How can I buy Ravencoin (RVN)?
What is Ravencoin (RVN) Crypto?
The Ravencoin protocol is based on a fork of the original Bitcoin blockchain that can be used to issue various tokens on its network with versatile applications. The blockchain offers a convenient way to issue security tokens in a matter of minutes and trade them globally.
The Ravencoin blockchain is not only more versatile but is also far more efficient than the Bitcoin network. It has a lower block time of 1 minute against Bitcoin’s 10 minutes, offers higher block rewards, and leverages a more efficient consensus mechanism than Bitcoin’s Proof of Work algorithm.
In addition, the open-source network also powers instant peer-to-peer payments worldwide at high speeds and low costs. The Ravencoin project believes in true decentralization - none of their coins have been pre-mined, the developers have held no initial coin offering (ICO) at the time of launch, and none of the coins have been held back as rewards for the project’s developers and founders.
RVN is the native cryptocurrency of the Ravencoin blockchain. It can be mined by validators who contribute to verifying transactions and producing new blocks in the network, contributing to the consensus mechanism and security of the blockchain. It also functions as the incentive token within the Ravencoin ecosystem.
How Does Ravencoin Work?
Ravencoin is the result of dedicated efforts by more than 430 Bitcoin developers, making more than 14,000 commits by the time it was ready to fork from the Bitcoin code. Following extensive development and testing of the UTXO model of the original Bitcoin protocol, the Ravencoin platform is designed to allow the decentralized transfer of assets from one user to another.
Ravencoin offers a more efficient KAWPOW consensus algorithm, formerly known as the X16R algorithm, for a more decentralized and fair mining mechanism. The original X16R consensus algorithm used by Ravencoin disrupted the fixed order of hashing algorithms, making the mining process more cost-efficient.
The KAWPOW hashing algorithm allows for the use of GPU hardware for mining RVN instead of the more expensive and exclusive ASIC hardware used for mining BTC. This makes the Ravencoin mining algorithm far more accessible and affordable, democratizing the process and contributing to improved security for the network against 51% attacks.
RVN coin’s total supply is fixed at 21 billion, far higher than Bitcoin’s total supply of 21 million BTC. The original block reward for mining RVN was set at 5,000 RVN, further incentivizing RVN miners worldwide to participate in the consensus and secure the blockchain.
The Ravencoin network can be used to tokenize real-world assets and put them on the blockchain. The asset-aware protocol makes it easy to create security tokens backed by any physical asset in a convenient, legal, and transferrable format. It also leverages the InterPlanetary File System (IPFS) protocol for flexible, peer-to-peer file sharing and storage.
History of Ravencoin and RVN Token
The Ravencoin project was announced in October 2017 and received contributions from hundreds of Bitcoin developers. Ravencoin was launched on 3 January 2018, on the ninth anniversary of the launch of Bitcoin, as a way to transfer unique assets in a decentralized manner powered by blockchain technology.
The project’s second phase focused on developing assets, sub-assets, and unique assets that could function on the blockchain. These capabilities were launched in November 2018, letting users create their security tokens and assets on the Ravencoin ecosystem and use them to transfer these digital assets.
The blockchain underwent a hard fork in October 2019 when the consensus mechanism changed from the X16R algorithm to X16rV2. This was to combat the centralization of mining activities by ASICS within the platform. The original network is now called Ravencoin Classic.
In April 2020, the developers launched Ravencoin V4, which leverages the ASIC-resistant KAWPOW consensus algorithm. This allows the mining activities to be set up on more accessible GPUs and mining pools.
