Is Ravencoin Mass Adoption Starting?
By many measures, it can be argued that 2021 will be the year for Ravencoin mass adoption to begin. A lot has happened has since Ravencoin came to existence, 3 years ago.
First, it is important to understand that Ravencoin is an open source protocol based on a fork of the Bitcoin code. Ravencoin was designed the purpose of handling the efficient creation and transfer of assets from one party to another. Perhaps the most important element of this project is what is referred to asset tokenization.
In the early stages of the Ravencoin project it was essential to get buy in for the project’s vision from early supporters. This included getting miners to believe sufficiently in the project to mine Ravencoin. And most importantly, code for asset tokenization had to be written.
Finally, after 3 years, the Ravencoin project has proven it can successfully tokenize securities, and has proven that trading platforms are willing to support Ravencoin assets. These are significant milestones as these are further evidence Ravencoin is ready for mass adoption to begin.
Asset Tokenization Revolution
Most people now recognize that cryptocurrencies and blockchain technology are in the early stages of disrupting multiple industries. For years there’s been talk about how asset tokenization will be a major disruptor to the finance industry. That’s not hard to imagine considering the derivatives market, which can be tokenized, is estimated to be anywhere between $558 trillion and $1 quadrillion!
However, the reality is asset tokenization hasn’t taken off yet. This is in large part because asset tokenization is only one element of the ecosystem needed for the entire financial service to be disrupted. The asset tokenization revolution also requires exchange platforms that can provide custody, a marketplace, liquidity, settlement, etc.
All these things are beginning to come together, but the fact is that a large segment of the population is unaware of the huge benefits of asset tokenization. Thus, for mass adoption to begin, there’s also a need to better communicate these benefits to the average investor, business owner, consumer, etc. Perhaps one of the more effective ways to illustrate the potential of these technologies is through relevant examples.
Ravencoin Asset Tokenization Examples
In a recent podcast Eric and Matt, hosts of The Resistance Chronicle, interviewed serial entrepreneur Aaron Day. The interview is also available on YouTube.
Aaron is a crypto earlier adopter and outspoken supporter of the Ravencoin project. The interview touches on various subjects including liberty, cryptocurrencies, blockchain, and a few others. But it was the mention of Ravencoin mass adoption that I felt merits more attention.
During the interview, Aaron said he feels he is too close to the project and sometimes needs to step back and to be able to explain to others what Ravencoin is all about. And part of the challenge with this is that Ravencoin is about assets and assets sound boring to the average person. He goes on to note that assets are literally anything physical or digital that has value. As mentioned before, we are talking about a quadrillion of dollars!
In Aaron’s words,
“RVN makes free markets truly possible everywhere in the world. You can take any asset and tokenize on blockchain and make it available to trade anywhere in the world for fractions of a penny, for transactions costs. It is as close to true free market as you will ever get”
Aaron Day
Small Business and Small Investors
Aaron goes on to provide an excellent example.
“Would it be great, if at your local restaurant the guy was trying to raise money? – His customers could invest…”
“You can go on and say hey I like this restaurant. You pop up an app on the cellphone, and – oh I am going to buy $500 in my local restaurant. And then they pay you dividends through this token, that you then get sent to your wallet on your mobile phone.
This changes finance for everybody, globally. This makes it so that everybody can raise capital and that everybody can invest and democratizes this.”
Aaron Day
This is precisely what Ravenites have been trying to communicate to the masses for a while. This simple example shows how asset tokenization can be used by small businesses and small investors, all across the globe. And once the little guy discovers that this is possible then Ravencoin mass adoption will be impossible to stop.
For now, Ravencoin mass adoption is more likely to gain momentum with large businesses. Below are a few examples.
Tinaga Island Resorts
On November 9, 2020 Tinaga Resorts Corp (TRC) announced that it had issued a Security Token Offering (STO) to raise $10.60 million for the development of a 5-star beach resort in the Philippines. At the time, this was the lartest STO in Asia. The press release indicated the corresponding security token TIRC, created on the Ravencoin blockchain, would start trading on the CryptoSX exchange in Q2, 2021.
This shows the entire ecosystem necessary for asset tokenization mass adoption has already been developed. In this case, TRC created security tokens on the Ravencoin blockchain that will trade on the CryptoSX exchange.
The Millennium Sapphire
With an original weight of 39 pounds, this huge blue gemstone has been masterfully carved with a base of human figures supporting the four elements – air, water, earth, and fire. This magnificent gem is 100% owned by Millennium Fine Art, Inc. (MFAI). But that’s about to change thanks to an upcoming STO.
Very soon, with as little as $1,000, you could own a fraction of the Millennium Sapphire. And if you ever decided that instead of owning part of this gem you wanted to liquidate your investment, you could do so from a mobile phone app, and from anywhere in the world. If you owned the actual sapphire, it may take you years to find the right buyer.
Ravencoin in 2021 and Beyond
Ravencoin supporters all around the world have their work cut out for them as they continue spreading the word about RVN. Often their efforts are a reflection of the leadership provided by Tron Black, president of the Ravencoin Foundation.
Tron is Ravencoin’s biggest cheerleder. He excels at connecting with people, communicating the Ravencoin message, and connecting the pieces that combine to create the financial ecosystem for which Ravencoin was created.
Tron’s leadership is displayed is his “Letter From The President.” There is just too much in that letter to unpack and cover in this article. However, one piece worth mentioning is the recent announcement that OpenDAO will allow RVN to be used as collateral in the Defi space. This is huge news! His letter concludes as follows:
Because of the renewed interest in the Ravencoin platform, I’ve been setting up more meetings and handling more calls from people wanting to issue on Ravencoin. With AlphaPoint adding support for Ravencoin, and CryptoSX supporting Ravencoin assets, it opens the door for more projects to use the platform.
Tron Black
Rumors are that large corporate players are going to launch tokenization projects around Ravencoin in the next month or two. Indeed, it appears Ravencoin Mass Adoption is just getting started.
Finally, it looks increasingly likely that exchanges such as Coinbase and Kraken will soon list RVN.