What is Ravencoin? All You Need to Know About RVN

Bitcoin’s Proof of Work (PoW) consensus mechanism has been a fundamental component of its success as a decentralized, secure, and transparent system. However, mining Bitcoin has become increasingly expensive, causing a barrier to entry for many people. As a result, alternative blockchain projects have emerged, aiming to create more accessible mining opportunities while maintaining a secure network.

Many of these projects are built upon a PoW consensus mechanism, with some modifications to improve accessibility, reduce energy consumption, or cater to specific use cases. For example, some focus on faster transactions, others on privacy, or on enabling the issuance of digital assets.

Ravencoin (RVN) is one of these projects, which employs a unique PoW algorithm designed to enable mining using a range of hardware, without requiring specialized equipment. Ravencoin has been specifically designed to transfer digital assets, and its faster block times and lower transaction fees make it a practical choice for this use case.

What is Ravencoin (RVN)?

Ravencoin was launched in January 2018 by a group of developers and businessmen led by Bruce Fenton, a well-known figure in the Bitcoin and blockchain community. The project was supported and funded by Overstock.com, the parent company of Medici Ventures, which launched the Ravencoin blockchain. The project was born out of a desire to create a blockchain that could enable the secure transfer of assets, focusing on accessibility, security, and decentralization.

The Ravencoin team began by forking the Bitcoin codebase and making a series of modifications to create a new blockchain with its own consensus mechanism, unique mining algorithm, and asset issuance capabilities. The team worked to ensure that the project would be community-driven, with a fair distribution of tokens and a focus on open-source development.

In its early days, Ravencoin gained traction within the crypto community due to its unique proposition as a blockchain for asset transfers, as well as its accessible mining algorithm that allowed anyone to participate in securing the network. The project has since continued to evolve, with new features and updates being added by a growing community of developers and contributors.

In its early days, Ravencoin gained traction within the crypto community due to its unique proposition as a blockchain for asset transfers, as well as its accessible mining algorithm that allowed anyone to participate in securing the network. The project has since continued to evolve, with new features and updates being added by a growing community of developers and contributors.

How does Ravencoin Work? KAWPOW Mechanism and Assets Issuance

Ravencoin utilizes a unique algorithm known as KAWPOW, which is a Proof-of-Work (PoW) algorithm that was specifically designed for the Ravencoin blockchain. It was introduced as a replacement for the previous X16Rv2 PoW algorithm. KAWPOW is designed to be ASIC-resistant, meaning that it can be mined using a range of hardware, including consumer-grade GPUs. This makes mining more accessible and, according to some, more decentralized, as it reduces the likelihood of a small number of entities dominating the network.

KAWPOW works by solving a series of complex mathematical problems to validate transactions and secure the network. Miners use their GPUs to perform these calculations and submit solutions to the network. The network then verifies the solutions and rewards the miner with RVN tokens for their efforts. There are also other differences with Bitcoin’s consensus mechanism, which are:

• The block reward, from the start, was much more substantial. It was worth RVN 5,000 per block, which then halved to 2,500 after the first halving in January 2022.
• The block time, which is fixed at 1 minute, against 10 (approximately) for Bitcoin.
• A capped total supply of 21 billion RVN, against 21 million for Bitcoin.

The narrative of ASIC-resistant mechanisms preventing decentralization and malicious attacks was debunked in June 2020, when one (or more) attacker managed to mint 315 million RVN coins, worth about $5.7 million at the then-market price.

As already mentioned, Ravencoin also has a unique feature that enables the issuance of digital assets on the blockchain. This feature is built on top of the RVN token and allows users to issue and transfer any type of asset, such as stocks, bonds, real estate, or even virtual goods. Assets can be created and managed using Ravencoin’s Asset layer protocol, which provides a standard format for asset issuance and transfer, as well as support for metadata, sub-asset ownership, and messaging.

To create an asset on the Ravencoin blockchain, a user simply needs to send a special transaction that includes information about the asset, such as its name, symbol, and total supply. The asset will then be created as a new token on the blockchain and can be transferred to other users just like RVN tokens. Asset issuers can also specify custom metadata to provide additional information about the asset, such as a description or an image.

The asset layer protocol also allows for the creation of sub-assets, which are essentially assets that are owned by another asset. For example, a company might issue a stock token for its shares, and then issue sub-tokens that represent ownership of a specific portion of those shares. This enables more granular ownership and transfer of assets, which can be useful in a variety of use cases.

