Ravencoin — Burn RVN Burn

Artwork by LucyLooStudios and licensed under Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License.

Ravencoin allows the creation of your own tokens (assets). But, there’s a cost. The cost is 500 RVN to create any amount of your own token and reserve the name of your choice if it isn’t already taken.

Once you’ve created a main asset, you can create sub-assets for only 100 RVN, and you can choose any name for your sub-asset.

If you want a unique asset, for which there is only one of them — guaranteed — then it is only 5 RVN.

“What happens to the RVN?”, you might ask. Well, it gets burned. “What does that mean? It sounds dangerous!” Not at all. It means it gets sent permanently and irrevocably to an address for which no private key exists. This means the RVN is visible, accounted for, but can never be spent, which effectively takes it out of circulation.

There are five burn addresses. These addresses have no private keys. Why? Because the address was crafted backwards, starting with the address and setting it to a specific string. Normal addresses are constructed from the private key, to the public key to the public address. The amount of processing to go from an address to a private key is so preposterously high, that you can safely assume the RVN will never be spent from a burn address. The processing power required would be similar to solving for Satoshi Nakamoto’s private key — a far more profitable endeavor if it were possible.

Burn Addresses
RXissueAssetXXXXXXXXXXXXXXXXXhhZGt
RXReissueAssetXXXXXXXXXXXXXXVEFAWu
RXissueSubAssetXXXXXXXXXXXXXWcwhwL
RXissueUniqueAssetXXXXXXXXXXWEAe58
RXBurnXXXXXXXXXXXXXXXXXXXXXXWUo9FV

The weird letters (at the end) are there because each address contains a checksum and it must be correct for the address to be valid. If the checksum is invalid, then Ravencoin will reject the address. The checksum is there to prevent accidental typos.

So is there any advantage to burning the RVN? Yes. The quantity of Ravencoin available, sometimes known as the circulating supply, is reduced. All else being equal, that should make the remaining RVN worth more per RVN. Since the value of RVN is simply where the supply meets the demand and the supply just decreased.

So you’ll need some RVN to start. If you’re on testnet, use a testnet RVN faucet. If you’re on mainnet, you’ll need to mine some, or acquire some.

Acquiring RVN

• Get some Bitcoin at Bitsy, Coinbase, Gemini, or Kraken.
• Transfer BTC to Binance, Bittrex, or DigiFinex and exchange for RVN.
• Withdraw RVN to your wallet. Don’t have wallet, then visit this post for Getting Started.

KAWWW!