Practical questions
Greetings,
I’m new to Ravencoin and had some questions regarding the coin. Let me know if I’m misunderstanding the purpose of the coin as I ask these questions. As I was reading the white paper I saw the following quotes
“…a major disadvantage is that a Bitcoin clientthat spends that bitcoin without being aware of the embedded asset transaction will destroy the asset. For example, a holder of the Bitcoin private keys to Bitcoin which hold the Counterparty assets,could accidentally send that Bitcoin to an exchange or wallet and lose those assets.”
Q1: How exactly could an asset be embedded into bitcoin and how would that destroy the asset? Is it because the key is being modified and the key as the owner knew it no longer exists? For example: The owners key is XX and after the asset is embedded its XX-Y?
“Assets or tokens can be used for anything the creator’s imagination can conjure.” Land deeds was an example used
Q2: Is there a pressing need to have this coin attached to transfers of assets? Are there any areas where the coin would alleviate existing problems? What would it look like for an individual purchasing or selling a house through a service that used ravencoin for a transfer of assets? Whats the technical process that would be involved?
"The dealer can then make unique ARTassets by attaching a name or a serialized number to each piece of art. These unique tokenscan be transferred to the new owner along with the artwork as a proof of authenticity."
Q3: How would the unique token demonstrate that the art is authentic? I’m thinking in terms of criminals who might steal the art or have a convincing replica in hand. I suppose if the token is never transferred its clear the art was obtained illegally or its a counterfeit? What would this look like practically if two individuals are transferring a unique piece of art? What systems would need to be in place for authenticity to be proven?
submitted by /u/HazyIP4
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