What is Ravencoin? – How to Buy and Use It

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What is Ravencoin? - How to Buy and Use It
What is Ravencoin? - How to Buy and Use It

What is Ravencoin?

Ravencoin is a blockchain built to let anyone create tokens on its network for various purposes as long as the primary function of the token is to facilitate transfers.

The open-source Ravencoin network enables anybody to create tokens and send digital assets from one party to another.

Because it was built on a fork of the Bitcoin code, its creators had to copy and modify Bitcoin’s code to add new features and pursue a somewhat different objective.

Therefore, the protocol’s goal is to motivate a network of computers to run the platform, which enables users to generate and trade new blockchain assets that can even stand in for real-world goods, stocks, collectibles, or even things like airline miles or other loyalty awards.

Who Are the Founders of Ravencoin?

The Ravencoin cryptocurrency project was introduced in 2018 by a trio of co-founders, Bruce Fenton, Joel Weight, and Tron Black, and is supported by Medici Ventures, a division of Overstock.com. 

Before starting this project, all three were seasoned business and software development professionals, in contrast to most of the crypto community.

What Makes Ravencoin Unique?

Although Ravencoin’s creators made several significant adjustments to the protocol to allow for the creation and transactions of tokens launched on the network, the designs are fundamentally comparable to that of bitcoin.

Ravencoin secures the network via a Proof-of-Work (PoW) consensus process.

However, Ravencoin differs significantly from the Bitcoin code it was built on in four crucial ways:

  • Using a block reward of 5,000 RVN, users can create custom assets on the Ravencoin network;
  • Block time reduction to one minute;
  • a 21 billion RVN cap on the overall supply, which is 1,000 times higher than BTC;
  • An attempt is made to lessen the centralization of mining brought on by ASIC gear using a KAWPOW hashing algorithm.

As part of the project’s dedication to decentralization, Ravencoin decided not to pre-mine or pre-sell its RVN coin. 

Also, no funds were put aside for the team behind the project, the Medici Ventures team, or any other contributors.

How Many Ravencoin is in Circulation?

11,907,968,089 coins out of the 21 billion maximum total productions are in use right now.

According to various estimates, the complete quantity of 21 billion RVN is expected to be minted around 2080.

How is the Ravencoin Network Secured?

Ravencoin uses a consensus method akin to Bitcoin’s Proof of Work system to protect its network. 

However, the main distinction is that KAWPOW, a different hashing algorithm, is used (which replaced X16R and X16RV2 in May 2020). 

The KAWPOW algorithm is made to foster more decentralization by being ASIC resistant, making it accessible to people without the expensive hardware required to mine the majority of other blockchains.

Therefore, By relying on KAWPOW hashing algorithms and distributing coins fairly, it is possible to prevent anyone or any organization from obtaining enough hash power to launch a 51% attack or cause price shocks to affect the market.

How Can Crypto Investors Use Ravencoin?

  • Ravencoin can create tokens for various real-world assets, including gold, stock shares, virtual products, prizes, etc.
  • Using an RVN wallet platform, users can also produce non-fungible tokens (NFTs) on the Ravencoin network.
  • As an alternative, Ravencoin can be utilized to extend new asset classes to the blockchain’s security and transaction paradigm.
  • Asset issuance and transfer are both possible with Ravencoin. Users can generate new crypto assets by burning a specific number of RVN coins and naming their new tokens uniquely.
  • Issuers can compensate token holders efficiently and fairly with Ravencoin.
  • Additionally, Ravencoin enables token makers to communicate with their token holders, allowing them to disseminate news about a business, group, or community.

Where to Buy Ravencoin?

Search for Ravencoin at CoinMarketCap. Near the price chart, press the “Market” button.

You can find a comprehensive list of Ravencoin retailers and the accepted currencies in this view. A few of the places are:

FAQ

What factors affect Ravencoin’s price?

Numerous conventional variables, including project news and development information, market sentiment, the volume of cryptocurrencies traded on exchanges, and the overall economy, impact RVN price.

Does Ravencoin have a future?

Experts in the field of cryptocurrencies create predictions for the price of Ravencoin each year. In 2028, it is predicted that the price of RVN will fluctuate between $0.19998 and $0.239976.

Is investing in Ravencoin a good idea?

If you must invest in Ravencoin, buying it when declining is advisable to maximize your financial return. Never invest more money than you can afford to lose, and always employ a stop loss. Always do your own research.

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