CryptoSX Digital Asset Exchange Announced Today that its Trading Platform will Support Ravencoin Assets to Further Strengthen its Position as the Leading Security Token Platform in Asia
CAGAYAN, PHILIPPINES / ACCESSWIRE / January 15, 2021 / Tinaga Island Resort STO will be the first implementation of Ravencoin protocol in a security token offering involving ownership of prime beach front real estate in the Philippine island of Tinaga and income from the sale of villas, hotel operations and appreciating asset value. TIRC is the unique token name and is expected to be listed on Cryptosx during Q1 2021.
Tinaga Team leader, Daniel Mckinney said: “We chose Cryptosx as our 1st trading exchange for our token because we believe Cryptosx is becoming the OTC trading center for world-wide tokens. This is the beginning of the beginning!
Cryptosx has been working for several months with Tron Black, Ravencoin Lead Developer and with AlphaPoint, an exchange software provider, on the integration of Ravencoin protocol to ensure our suite of token life cycle management tools work seamlessly and efficiently on each transaction in accordance with our compliance requirements.
“I’m excited to see the open-source decentralized Ravencoin tokenization platform used to securely record ownership. With AlphaPoint becoming Ravencoin asset aware and support from Cryptosx, this opens up opportunities for more projects to tokenize on Ravencoin”, claimed Tron Black, President of Ravencoin Foundation.
“We are a highly focused trading platform for security tokens and understand that we need to continuously improve functionalities and cost/benefits attributes for our clients and investors. Ravencoin came onto our radar in early 2020 as we began to examine alternative tokenization protocols' said Founder of Cryptosx, Philip Tam.
Ravencoin was created in 2017 as a fork of the open-source Bitcoin code as a way to hold assets digitally and transfer them easily between parties. That was the specific use case Ravencoin was designed for and is a truly open source project (no ICO or master nodes).
Two very important characteristics or features of Ravencoin assets are (1) the ability to acquire a Unique Name to prevent fraud and spoofing and (2) the cost to transfer is much cheaper than ERC-20 or extended ERC-20 smart contracts. So many blockchain projects try to pretend they can solve every problem, or try to offer a use-case for every scenario. Ravencoin is different because it’s focused on doing one thing right - tokenized asset transfers.
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“Tinaga is the first Ravencoin based STO and we are all very excited to be part of this journey. We do expect to see more adoption in 2021 following the completion of the Ravencoin code audit and interested projects in our pipeline,” concluded Philip Tam.
About Ravencoin
Ravencoin (RVN) is a decentralized peer-to-peer network designed to efficiently handle the transfer of assets from one party to another. Built on a fork of the Bitcoin code, the proof-of-work Ravencoin platform was launched January 3rd, 2018 and is a truly open source project (no ICO, no pre-mine, no masternodes). It focuses on building a useful technology, with a strong and growing community.
https://medium.com/@ravencoin/ravencoin-4683cd00f83c.
About Tinaga Resorts Corp.
Tinaga Resorts Corp “TRC” is a Philippine corporation implementing the latest environmental technology, combining green development with responsible eco-tourism and is exercising responsible stewardship over its natural environment. Tinaga island is a showcase of pristine clear blue water and unspoiled virgin white sand beaches. In recognition of a 100% green sustainable development, TRC strives to maintain a delicate balance between achieving tourism development goals and conserving the islands fragile environment. www.tinagaislandresort.com
For more information on Tinaga Resort, please visit: https://www.tinagaislandresort.com
About AlphaPoint
AlphaPoint is a financial technology company powering digital asset exchanges and brokerages worldwide. Through its secure, scalable, and customizable digital asset trading platform, AlphaPoint has enabled over 150 customers in 35 countries to launch and operate digital asset markets, as well as digitize assets. AlphaPoint and its award winning blockchain technology have helped start-ups and institutions discover and execute their blockchain strategies since 2013.
AlphaPoint: www.alphapoint.com.
About CryptoSX
With the empowerment of world-leading technologies, CryptoSX is building a cutting edge crypto exchange platform for STOs backed by Fiat/Crypto conversion capabilities. They are significantly involved in assisting companies in STO primary listings, STO secondary trading and to develop and launch a substantial decentralized finance “DeFi” business, including crypto lending. CryptoSX is compliant with all of the applicable financial and virtual exchange policies and regulations of the Philippine government under CEZA (Cagayan Economic Zone Authority).
For more information on CryptoSX please visit: www.cryptosx.io.
