with its X11 hash use eleven chained hash algorithms to counteract the movement. The X16R algorithm aims to solve this problem by constantly disrupting the control

hash algorithms. "Explains the white paper." The hash algorithms are the same proven algorithms used in X15 + SHA512, but the order is changed based on the hash of the previous block. "

" This Reorganization does not make an ASIC impossible to build, but it requires ASIC to adapt to additional input, which is more easily accomplished by a CPU or GPU. "

Clearly, Ravencoin's main goal is to demonopolize the mining – the coin all around, do they have a solid platform that is worth the effort? mining and investment of money?

Transfer of assets

In summary, the main task of Ravencoin is to "implement a Blockchain is optimized specifically for the case of using the transfer of assets such as tokens from one holder to another. "This looks a little bit like Bitcoin, and Bitcoin returns more than once in his publications. More than that, Ravencoin attributes: "the hard work and continuous effort of over 400 Bitcoin developers who have made more than 14,000 validations on the life of the Bitcoin project to date."

This does not necessarily mean that they employ 400 developers, rather than the legacy of their piece is that of Bitcoin because Ravencoin is a fork of the original piece:

"Ravencoin is built on a fork of Bitcoin code.Key changes include a faster block reward time and a change in the number, but not the weighted distribution schedule of coins."

Ravencoin lists other features of their product, such as being free and open source, that it will be published and operated seamlessly without pre-mine, and developer attribution. They also declare that it is not meant to be in cash.

Preliminary Thoughts

As reported by Cointelegraph on Feb. 24, when a reddit post asking people to think about the piece had only four days, it was not necessary. There was not a lot of comments. One person had answered the day she was posted, saying "I have never heard of it until now." However, interest has actually increased, perhaps fueled by Byrne, as more and more users are looking at Ravencoin's potential. .

Reddit user Reigningchamp4eva said: "Raven coin seems to be a bitcoin copy paste with another of the" chain a bunch of old algorithms together and let's call innovative "flare and 1 minute block once .. That's about it.Inform me when this piece brings something new to the table [sic] and I'm down. "

TomatoKing77 is also focused on Overstock's investment strategy: "What does the CEO of Overstock know we do not do, dropping a few millet [sic]? Especially that it's n & rsquo; There is no marketing at all, certainly an ideological experiment to improve BTC and ETH functions, and beautifully open source, a project that a lot of BTC developers are working on because they like it. says long. "

Others adopt a more pragmatic approach, as Sl says appyMcFartsack: "I've already figured out how to exploit it, and I'm doing it now. Let's see where that leads us. "

His feelings are echoed by Whacktool:" Pretty much what I do. Mine it and see where it's going. The most that I go out is a larger electricity bill. "

Many present, many missing

Ravencoin, with his new algorithm seems to have a hash that might well withstand the ASIC mining, but of course, it remains to be seen if the ASIC manufacturers will rise to the challenge.However, at that point, people seem to exploit it and keep the difficulty down.

However, if it's all that their company really offers, and with a four-page white paper that only talks about X16R, they miss a lot to take seriously.For example, there is no roadmap to find, and the exact team behind Ravencoin is hard to tie because their blog refers to more than 400 developers, but talks about their work on the original channel that Ravencoin inherited.