One of the fastest growing cryptocurrencies, as well as second only to the open-source fork Bitcoin coding base, is the Ravencoin. This identifies the coding of the Ravencoin taken from the source of Bitcoin and modified to implement different and the latest features. Ravencoin was outlined to operate with the principle of tokens for the ease of real-life and virtual transactions. Allowing users to create their own virtues in the world of cryptocurrency, Ravencoin is a safe way to enjoy freedom when it comes to tokens.
In addition, the creation of the assets permits the change in decisions and the making of new ones to suit all those involved. As one of the most easy-going blockchains, Ravencoin climbs higher and higher on the cryptocurrency ladder every day.
The features of Ravencoin allow enhancement in the working of the particular cryptocurrency with certain goals maintained. As said before, there are vast similarities between Ravencoin and Bitcoin, one being the same security consensus structure called the Proof Of Work. The only difference being that the need for specific hardware is negated and instead, a user is able to put this mechanism into work simply through their CPU.
Developed by Bruce Fenton and Tron Black, Ravencoin launched in 2018 as an additional fork to the Bitcoin codebase. Despite being a version of Bitcoin, there are certain features that allow the Ravencoin to stand out and have an identity of its own. The rules generated for the security, asset control, and procedures for the Ravencoin are what permit it to be different and not a replica of the Bitcoin.
The software used by Ravencoin allows all the token distributions and transactions to be closely monitored in case of unnecessary complications.
To create a new asset, it is the protocol to burn a specific amount of Ravencoins and issue a distinctive name to their token. The benefit provided of having your own crypto asset is that certain features are decided for your tokens. For example, a certain limit could be set for the number of coins provided at a time and how they can be mined. Moreover, a token issuer is programmed to be able to distribute Ravencoin rewards to the users. Done to allow the distribution of dividends in a particular group or community.
Furthermore, Ravencoin allows communication with the users that grasp your tokens. This feature comes in handy when looking to encourage their users to vote on new propositions. The transferable quality of the tokens means that users can vote for their fellow users of the network and also have the ability to sell their share to an organization whenever the mood strikes them.
Ravencoin is a new world of cryptocurrency with features that are yet to observe in any other currency bills. The continual process of mining and destroying RVN means that you come closer to creating your own token with distinct features and a special financial approach. In addition, rewards are supplied to those valuable users who bring about new data and methods to not only improve the blockchain but bring it to the top.
Ravencoin is gradually climbing up the ladder of cryptocurrency. Similar to Bitcoin, there is a certain leeway that’s provided when in use of Ravencoin. The features of Ravencoin allow the users to make decisions for their particular tokens.
What is Staking?
Staking is a similar concept to mining and is generally used as an alternative. The process includes storing the acquired funds in a wallet to ensure that the security and procedures of a cryptocurrency network are fully supported. Conclusively, staking is the method of storing away cryptocurrency for the increase of rewards acquired. Since Ravencoin works with the concept of tokens and token issuance, it has not yet evolved enough to include staking as of yet.
With Proof Of Work mechanisms like the one with Bitcoin, a Proof Of Stake is also inculcated in the process. Proof Of Stake means a user is able to freeze their currency at a specific time, and a random selection allows them to have the ability to validate the next block. In general, the chances of being chosen have a direct correlation with the amount of currency locked.
Therefore, the more the coins, the higher chances there are of being chosen. The abilities of users do not matter in the probability of having the chance. The amount of coins is solely responsible for the ability to create a block. And so, if someone is in watch of getting more chances of creating blocks, it is vital that the number of coins stored is a substantial amount and should be impressive enough to acquire the chance.
The first appearance of Proof Of Stake was made in 2012 for Peercoin by Sunny King and Scott Nadal.
Known for its property to let the users control and decide the workings of their currency system, Ravencoin proves that the method of staking proves ineffective in this charge. All the processes are done through the token issuer, and Ravencoin has not yet advanced to stake RVN coins for rewards.
As said very soon that Ravencoin will advance on working with the Proof Of Stake. Staking is a very useful quality when working with such cryptocurrencies and a very big advantage is the boost in the credibility of the users.
Ravencoin is one of the top cryptocurrencies presently invading the business world. Moving with the time is vital, and working with Ravencoin means boosting your financial situation and help build a better understanding of the new business world. Although staking is not an inculcated practice in Ravencoin, it is said that it will begin very soon.
There are ways to stake RVN coins in other wallets, but it is not yet allowed to store the tokens in Raven wallets.
Therefore, Ravencoin ensures a viable financial situation and also makes sure that the users are the sole deciding parties of their cryptocurrency assets. If there is an issue with the Proof Of Stake, it is safe to say that due to its popularity, Ravencoin will be practicing the concept very soon.