Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our August edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
Ravencoin (RVN) is a value transfer coin forked from the UTXO Bitcoin code model. The blockchain was named in reference to the TV Show Game of Thrones. Ravencoin uses a Proof-of-Work consensus mechanism and ASIC-resistant KAWPOW hashing algorithm to protect the network and prevent mining centralization. Ravencoin is designed to specifically handle peer-to-peer transactions. Users can create new assets to help facilitate value transfer. The blockchain’s Full Asset Aware Protocol Level System allows users to decide the supply and minting conditions for an asset, which can then be sent to other Ravencoin wallets. Tokens can create governance systems for holders to vote on proposals and receive communication from token issuers. RVN tokens are rewarded to block miners, used to pay transaction fees, and burned to create new assets on the network.
IOTA (MIOTA) is a Layer 1 smart contract platform that enables users to create smart contract blockchains on top of IOTA. IOTA uses The Tangle, a leaderless, probabilistic consensus protocol, to confirm transactions on the network. Users can build smart contract blockchains, such as SmartOptz, on top of the IOTA Tangle for a committee of nodes to validate Layer 2 transactions for low fees. The Tangle replaces intermediary miners and validators with letting any node contribute blocks. IOTA’s node validation mechanism uses approval weighting to let users experience feeless transactions on the base layer and inexpensive Layer 2’s. MIOTA tokens are used on the smart contract layer to execute smart contracts, pay transaction fees, and transfer value.
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