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Latest News: Ritocoin upgraded to version 2.2.2.0. When updating, make sure you have backed up your wallet.dat file. Are you unsure or do you encounter issues when upgrading, please use the #helpdesk channel at Ritocoin Community Discord.
Ritocoin launches with the spirit of community, cypherpunk culture and hacker ethics:
- Sharing
- Openness
- Decentralization
- Free access to computers
- World improvement
Ritocoin is a fork of the Ravencoin codebase, which is an experimental blockchain and platform optimized for transferring assets, such as tokens, from one holder to another. The launch of Ritocoin offers several improvements over Ravencoin.
- A change in the proof-of-work mining algorithm
- A commitment to keeping mining accessible to casual hobbyists
- Masternode functionality
- An emphasis on the community-driven development of user friendly features and add-on utilities
Rapid software development and frequent releases of experimental features characterizes the developmental culture of Ritocoin.
What is Ritocoin?
Ritocoin is an experimental digital currency that enables instant payments to anyone, anywhere in the world. Ritocoin uses peer-to-peer technology to operate with no central authority: managing transactions and issuing money are carried out collectively by the network.
About Ritocoin
A digital peer to peer network for the facilitation of asset transfer.
In the fictional world of Westeros, ritos are used as messengers who carry statements of truth. Ritocoin is a use case specific blockchain designed to carry statements of truth about who owns what assets.
Thank you to the Bitcoin developers.
The Ritocoin project is launched based on the hard work and continuous effort of over 400 Bitcoin developers who made over 14,000 commits over the life to date of the Bitcoin project. We are eternally grateful to you for your efforts and diligence in making a secure network and for their support of free and open source software development. The Ritocoin experiment is made on the foundation you built.
Abstract
Ritocoin aims to implement a blockchain which is optimized specifically for the use case of transferring assets such as securities from one holder to another. Based on the extensive development and testing of Bitcoin, Ritocoin is built on a fork of the Bitcoin code. Key changes include a faster block reward time and a change in the number, but not weighed distribution schedule, of coins. Ritocoin is free and open source and will be issued and mined transparently with no pre-mine, developer allocation or any other similar set aside. Ritocoin is intended to prioritize user control, privacy and censorship resistance and be jurisdiction agnostic while allowing simple optional additional features for users based on need.
A blockchain is a ledger showing the value of something and allowing it to be transferred to someone else. Of all the possible uses for blockchains, the reporting of who owns what is one of the core uses of the technology. This is why the first and most successful use case for blockchain technology to date has been Bitcoin.
The success of the Ethereum ERC 20 token shows the demand for tokenized assets that use another blockchain. Tokens offer many advantages to traditional shares or other participation mechanisms such as faster transfer, possibly increased user control and censorship resistance and reduction or elimination of the need for trusted third parties.
Bitcoin also has the capability of serving as the rails for tokens by using projects such as Omnilayer, RSK or Counterparty. However, neither Bitcoin nor Ethereum was specifically designed for facilitating ownership of other assets.
Ritocoin is designed to be a use case specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another.
Bitcoin is and always should be focused on its goals of being a better form of money. Bitcoin developers will unlikely prioritize improvements or features which are specifically beneficial to the facilitation of token transfers. One goal of the Ritocoin project is to see if a use case specific blockchain and development effort can create code which can either improve existing structures like Bitcoin or provide advantages for specific use cases.
In the new global economy, borders and jurisdictions will be less relevant as more assets are tradable and trade across borders is increasingly frictionless. In an age where people can move significant amounts of wealth instantly using Bitcoin, global consumers will likely demand the same efficiency for their securities and similar asset holdings.
For such a global system to work it will need to be independent of regulatory jurisdictions. This is not due to ideological belief but practicality: if the rails for blockchain asset transfer are not censorship resistance and jurisdiction agnostic, any given jurisdiction may be in conflict with another. In legacy systems, wealth was generally confined in the jurisdiction of the holder and therefore easy to control based on the policies of that jurisdiction. Because of the global nature of blockchain technology any protocol level ability to control wealth would potentially place jurisdictions in conflict and will not be able to operate fairly.
