Using Ravencoin

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Revision as of 10:43, 26 January 2019 by Jeroz (talk | contribs)
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Introduction

Blockchain is a technology that has the capacity of keeping immutable records of property ownership that are accessible to millions of users and it has the ability to constantly update as property ownership changes hands. Although this technology is broadly used for currency transactions, it is also a very promising technology for the transaction of assets, such as securities, land titles, art, documents, apps, etc. The Ravencoin platform is well-suited for this purpose because the wallets and asset protocol offer a very easy tool for creating asset tokens. These tokens have no value in themselves. Tokens only have value if there are real-world agreements, enforced through systems like smart contracts, law, whitepapers or other binding documents etc., that show what these token represent. Through such a system, tokens may represent real-world assets. Furthermore, Ravencoin asset tokens are well-suited for initial coin offerings (ICOs), security token offerings (STOs) or nonprofit organization token offerings (for fundraising).

Note: We will add use cases as soon as we see them being developed by the community.

STOs and ICOs

Tokenizing Securities

An important property of Ravencoin is that it is optimized to carry securities as it will allow for messaging share holders, voting, and paying out dividens (implemented in later development phases in the first half of 2019). Bruce Fenton gave a number of talks and produced a miniseries about why securities should go on a blockchain.

Coin offerings

In addition to STOs, Ravencoin is also suited for ICOs. Although, security regulations in the Unites States make it difficult to set up ICOs (also see: this Statement on Digital Asset Securities Issuance and Trading and SEC Chairman Jay Clayton On Cryptocurrencies And Investing), it is still possible in other countries. One company that works in this space is Assure Services. Assure Services provides administrative and transaction services for the private investment marketplace, such as ICOs. Assure Services issued 700 Ravencoin assets in early November, 2018. These will be used to tokenize funds and launch additional blockchain-based services.

Tokenizing Land Titling

Using blockchain for land titling provides a low-cost land administration system, which is very appealing to developing economies that have no systems in place for clear property ownership.

Ravencoin assets are well-suited for the purpose of land titling. The first project that started on Ravencoin for this purpose is Ravenland. Ravenland is ran and owned by its community and functions as an experimental agent for buying and selling land and estate.

Tokenizing Art

Just like land titling, tokenizing property ownership of art is also a possibility on Ravencoin. The first tokenized Art object on Ravencoin was offered by LoftVR. The art piece was a limited edition 40" x 30" Canvas Print of a TRON COUNTACH.

Tokenizing for Royalties Management

Ravencoin's blockchain technology can also offer solutions for content rights and royalties management. Royalties are compensations to owners of property for use of that property. This could include music, art, books, patented products, franchise holders, mineral rights, etc. The first company using Ravencoin for this purpose is Crafty Hands Music, ASCAP. Crafty Hands Music, ASCAP uses Ravencoin for tracking and managing publishing shares in the music industry.

InterPlanetary File Transportation Service (IPFS)

Adding files to Ravencoin tokens

Ravencoin also supports IPFS. IPFS allows decentralized storage of files and each file is accessible through a hash code. By adding this hash code to a Ravencoin asset, you are able to connect any kind of file to a token. To attach a file you can upload it to Globalupload.io and add the generated hash to an asset in your Ravencoin wallet.

Messaging

Messaging on the Ravencoin network will support IPFS. This means that you can add files the the messages that are send from token owners to token holders.

Decentralized Web

IPFS files can also contain dAPPS such as websites, which allows to use Ravencoin as a decentralized world wide web service. Such a service would be useful for people who like to reach web content which they could not by any kind of boundary. Kirk Ballou shared some demonstrations on how that could work on Ravencoin.

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