Ravencoin Use Cases

Ravencoin has a wide range of potential use cases. Some of the most promising ones include:

• Assets issuance: Tokens issued on the Ravencoin blockchain can represent assets such as gold, stock, rewards, and digital art. Medici Ventures, a wholly-owned subsidiary of Overstock.com, used Ravencoin for a $3.5 million digital securities token transfer.
• NFTs: RVN coins can be used by artists to create NFTs through MangoFarm. The platform markets artists’ work and helps them get added to NFT marketplaces, auctions, and galleries. RVNFT removes the 500 RVN fee for creating a “Main Asset,” making it easy for artists to mint NFTs. Artists can also enjoy discounts when purchasing large quantity NFT and Sub-Asset packages.
• Mining rewards: Miners who, with their computational power, help keep the network secure and insert transactions into the blocks, are rewarded with RVN coins. Ravencoin mining is quite accessible to individuals with little hardware resources, so it would not require a huge initial investment.

What is the RVN Coin?

RVN is the native cryptocurrency of the Raven blockchain. Its maximum supply is capped at 21 billion coins, of which 12.5 (59%) are already in circulation (May 2023). RVN was created in 2018 to serve as a medium of peer-to-peer exchange and incentivize miners to secure the network by processing transactions and adding new blocks to the blockchain.

Important to report, RVN was not pre-mined. The team did not hold an ICO or pre-mine any coins for themselves, and the initial distribution of RVN coins was done through mining. The fact that Ravencoin was not pre-mined is considered significant by the crypto community. This is because it is seen as a more fair and more decentralized approach to launching a cryptocurrency, unlike many other projects born from ICOs or excessive pre-mining activities.

Similarly to Bitcoin, the Ravencoin network undergoes a process called halving every 2,100,000 blocks, to ensure a controlled release of new coins into circulation. Before the first halving in January 2022, the mining reward for each block was 5,000 RVN. After the halving, the reward was reduced to 2,500 RVN per block.

Source: altcoinsbox.com

Ravencoin Ecosystem

The Ravencoin ecosystem includes a range of wallets, apps, and projects that support the RVN coin and its blockchain network. Some of these are listed below.

• Wallets: Several wallets can be used to store RVN, including the Ravencoin desktop wallet, which is available for Windows, Mac, and Linux operating systems. The wallet allows users to store and send RVN, as well as create and manage assets on the Ravencoin network. Other wallets that support RVN include the Atomic Wallet, Guarda Wallet, and Trust Wallet.
• Apps: Ravencoin has a number of applications that utilize the RVN blockchain network, including the MangoFarm assets platform, which allows users to create and sell NFTs. Other apps include RavenX, which is a decentralized exchange for trading RVN and other cryptocurrencies, and Tron Black’s Ravencoin Messaging System, which allows users to send encrypted messages via the RVN network.
• Projects: There are also many projects that are being developed on the Ravencoin network, including the Ravencoin IPFS project, which aims to integrate the InterPlanetary File System (IPFS) into the Ravencoin network to enable the storage and sharing of files. Other projects include Ravencoin Lite, which is a lightweight version of the Ravencoin wallet, and RavencoinJS, which is a JavaScript library that allows developers to interact with the Ravencoin network.

Is Ravencoin a Good Investment?

The concept of Ravencoin, which allows for the easy issuance of assets on its blockchain, has the potential to make it an attractive investment for those looking to enter the market.

However, as with any investment, there are risks involved, and the success of Ravencoin will depend on a variety of factors, including the continued development of the platform, its adoption by businesses and organizations, and the overall market conditions. It is worth noting that cryptocurrencies are a highly volatile market, and any investment should be made with caution and with a long-term perspective in mind.

Ultimately, whether Ravencoin is a good investment or not will depend on individual circumstances and risk tolerance. As with any investment, it is important to do your own research and seek advice from financial professionals before making any decisions.

How to Own RVN?

To own RVN, you can use the services of a centralized crypto exchange. Start by creating a Gate.io account, and get it verified and funded. Then you are ready to go through the steps to buy RVN.

News on Ravencoin

Although there is no big news at the moment, Ravencoin has been benefiting from Ethereum’s shift to Proof of Stake. Some miners who were previously mining ETH have moved to mine RVN, resulting in a significant increase in the RVN network hashrate. According to 2Miners, the RVN network hashrate has increased by over 60% in the last month alone, which is a positive sign for the project’s security and stability. This also indicates that more miners recognize the potential of RVN and are willing to contribute their hashing power to the network. As Ravencoin continues to evolve and expand its ecosystem, it could potentially attract more investors and miners to the project.

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