Bitcoin is the most popular cryptocurrency, there’s no doubt about that. It is expected that there will be other cryptocurrencies to follow its path as we’ve seen with numerous new cryptocurrency creations. Many of them even extend beyond the block that was previously known as BTC itself.
Then, RVN is among those which branch away from Bitcoin. It is a variant of Bitcoin cryptocurrency. What is Ravencoin? What makes it worthy of your attention as an investor or crypto-related enthusiast? Are the Ravencoin value worth the hype? Let’s discover the answer as we look at the potential that the RVN token can bring.
The network is an P2P protocol which aims to create a specific blockchain. The blockchain will be developed to fulfill the specific task effectively. Its primary function is the transfer of assets from one person to the next. The Ravencoin protocol was launched on the 3rd of January in 2018, while the mine binaries were made available on January 3rd of 2018, without master nodes.
ICO and premine in conjunction in the anniversary year of 9 years BTC. They wanted to have a honest launch for this RVN coin. The coin was first presented in the Texas Bitcoin Conference, MIT and social media along with other events in the industry all within the same month. This investment will result into high profits and it will help to become the rich in small time as compared to other business with best rate swap when the market goes in higher trends.
RVN crypto is somewhat like Bitcoin in that it’s an fork of BTC It employs a Proof of-Work mechanism that was originally modelled on the X16R algorithm, but then modified to what is now known as KAWPOW. This brand new RVN algorithm makes it simple for users to create the RVN token using GPUs.
The mining of the RVN coin is performed through pools or by solo mining. Since the introduction of the Ravencoin protocol the hash rate on the network has grown significantly. The initial number of miners was 100 within a few hours of its the launch, and has grown to thousands within just a week. It is a sign of how the protocol has been welcomed in the cryptocurrency community. Ravencoin is permissionless which means that you are able to develop on it without requiring permission from anyone.
Ravencoin is a Ravencoin protocol is run by the community and has volunteers who help in its development since the protocol has an open-source code. The project has received substantial contributions in terms of money and time from numerous people and organizations. The biggest contributor is a company investing in blockchain known as Medici Ventures.
The token used by the protocol is called the RVN token. It is generated by mining rewards because the protocol did not have an ICO or premine. This is to encourage an honest method of operation for the protocol. As previously mentioned, RVN and BTC both have similarities using an UTXO model. But, they’re different in regards to inflation distribution, maximum supply.
As of the 13th of July 2021 the RVN crypto was trading at $0.04967 with a confirmed circulation in the amount of 9.20B RVN and a daily trading volume of $19,943,733. It is believed that the RVN cryptocurrency is at 106th on CoinMarketCap with an optimum amount of 21 million RVN as well as a market value of $456,822,630. It is believed that the Raven token is kept within its RVN wallet.
The RVN token was created by the brainchild by Tron Black as well as Bruce Fenton and the team who run the program tried to follow the Bitcoin model of the launch. This is because the token was not given in advance to specific members. Additionally, there was no sale, either public or private, of the RVN cryptocurrency to investors.
Ravencoin tokens are designed as a native cryptocurrency to the Ravencoin protocol, which allows developers to issue tokenized assets to its blockchain. In order for developers to create this through the chain have to use a torch to burn the token. The tokens that are generated by the Ravencoin chain could be used to represent almost everything. There are plans for the network to include voting as well as an integrated messaging system.
The block time for Ravencoin can be reduced down to just one minute per block, compared to the 10 minutes for each block of BTC. It means that the rate of transactions for Ravencoin is significantly improved with a rate of around the 116 transaction per second.
The goal was to create the mining RVN algorithm that would be in opposition to ASIC type mining, in order to avoid an uneven distribution of RVN cryptocurrency by majority of ASIC rigs. To address this issue problem, the Ravencoin community decided to adopt an altered mining RVN algorithm known as KAWPOW developed by altering ProgPOW as well as Ethash.
Contrary to BTC which is limited to 21 million. Ravencoin’s max supply is 1,000X higher and is capped at 21 billion RVN. This means that it’ll take longer to reach the maximum supply, which means that miners will be rewarded to mine for longer.
The RVN cryptocurrency is issued 100X higher than the first Bitcoin block. For Bitcoin the initial block generated the equivalent of 50 BTC for a prize. However, the RVN coin earned 5000 RVN. The Ravencoin has a halving process with the next scheduled to occur on the 6th of January 2022.
The process of swapping RVN/BTC is as simple as going to Swapzone. The exchange aggregator that provides the most effective Ravencoin value on the market offers the most reliable exchanges at the most affordable prices. Before you choose the exchange you’d like to use make sure your wallet is an RVN wallet that you can use to keep the RVN cryptocurrency you purchase.
On Swapzone You can choose the BTC/RVN exchange option out of the available tokens. The website will show all RVN exchanges that offer quality for the money. you can swap BTC to RVN. Once you have selected the exchange, enter how much BTC you would like to exchange. Choose the exchange that is suitable for your needs by clicking the exchange button. You will be asked to enter the address at which you wish to get the RVN. You can also opt for a refund account, that is the address at which the money will be sent to. Once you have completed the process, click to go to with the switch link to complete the exchange. After the exchange is completed make sure to go to the review page for the exchange you usedand write a review and rate.
Ravencoin is a cryptocurrency which mirrors Bitcoin but is designed to be different. The Ravencoin protocol is aimed at to address some of the problems that have been raised by using Bitcoin like centralized monopolies in the mining pool that are facilitated by ASIC miners, enhancing the speed of transactions and the block reward. There are other aspects that are make this system unique and distinct from BTC. Ravencoin although it was initially an unorthodox fork of Bitcoin It’s definitely striving to make its mark on the market, and has surpassed its $1B market Cap just four months ago.