CONTACT:
Philip Tam
Email: philip@cryptosx.io
SOURCE: CryptoSX
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Cryptocurrencies are changing the way we build wealth
While the rest of the world was glued to their televisions and browser refresh buttons this past November, Trent Larson was largely indifferent. A member of the Libertarian party and a cryptocurrency enthusiast, he knew his preferred presidential candidate had no real chance at winning the election.
“It always goes to the money,” he said as the race unfolded.
Utah, long recognized as a bastion of Libertarianism, was one of just eight states where 2020 candidate Jo Jorgensen won more than two percent of the vote. Those same political leanings, coupled with the state’s technical background and rising business prowess, have helped make Utah a hotbed for a new system some believe will bring about economic reform and revitalization.
Ravencoin is an emerging cryptocurrency that is decentralized and hosted on multiple servers around the world. One of its developers, Tron Black, calls Utah home, and the spirit of the state, he says is well-aligned with his latest project.
Like Bitcoin and other cryptocurrencies, Ravencoin relies on distributed computer networks to track and automate transactions between network users. But while Bitcoin is designed to facilitate the storage and exchange of value in the same fashion as money, Ravencoin is designed specifically to track the ownership of real-world assets.
Black and other proponents of the project imagine that Ravencoin will help to create a more economically just world—one where all individuals are free to transact on an equal footing beyond the reach of government machinations. Others believe the revolutionary power of cryptocurrency in general, and Ravencoin in particular, is probably overstated.
Either way, it still has the potential to change the way many industries operate, right down to businesses with which we interact on a daily basis.
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How cryptocurrencies can increase national freedoms
Ravencoin started as an idea presented at cryptocurrency conventions: what if developers took something like Bitcoin, tracked on a similar ledger, but modified so that the coins or “tokens” represented real-world assets? That would make it possible to trade things like certificates of authenticity for art, fractions of a building, or even stocks.
“I was in the right place at the right time,” Black says, “and I got to help with the project.”
Black’s interest in cryptocurrency began in 2013. At the time, he says, he found himself following developments in the Cyprus banking crisis, which got him thinking about the nature of money and what gives it value.
Somewhere along the way, while following the news from Cyprus, Black encountered someone holding up Bitcoin as a solution, and with his background in computer science and business, his interest piqued. That year he signed up to attend what was then the largest cryptocurrency conference in San Jose.
During the conference, Black recalls, a comedian took the stage to entertain the crowd. As he gauged his audience, the comedian asked for cheers for each political party.
“He asked how many Democrats in the convention. Nothing,” Black says. “How many Republicans? A couple claps. And then he asked for Libertarians, and it erupted.”
Black, himself had “kind of a Libertarian streak—basically this freedom idea” that had developed while watching the US wage war against Iraq. “I felt a frustration at the things that were being done in the US’ name or, in my name, across the world,” he says. He felt the US government had taken his tax dollars and used them inappropriately to interfere overseas.
And as he discovered cryptocurrency, he discovered he was far from alone. Libertarians, Larson says, are often drawn ideologically toward cryptocurrency, seeing it as a means of reducing government power.
“Some people may believe that money is a good responsibility to leave to government,” Larson says. “I think most Libertarians lean no. Having a federal currency is a state overreach. It’s them taking on something that they don’t need to do, and they’re doing that because it brings them more power and influence.”
Utah Libertarians, in particular, Larson says, may be drawn to cryptocurrency because of local cultural aspirations for entrepreneurship and self-sufficiency.
How cryptocurrencies can solve global wealth disparities
For Black and many others, the appeal of cryptocurrency is both entrepreneurial and ideological. Bitcoin, he believes, is to Netflix as money is to Blockbuster. Taken as a whole, he says, blockchain is the inevitable digitization of business—one that, as digitization has done to other sectors—will make the business world more efficient, less costly, and more equitable.
“This has the ability to modernize money,” he says. “You have this ability to automate things—contracts and things like that. So you can say once the escrow on the house happens, the payment will be made, instead of having people shuffling paper around. I’ve always been big on automating things.”
The importance of blockchain, and especially cryptocurrency, may be more evident outside the US.
“We live in America,” says Doug Pepe, a Washington DC-area law professor who has cofounded blockchain asset management company Mango Farm. “We have financial systems that are tried and true and have been around for a long time. You can have disagreements with polity issues, but you can be assured that if you want to send $50 to your friend, it’s going to get there.”
This isn’t necessarily the case in other countries. Cryptocurrency is “less important in the US, but more needed to avoid government abuses in developing countries,” says Diego Zuluaga, associate director of financial regulation studies at the Cato Institute, a Libertarian think tank. “Having currency that is outside the reach of tyrannical government limits their ability to exploit the population.”
