Raptoreum | New GhostRider Algorithm

What makes Raptoreum unique?

We get a lot of questions on what makes us different from other coins as we are a code fork of Ravencoin and will be adding smart contracts. First, let’s have a look at the differences between Raptoreum and Ravencoin both technology wise and for the overall project.

Note: This is meant to be a reasonably easy to digest comparison. Going in depth is beyond the scope of a single article. If you want more in depth details on Raptoreum and what it can do and offer please check the following;

Full Spec List: https://medium.com/@kawwwoin/raptoreum-full-spec-list-ba1d4d48e7a4
Raptoreum FAQ: https://medium.com/@kawwwoin/raptoreum-faq-446185503cee

Raptoreum And Ravencoin

1) Raptoreum allows for trustless on chain transfers VIA smart contracts. This allows for the trustless on chain transfers of issued assets and coins. With Ravencoin you have to trust that the other person will send their part of the transaction or rely on a third party service such as an exchange or an escrow. Here you trust the code not a human counterparty.

Raptoreum eliminates this need for human trust and allows for a safe transfer in a “trustless” fashion.

2) We are expanding on the Ravencoin asset system by adding the ability to set a decay time on an asset at which it is destroyed at a certain block # number or timestamp. Additionally we are adding the ability to lock Raptoreum coins into an asset to be unlocked at timestamp or block # of your choosing.

3) GhostRider which is our algorithm will reduce the impact of FPGA and ASICs on the network by increasing their cost of entry to where it hopefully isn’t doable. Planned is also adding the ability to change certain algorithmic parameters on the fly (no hardfork needed) this will remove ASICs and require FPGAs to be recoded.

As mentioned above, it makes entry into Raptoreum for FPGAs and ASICs very expensive, and for most probably not worth the cost while also reducing their performance / advantage over GPUs. Hence we avoid the ASICs and FPGAs that are currently plaguing the x16r algorithm in both versions which Ravencoin makes use of.

4) Raptoreum adds Servicenodes that have two critical functions on the network.
• 51% / double spend protection created by us called Prysm. Technology wise it is similar to but different from Dash’s chainlocks.
• Storing, verifying and executing smart contracts.

5) We have no ties to and are not influenced by any corporation or business. Neither is Raptoreum designed to service any form of centralizing platform ie an exchange etc.

Summary

Raptoreum expands upon Ravencoin’s current feature set adding flexibility and security, while at the same time opening the doors to a much wider range of markets and businesses. Particularly when it comes to product traceability/ storytelling.

 

Raptoreum And Ethereum

1) Ease of use: It takes only a minute to create a uniquely named token with Raptoreum, on Ethereum it takes much longer and is beyond most users. Here is a short video that shows the difference.

https://youtu.be/UqPBOlAzcVg

2) 51% and double spend protection: Raptoreum is protected from this by our Prysm system, Ethereum does not have this protection and at the time of writing this would take $84k [1] to perform a 51% attack for an hour. A relatively small amount considering the possible gains.

3) Flexibility: As an example a token created using the ERC20 standard is locked in and things like name, total supply cannot be changed. In addition the name can again be used by somebody else, naming is not unique. In Raptoreum naming is unique and nobody can create an asset with the same name as another, you can also adjust max supply.

4) Safety: The most widely used token type on Ethereum is ERC20 standard which contains a critical bug that has already caused millions in losses [2]. This standard to this day is still promoted and widely used. There are now other standards that can be used, each with different pros and cons. So which one is correct and safe for your use? ERC20, ERC777, ERC827, ERC624, the list goes on…

It should be noted that the issuing procedure for many of these additional types of ERC tokens is even more complex than that for the ERC20 token type.

5) Traceability: With Raptoreum you can see every transaction related to an asset which is traceable back to the origin. With Ethereum this is not the case, amounts are simply added to or removed from an address.

Summary

Raptoreum adds security, flexibility, ability to scale easily, greater ease of use, and traceability, in comparison to Ethereum.

Sources

[1] 51% cost — https://www.crypto51.app/
[2] ERC “Critical Bug” — https://www.cointelligence.com/content/comparison-erc20-erc223-new-ethereum-erc777-token-standard/

 

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