This is super new, so be careful. For advanced users only.
Ravencoin (RVN) is now able hop over to a smart contract chain. Nope, not Ethereum. It’s the Binance Smart Chain (BSC).
First, what does this mean? It means RVN value can be used in smart contracts that let you lend, borrow, or trade. Bitcoin has been doing this for a while as WBTC (Wrapped-BTC) on the Ethereum network, but the Bitcoin fees and Ethereum GAS fees make it impractical for experimentation.
How does this work?
Using a Peg-ins and Peg-outs, you can take your RVN over to a smart contract and use its value. This adds a whole bunch of optionality for RVN holders. A Peg-in is where RVN is locked and moved over to the Binance Smart Chain and you are given newly minted pRVN. A Peg-out is the reverse, where you turn in your pRVN which gets burned, and RVN is given back.
Using this, you can deposit RVN and get pRVN on the Binance Smart Chain (BSC). And you can switch it back when you’re ready.
https://dapp.ptokens.io/prvn-on-bsc
How safe is this? That’s a great question, and the answer can be found here.
https://medium.com/pnetwork/pnetwork-security-and-progressive-decentralisation-c5552216ca23