Learn about Ravencoin and how it works

• About Ravencoin
• How Ravencoin Works
• Ravencoin Tokenomics
• Ravencoin Mining
• What is Ravencoin used for?
• Where can I buy Ravencoin?
• Ravencoin Price Trend
• Epilogue

About Ravencoin

Ravencoin is a fork of Bitcoin and represents a lot of progress and tweaks to the original bitcoin code provided by Satoshi Nakamoto in 2010. Like Bitcoin, Ravencoin launched without any tokens being mined. before. Mining is open to everyone at launch. Ravencoin's early developments were funded by Medici Ventures, a subsidiary of Overstock. The Ravencoin platform was founded later in 2020 and played a central role in the development of Ravencoin.

Ravencoin has been well received by the rest of the crypto space with hundreds of miners joining the network within the first three months of its launch. By this time, Ravencoin had seen a spike in general interest and had attracted a large community of miners and investors; it has become one of the most discussed projects in the crypto space.

A contributing factor to this is Ravencoin's easy mining system and, of course, the improved experience for users. Ravencoin's many utility also opens it up to benefits from other areas outside of the blockchain space. The Ravencoin community has grown in number and attracted interest from some of the largest crypto institutions, including Binance .

How Ravencoin Works

Like bitcoin, Ravencoin runs a Proof-of-Work (PoW) consensus algorithm . Miners on the Ravencoin network compete to solve complex mathematical problems and confirm blocks of transactions while doing so. Miners who solve the problems presented first will be rewarded. Ravencoin uses the KAWPOW mining algorithm and is designed to fit the average consumer's computing devices. By doing this, it incentivizes more miners to join and establish a more secure and decentralized network.

The block time of the Ravencoin blockchain is one minute, which means a new block is mined every minute. Essentially, this makes Ravencoin 10x faster than bitcoin, which has a block time of 10 minutes. With a block size of 2MB, Ravencoin's blockchain is more optimized to handle the growing demand.

One of Ravencoin's main goals is to improve the digital asset creation technology introduced by bitcoin. Asset creation technology allows companies and individuals to create virtual representations of real-life assets like gold and company shares on the blockchain. Ravencoin revolutionizes the concept of asset creation by introducing the Full Asset Aware Protocol Level System. Unlike the Bitcoin blockchain where the assets created can be accidentally destroyed, Ravencoin, thanks to the above system provides full protection for the assets created on its blockchain.

Ravencoin Tokenomics

RVN is the native token of the Ravencoin blockchain. To confirm the transaction, the user must pay a fee in RVN. Miners on the Ravencoin network are also rewarded with RVN for validating a block. To create assets on the Ravencoin blockchain, creators are required to burn RVNs. Rewards for asset owners are also distributed in RVN.

RVN transfers over Binance Smart Chain by bridging can also be used on the DeFi platform for yield farming, staking, and other regulated activities of the platforms where they are accepted.

RVN has a maximum supply of 21 billion. No tokens are pre-mined or issued. The total supply will be distributed through mining operations. The block reward is currently 2500 RVN where miners will get 2500 RVN for every block they mine.

Ravencoin Mining

Ravencoin's mining system is unique. Its comprehensiveness stems from a mining technique that allows normal devices to participate in the mining scheme and secures the network. The Ravencoin mining system is resistant to specialized mining equipment such as ASIC (Application Specific Integrated Circuit) miners used for bitcoin mining. It currently uses the KAWPOW mining algorithm which promotes a more decentralized mining system, compared to bitcoin's SHA-256 mining algorithm.

Ravencoin's ASIC-resistant mining algorithm is designed to prevent its network from becoming centralized. It runs a GPU-friendly mining system. This means that anyone can create a node and mine Ravencoin on their personal device. Ravencoin's mining facilities are being continuously upgraded to maintain this goal. The comprehensive mining system promotes widespread decentralization and participation in securing the Ravencoin network. At the time of this writing, there are over 17,000 active miners on the Ravencoin network.