Outside questions of direct government corruption, Pepe and others hope cryptocurrency will provide a solution—or at least an alternative to—monetary policies that result in the devaluation of national currencies. Money only has value because society agrees it’s a scarce resource. Since abandoning the gold standard, Pepe says, the US and other nations have made a habit of decreasing the value of their own currencies by creating more money.
This is done with the intent of targeting a specified rate of inflation that is believed to incentivize spending and prevent market stagnation while avoiding inflation so severe that it would erode the public’s spending power. But it also means, Pepe says, that every time an individual works to earn money, the government effectively takes some of that value away from them through its monetary policy.
Bitcoin, Pepe says, is similar to the gold standard in that there is a finite amount of Bitcoin, and no one person or government can issue more. “One of the best use cases for Bitcoin is buying more dollars than you paid to get the Bitcoin today,” he says. “You’re foolish to hold dollars. You would be wise to hold Bitcoin.”
This isn’t to say dollars don’t serve a purpose in society, Pepe continues—he believes they are and will likely remain an important means of exchanging short- and medium-term value. But the existing US system, he says, is clearly troubled—a reality he argues is illustrated by wealth disparities that have emerged in recent generations as a result of stagnating wages and the imbalance between an increasingly small portion of society that accrues massive wealth, while the rest cannot.
“There’s something amiss with the way our monetary system is being run now,” he says, “where you have trillions of dollars being created out of thin air and being handed over to a small subset of the population in a way that debases the wealth of everyone else. It picks winners and losers.”
Outside the question of government interference, Black and Larson also believe cryptocurrency will help to create a more economically just society by removing barriers to entry that have historically held disadvantaged populations back because they are unable to pay for the middle-men who facilitate wealth-building transactions.
“All of these services that provide value to our economy end up raping us,” Larson says. “They’re just taking, and people don’t get as much value in their lives.”
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How cryptocurrencies can establish verifiable value
Zuluaga believes we should take these claims with a grain of salt.
“Particularly if you’re a Bitcoin enthusiast—they tend to have a bias for seeing it as a silver bullet for everything,” Zuluaga says. From an academic perspective, he says, there is little reason to believe Bitcoin or Ravencoin will have any meaningful impact on the distribution of wealth, or on sociological power structures.
But that doesn’t mean it’s not useful in specific contexts he says, such as a means of exchange when parties are in different countries, as an investment, or as a means of facilitating transactions the parties would rather not have monitored by government.
Ravencoin, Pepe believes, puts even more potential uses on the table by introducing the idea of “tokenization”―the process by which real-world assets are converted into a digital asset tracked by the Ravencoin blockchain. Before the creation of Ravencoin, he says he had lectured on the potential of practical cryptocurrency applications, such as tracking the use of copyrighted materials like music or images online, documenting the ownership of data, or managing securities.
However conventional cryptocurrencies like Bitcoin weren’t well suited to these uses because they only tracked value, not the assets themselves. “I recognized as soon as I read the white paper that [Ravencoin] was going to be a project that will allow people to do all these things,” he says.
Within a year, Pepe began to work on coding a set of tools to simplify the process of “tokenizing” assets in Ravencoin and he has since been working on customized Ravencoin-based trading platforms. The first project, which is already live, is a platform for trading artwork that already manages $127,000 worth of art.
Art, perhaps, isn’t the most practical application in a strict interpretation, says Adam Small, founder of IPAssets, another startup working in partnership with Pepe’s Mango Farm to launch and manage the Ravencoin art market place. Only a handful of people in the world purchase the kind of art where authenticity of ownership is a real concern. But Small believes the art marketplace is a critical use case.
Currently, most artists can glean value only from the initial sale of their work. Ravencoin, he believes, should help artists earn greater returns on their work by making it possible to verify the authenticity of work that is sold second-hand, or establishing ownership when an image of the work is used online.
Small says he realized the potential of blockchain assets while working in graphite refinement. In the mineral trade, he says, the complexity of international transactions and the lack of transparency in some regions of the world make it difficult to ensure that the previous owner of a purchase received their full payment—and that the purchased goods remained as advertised. And it’s not just minerals, he says. The movement of commodities and other goods and services around the world stands to benefit from a more transparent, decentralized system where all parties have the ability to verify ownership or authenticity of a product.
Securities, commodities, art—these things are just the beginning, Small says. “The idea of an asset is so broad, that I was talking to some associates the other day, and they asked what’s our total addressable market size. I said, how many assets are there in the world? Anything that is physical and digital can have an identity.”
