Ravencoin has many uses, but one of its best uses is to prove authenticity and provenance with the issuance and transfer of a digital twin token on the Ravencoin network. The digital twin token is paired with a physical item, like a rare collectible.
There are a bunch of blockchains that claim this capability, but most are missing key ingredients that make it both easy and accessible to non-crypto folks.
Why is Ravencoin better at this?
- Ravencoin uses guaranteed unique names for tokens. This is useful for branding and is far easier to understand for mere mortals than a contract id in a smart contract system like Ethereum, EOS, or Tezos.
- Ravencoin has built-in support for NFTs. These are tokens where there can only be one. With Ravencoin these “Unique Tokens” have a # character in them and are guaranteed at the protocol level to be unique. Example: ART#MonaLisa
- Ravencoin is tightly integrated with IPFS (Inter-Planetary File System) This allows you to store a movie, photo, or other meta-data with every token. For a digital twin, this would usually be a high-res photo of the collectible item, but it could also be a video of it being signed by its creator.
- Ravencoin supports sub-assets. This allows a company to brand the top-level asset to build trust, and control issuance of all sub-assets. Example: TRUSTED_CO/COLLECTIBLE_A. In this scenario, TRUSTED_CO is the only issuer than can create COLLECTIBLE_A. Other COLLECTIBLE_X tokens can be created under the TRUSTED_CO brand. Provided that TRUSTED_CO properly protects its admin key, all sub-assets can be cryptographically guaranteed to come from TRUSTED_CO. This is perfect for proof-of-authenticity. Sub-assets are also cheaper to create.
- The main tokens for Ravencoin limit the characters used in the name to uppercase, so it is tricky to spoof with letters that look similar, like I (eye) and l (ell). This prevents fake digital twin tokens from being used with fake items.
- Ravencoin Asset explorers already exist that will show the photos, videos, and documents attached to a digital twin token.
- Multiple wallets exist for every platform that can handle these digital twin tokens. Some of these mobile…