Token Description & Project Background

Ravencoin is a digital peer-to-peer transaction network.

The Ravencoin network was built upon a fork of the Bitcoin network, thus providing it with the decentralized security of Bitcoin’s algorithms.

The RVN token was designed as an internal currency for the Ravencoin blockchain, facilitating transfers. RVN  launched in 2018 with no public sale or set allocations.

Ravencoin has introduced four new primary capabilities to the code: a modified issuance schedule (with a block reward of 5,000 RVN); a block time reduced to one minute; a coin supply capped at 21 billion (a thousand times that of Bitcoin); and the mining algorithm KAWPOW (a combination of the formerly named X16R and X16RV2 algorithms) that intends to mitigate the mining centralization associated with ASIC hardware. Additionally, the use of KAWPOW algorithms enhances the security of the network as it is resistant to ASIC hardware.

Acting as a competitor to the likes of Ethereum and Solana, the Ravencoin network seeks to streamline asset transfer and simplify token issuance (for which the Bitcoin network is not ideal).

On the Ravencoin network, projects and developers can create tokens that represent anything they want tokenized, for example NFTs, stock shares. The possibilities are supposedly endless.

Ravencoin was led by Bruce Fenton, Tron Black (Lead Developer) and Jeremy Anderson (Developer with the support of ~430 Bitcoin developers.

Risks of RVN

Like an investment in other crypto assets, there are some general risks to investing in RVN. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in RVN is subject to the following specific risks:

• Ravencoin faces intense competition from other blockchain networks. Any potential success associated with RVN depends on Ravencoin’s rate of adoption.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with RVN. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The RVN community and Ravencoin founding team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of RVN have no recourse to the RVN community, Ravencoin founding team, or Uphold if RVN declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing RVN on the Uphold Platform, Uphold performed due diligence on RVN and determined that RVN is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of RVN, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of RVN.
• Any marketing materials put forward by the RVN social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with RVN, including any code defects, security breaches and other threats concerning RVN and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with RVN, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of RVN. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 21, 2023.