This could apply to anything Small says―televisions, household appliances, the house itself. Larson can think of numerous other use cases, with applications as niche as airline miles or other reward programs, or as broad as verifying one’s own identity and reputation. Ravencoin could be used to verify the quality of work by a cosmetologist or plumber—professions currently regulated by government licensure. In the private sector, blockchain could be used to vet contractors or loan candidates. Some credit unions, Larson says, have begun to experiment with these processes internally.
“The more these systems talk the same language, brings us a world where we are able to manage our own trust,” Larson says. “We can digitally and securely verify the originator of a document, rather than looking at a birth certificate or scanning a driver’s license. You can check securely, and with great accuracy.”
Given the way cryptocurrency aligns with Utah’s ethos of self-sufficiency and fairness, Larson says he’s actually surprised by the limited way in which local businesses have embraced the technology. “It’s been very slow to grow, and just has not panned out as much as I thought it would,” he says, pointing out that only a few local businesses still accept Bitcoin payments.
When sharing their excitement about cryptocurrency and blockchain technology, Pepe says it’s important “not to get ahead of ourselves. Blockchain, the whole space, is about the size of Home Depot.” For finance, the digital revolution is off to a slow start.
Four cryptocurrency block reward halvings to look out for in 2021
Block reward halvings cut the rate at which new coins are generated on a given blockchain by 50%. Such events, known jokingly as “halvenings,” have long been anticipated by cryptocurrency traders as catalysts for pushing up the price of their cryptocurrency holdings.
Past attempts to predict when Bitcoin’s (BTC) price would increase in relation to halvings have proved inconsistent at best. However, few would be willing to quickly discount the mechanisms described in the law of supply and demand. All things being equal, as the number of coins available on the market decreases, the demand for those coins — and thus, the price of each — increases.
With that in mind, here are four cryptocurrency projects that are due to undergo block reward halvings in the coming year, when their issuance rate will be cut in half.
Verge (XGV)
Verge (XVG) is set to undergo a halving on Jan. 25 when its chain reaches a block height of 4,700,000. At this point, the current reward of 200 XVG which is issued to miners every 30 seconds will be cut to 100 XVG.
With just over 11 days to go before the halving, it may be assumed that the opportunity to get ahead of the reduction in Verge’s supply has already passed. However, capitalizing on block reward halvings has never been an exact science, and often times a coin fails to react to the event until after the fact.
The XVG price hit an all-time high of $0.30 back in December 2017, before suffering a near three-year slide down to the $0.001 mark by 2020. Since the winter surge that sent Bitcoin to a new all-time high, however, Verge’s fortunes have reversed. The coin recorded growth of 219% between November and the time of writing.
Tomochain (TOMO)
Tomochain’s (TOMO) halving will occur on Feb. 7, when the number of TOMO coins issued yearly will be reduced from 2 million to 1 million.
The Tomochain blockchain features block times of two seconds, and every 900 blocks make up an epoch. For each epoch, a total of 250 coins are issued to miners at the current time. This figure will be halved to 125 coins in February.
Launched in 2017, Tomochain uses a proof-of-stake consensus mechanism and is compatible with the Ethereum Virtual Machine. The upcoming halving will be only the second in the coin’s history, and also its last. From here on, the TOMO issuance rate will remain the same until the coin’s total supply of 100,000,000 has been reached.
Vertcoin (VTC)
Vertcoin’s (VTC) block reward halving is scheduled for Dec. 8, at which point the number of VTC issued to miners will be reduced from 25 to 12.5 per block.
Vertcoin was forked from Litecoin (LTC) — itself a Bitcoin fork — in 2014 as a response to the application-specific integrated circuit, or ASIC, machines that were invented for Litecoin mining the same year. Vertcoin aims to remain ASIC-resistant and can be mined with a GPU.
Once a feature of the top 100 coins by market capitalization, Vertcoin now finds itself ranked in the mid-500s after a 98% decline from its all-time high in December 2017.
Ravencoin (RVN)
Although not technically scheduled to take place until January 2022, Ravencoin’s (RVN) first block reward halving is just 12 calendar months away and will see the issuance rate cut from 5,000 RVN to 2,500 RVN per block.
Launched in 2018, Ravencoin is geared toward the registration and trade of real-world assets on the blockchain. In 2018, the then little-known project received a surprise investment of “millions of dollars” from online American retail giant Overstock.
Ravencoin reached an all-time high in the $0.08 range in June 2019. Today, the coin trades at a price of $0.016 — a 48% increase since recent lows in November 2020.