What is Ravencoin? Every Thing You Need to Know


Faisalabad, Pakistan — Ravencoin is a blockchain specifically dedicated to creating and transferring peer-to-peer assets. Just as Monero only focuses on privacy protection, Ravencoin specializes in asset transfer – nothing more, nothing less.

Ravencoin lets you create and trade any real (e.g. gold bars, land titles) or digital (e.g. game items, software licenses) assets over a network.

Have you ever heard of the Ravencoin crypto better known by the acronym RVN? This is a project that was launched in 2018 and has already convinced many users. It must be said that from the start, the project was ambitious and promising. Its sole purpose is to perform asset transfers using the UTXO model and the X16R mining algorithm. It is therefore a blockchain in its own right, but it specializes in the creation and transfer of peer-to-peer assets. If you know the concept of Monero, you will quickly understand that of the Ravencoin crypto. Come on, we’ll explain everything to you!

How does Ravencoin work?

Ravencoin is a fork of Bitcoin and therefore uses the UTXO model of Bitcoin. But before getting into the architectural details, we must first consider why current blockchain asset management solutions have their limitations.

What is the origin of the Ravencoin project?

Ravencoin is an open source project. It is based on an identical model to that of Monero. While the Monero project focuses on the protection of life and private data, the Ravencoin crypto focuses on the transfer of assets. At present, the RVN cryptocurrency is positioned in thirty-eighth place in the cryptoasset market in terms of capitalization. This is very surprising and particularly encouraging for the future. Let’s go back to the history of the Ravencoin project to better understand its magnitude.

How was the Ravencoin project born?

We have to go back to October 2017 to see the birth of the Ravencoin project. But very symbolically, its creators waited until January 3, 2018, the ninth anniversary of Bitcoin, to officially launch the RVN crypto. The start of mining allows the crypto-currency to begin its great adventure. A few months later, in April 2018, the RVN currency becomes compatible with Ledger Wallet, which is an important step.

Who created the project and its crypto Ravencoin?

The Ravencoin project does not have an actual creation team. It is an open source project, which was led by a team of developers. Here are some names of those who participated in the creation and launch of the project, who only agreed to reveal their nicknames:

RavoncoinDev

tron

Chatturga

Be aware that Bruce Fenton, who is a prominent board member of the Bitcoin Foundation, is the team’s official advisor. It was he who announced the start of mining on January 3, 2018 via a Tweet

How stable is the Ravencoin crypto project?

The Ravencoin did not carry out an ICO to finance itself, which is a sufficiently rare specificity to be noted. Know that the Ravencoin project is the favorite of Patrick Byrne, the former boss of Overstock. The latter has praised the merits of the crypto RVN on several occasions. And he announced that his company had made a multi-million dollar investment in the team. This gives confidence in the Ravencoin crypto because this man rarely speaks on projects other than Bitcoin. Note, however, that the project is still new and that Ravencoin is constantly evolving.

How does the Ravencoin project and RVN crypto work?

Ravencoin built on the Bitcoin source code but added features that seemed amazing at first. Indeed, the whole Ravencoin project is based on the possibility of issuing tokens on the blockchain. The goal is to allow easier exchanges. It is a decentralized block chain, which differs from Bitcoin by the possibility of issuing and exchanging cryptocurrency on its own network.

How does the Ravencoin project work?

Now let’s talk a little more technically to understand the Ravencoin project in its entirety. As you will have understood, Ravencoin is a Bitcoin-like project that offers exchange and issuance support for its own tokens. Everything is based on miners. The latter are obviously rewarded with blocks. You should know that the Ravencoin project is based on the X16R algorithm, that is to say on a system using 16 different algorithms. The order is constantly changed and totally random.

What are the real differences with Bitcoin?

The Ravencoin project seems to be getting closer to Bitcoin. But in reality, there are several notable differences that should be kept in mind. First of all, the reward per block is 5,000 RVN against 50 BTC. Then, for Bitcoin, the production time of a block is 10 minutes, against only 1 minute for Ravencoin. Also note that the money supply is 21 billion RVN against 21 million BTC. Finally, the Ravencoin Project algorithm is X16R versus SHA-256 for Bitcoin. To sum up, Ravencoin is a fork of Bitcoin, but it has created an even more decentralized and less energy-intensive ecosystem than the latter. In addition, the Ravencoin project allows tokens to be created and traded.

What is Ravencoin Crypto?

You have now understood the Ravencoin project and its specificities. As the price of RVN stabilizes, you can get tokens without getting into mining. You will thus be able to invest, via platforms specialized in crypto-currencies and secure, in RVN crypto-currency. It should be understood that Ravencoin is not just another cryptocurrency because the project focuses only on the exchange of financial assets.

What exactly is Ravencoin used for?

The Ravencoin project focuses only on blockchains, which makes it a very particular project. In addition to being able to mine Ravencoin and making it the very basis of operation of the system, Ravencoin allows instant payments to be made. Which is another of the specificities of this project. The mode of operation is already very successful but is constantly evolving.

How do instant payments work?

As you understood, the Ravencoin project offers to make instant payments. These can affect any user anywhere in the world. The latter will create an optimized blockchain. It then processes the transfer of an asset, i.e. the passage of a token from one holder to another.

Can we mine Ravencoin?

The answer is yes ! This is even the basic principle of the Ravencoin wallet project. However, unlike other cryptocurrency projects, no user is privileged at the expense of others. Indeed, absolutely anyone can mine Ravencoin.

How to mine Ravencoin crypto?

To mine RVN crypto, the user must first create a wallet. He must then identify his wallet address in order to receive his RVN cryptocurrency. Only then it will be possible to choose a mining pool. Please note that the list of mining pools is available on the main official Ravencoin communication media. If you have quality hardware, you can mine Ravencoin. All the more easily since with the X16R algorithm, Ravencoinis fully decentralized. Thus, the security of the network is ensured by the miners. The latter are rewarded with block rewards. Finally, be aware that the X16R algorithm favors small miners over large mining farms.

How to store RVN crypto?

Several solutions are available to you for storing your RVN cryptocurrency. You have to be careful to place your RVN coin in a safe place, to counter hacking, which is unfortunately more and more numerous in the face of the craze for crypto-currencies. The Hardware Wallets are undoubtedly the best option available to you, with in particular the Ledger Nano S , the  Ledger Nano X  and the Trezor which are very secure. Also, be aware that the development team provides a desktop wallet and an Android wallet. The Ravencoin team is also expected to soon offer Jaxx, Coinomi and Ethos, as well as the PocketRaven wallet. So many possibilities that allow you to store RVN cryptocurrency safely.

How to buy RVN crypto?

Currently, the RVN crypto enjoys excellent liquidity. The Ravencoincryptocurrency is found on approximately forty exchanges around the world. You will therefore have many options available to you when it comes to buying Ravencoincryptocurrency. Here are some options that are available to you and that we recommend:

Understanding the RVN cryptocurrency price

Most blockchain projects offer countless possibilities, which is not the case with the Ravencoin wallet project. Indeed, the latter only allows the transfer of assets. Focusing on a single feature is pretty good, and gives a nice stability to this project not quite like the others. Although it is difficult to predict anything when it comes to cryptocurrencies, the Ravencoin project, as ambitious as it is, is promising.

Currently, the most active market in which the RVN cryptocurrency is traded is Binance. There are many fluctuations and adjustments underway, particularly with the news and the current health crisis. You can already follow the price of the RVN coin live. You can also discover information about this cryptocurrency on  Coinmarketcap . As such, our API will already give you an overview of the course of the RVN cryptocurrency.

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