Ravencoin is a blockchain designed to allow anyone to create and transfer new blockchain assets that can represent real-world commodities (e.g., gold bars, land deeds), securities, collectibles, loyalty rewards, or digital (e.g., gaming items, software licenses) assets on a network.
Tokens issued on this peer-to-peer blockchain network can be used in many ways and for different purposes. These include the transfer of assets and NFT (non-fungible tokens).
The Ravencoin blockchain project launched in 2018 along with its RVN token/coins.
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Read on to learn everything you need to know about the Ravencoin project and the RVN token/coins.
What Is Ravencoin
Ravencoin was launched on January 3, 2018. It's a digital P2P network that implements a specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another.
The protocol allows users to create and transfer new blockchain assets that can even represent real-world commodities, securities, collectibles, or even loyalty rewards. Its decentralized nature and robust features make it ideal for transferring assets.
Ravencoin's consensus mechanism and the security model for computers are designed for more decentralized mining.
Ravencoin was created on a fork of Bitcoin's codebase, and the developers copied and adapted the Bitcoin code to add additional features designed for issuing tokens on the Ravencoin blockchain. These tokens can have any properties that determine the issuance of an asset: they can be limited in quantity, named, and issued as securities or collectibles. The issuer of a token must burn some RVN, provide a unique token name, give a definite number, and determine if more tokens will be issued in the future. With this blockchain, you can create your own security token within minutes and trade it worldwide.
The RVN coin is crucial to the Ravencoin network as it must be used to create new assets and issue custom tokens with unique features and monetary policies. Like other Proof of Work mechanisms, Ravencoin rewards miners who add new data to the blockchain once the network has verified this work.
Ravencoin also provides Unique tokens, which cannot be replicated and help to prove authenticity and ownership. They can be used in software licensing, fine art collecting, car registration, etc.
Non-asset tokens are other specialized tokens to provide non-asset functionality, such as communication and voting. To initiate a vote, you notify token holders through the messaging system and pass along a VOTE token with the message.
Ravencoin Founders
Bruce Fenton, Tron Black, and Joel Weight are co-founders of the Ravencoin crypto project. In contrast to most of the crypto crowd, all three had extensive experience in business and software development before they launched this project.
Fenton is a well-known figure in crypto circles due to his involvement with the Bitcoin Foundation, which was his last major venture. He also worked as an investment banker at Morgan Stanley.
Black is a software developer with over 30 years of experience in building various software companies, including as co-founder of CoinCPA and Verified Wallet and senior software developer at t0.com. He was the principal software developer at Medici Ventures when Ravencoin was launched and is currently the president of the Ravencoin Foundation.
Weight is the chief technology officer of Overstock.com, one of the largest online retailers in the world. He had previously been the chief operating officer and chief technology officer at Medici Ventures and is a software developer with a career going back to the dot-com bubble. He has also worked with other start-ups such as Medici Ventures.
Ravencoin chose not to conduct a pre-mine or pre-sale of its RVN coin, and no amounts were set aside for the developers, the Medici Ventures team, or any other participants in the project.
How Does RVN Work
Ravencoin is a Bitcoin fork, but it operates on its own blockchain. There are four main differences between the two networks:
- Users can issue personalized assets on the Ravencoin blockchain with a block reward of 5,000 RVN, whereas Bitcoin started with 50 BTC.
- Block time reduction to one minute -Ravencoin's block time is one-tenth of Bitcoin's.
- There's a total supply of 21 bln RVN vs. 21 mln BTC - 1,000 times more than BTC.
- A KAWPOW hashing algorithm intended to mitigate the centralization of mining caused by ASIC hardware.
Ravencoin is a free and open-source project (no ICO or masternodes). All Ravencoin transactions are fairly issued and mined using the proof-of-work mining algorithm called KAWPOW, which replaced X16R and X16RV2 on May 6, 2020. The X16R initially aimed to overcome the problems caused by the ASIC hardware and ordinary hashing algorithms by changing the ordering of those algorithms based on the hash of the previous block.
RVN coins are tokens that can be issued on the Ravenchain and are designed to be internal currencies within the network. They can be burnt to issue tokens that represent real-world assets.
Where Can You Buy RVN
RVN is a freely traded coin with pairs against stablecoins, such as Tether (USDT), other cryptocurrencies like Bitcoin and Ethereum, and fiat money.
The main exchanges for trading in RVN are Binance, Huobi Global, Gate.io, OKEx, ZG.com, and VCC Exchange. The top 3 exchanges that let you buy Ravencoin (RVN) cryptocurrency with a credit card, debit card, or Bitcoin (BTC) are Binance, Huobi Global, and Gate.io.