Ravencoin's mining algorithm has been upgraded three times, from X16R to X16RV2 and then KAWPOW is currently in use.

What is Ravencoin used for?

The Ravencoin blockchain improves on bitcoin's payment system, plus it also improves asset creation. Users of the Ravencoin blockchain are presented with a flexible, secure and relatively fast transaction system.

One of the coolest features of the Ravencoin blockchain is its token/asset generation technology. The Ravencoin blockchain presents an asset creation technology similar to that seen in bitcoin and also has some similarities to the smart contract token issuance seen in the Ethereum blockchain. However, in contrast to the Ethereum blockchain, assets or tokens can be created on the Ravencoin blockchain without the need for a smart contract.

Ravencoin's asset generation system is more advanced than that seen in bitcoin. There are many improvements to security and asset management and distribution.

To create tokens on the Ravencoin blockchain, the creator is required to burn 500 RVN. During the creation/issuance process, the creator specifies a name for the new asset and sets up other parameters including the number of tokens to be generated and the maximum decimal places it can be fractionated with. Ravencoin blockchain assets are either fungible or non-fungible, and the creator will also be able to modify the fungibility.

The creator has some exclusive administrative rights. They will be able to distribute rewards and message their token holders. The messaging feature is useful for creators who want to announce new developments to owners. The reward distribution feature can be used by crypto and mainstream institutions to distribute dividends to their investors. Tokens of the Ravencoin blockchain are transferable and tradable.

Tokens of the Ravencoin blockchain can be used to tokenize anything from real estate to company shares or precious metals like gold or silver. Digital security company, Chainstone in partnership with Medici Ventures, an early backer of Ravencoin, issued over 12 million digital shares on the Ravencoin blockchain in 2018.

Where can I buy Ravencoin?

Ravencoin is being traded on many popular exchanges. An average of $40 million worth of Ravencoin is traded daily in over 70 trading pairs on these exchanges. Ravencoin can be traded on Binance, Kucoin, BKEX, Digfinex, OKX and many other centralized exchanges. Check out active RVN trading pairs

Ravencoin Price Trend

After a successful launch and subsequent warm reception, Ravencoin is off to an impressive start. With so many investors and miners embracing the project, it easily became the hottest crypto project at the time. As of March 2018, Ravencoin has been trading on exchanges at over $0.02 and an average of over $200,000 worth of Ravencoin is traded daily. With the news of the listing on Binance – the largest cryptocurrency exchange in the world by daily volume – the price of Ravencoin rose to over $0.05.

Thanks to the 2021 bull run and increased adoption, Ravencoin reached an all-time high of $0.28 in February 2021. This level cannot hold for long as the entire crypto market continues to continue. continued to experience a gradual sell-off. Ravencoin was trading below $0.06 within a year of hitting its peak price. As a result of Ethereum merging and speculation by Ethereum miners moving to Ravencoin; it accelerated in the market once again, posting double-digit gains while other cryptocurrencies including bitcoin fell in price. The price of Ravencoin has grown from just over $0.028 (on September 3, 2022) to over $0.07 in less than two weeks.

Epilogue

Early and recent developments around Ravencoin are oriented in the right direction towards the original vision of the creators. Improvements to the mining algorithm are creating a pathway for more miners to join the network, creating stronger communities and, most importantly, securing the network. This steers the project towards more decentralization, a feature appreciated by crypto communities.

Compared to many other POW blockchains, Ravencoin's speed is reasonable. Cheap transaction fees, advanced speeds, and strong fundamentals are big drivers for adoption. As many blockchains shy away from the Proof of Work consensus algorithm, Ravencoin is positioned at an interesting time. The actual effect this will have on its development is uncertain. Even so, current dynamics are favoring Ravencoin mining and it could see more organic growth in the near future.

In addition to a comprehensive mining system, Ravencoin's utilities are key to its growth. Managed by a reputable team and supported by a vibrant community, Ravencoin is definitely one to look out for. However, keep in mind that cryptocurrency investing is risky business and investors should do their own research.

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