Introduction to Ravencoin (RVN)
Announced on October 31 2017 and launched for mining on January 3 2018 Ravencoin was developed by Bruce Fenton, Tron Black and Joel Weight as an open source Peer-to-Peer(P2P) blockchain network created to facilitate issuance and transfer of assets from one party to another in a seamless way.
The project is built on top of Bitcoin’s fork code but it introduces several enhancements to address specific needs in asset creation and transfer such as new mining algorithm called X16R which prevents dominance by ASIC miners and ensures greater decentralization.
Unlike Bitcoin that focuses primarily on transfer of value, Ravencoin is designed to allow everyone to tokenize real-world assets and digital goods.
This includes items like gold real estate in-game items and intellectual property making it a versatile platform for various use cases.
With total supply of 21 billion RVN and fast block times of one minute Ravencoin offers quick secure transactions and broad accessibility to users globally.
How Does Ravencoin (RVN) Work?
Technical Foundations of Ravencoin
One of primary significant technological difference between BTC and Ravencoin is X16R Algorithm.
This algorithm was designed to prevent ASIC dominance and ensure greater decentralization in mining.
Traditional ASICs can lead to centralization because they allow those with more resources to control significant portion of network.
X16R addresses this issue by constantly changing order of sixteen hashing algorithms it uses based on hash of previous block.
This dynamic reordering makes it difficult for ASIC miners to gain substantial advantage as algorithm adapts in ways that are more manageable for general purpose hardware like CPUs and GPUs.
The X16R algorithm include sequence of 16 different hashing functions: blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo, hamsi, fugue, shabal, whirlpool, and sha512.
By continuously shuffling these functions X16R ensures that no single piece of hardware can be optimized to dominate mining process thus maintaining more decentralized and fair network.
Ravencoin also employs a Proof of Work consensus mechanism similar to Bitcoin to secure its network.
For those who don’t know about Proof-of-Work(PoW) Consensus mechanism it refers to a solution where miners compete to solve complex mathematical puzzles and first to solve puzzle gets to add next block to blockchain.
This process is resource-intensive requiring computational power and electricity.
However it provides robust security layer by making it costly and time consuming to alter the blockchain thus protecting against attacks and ensuring integrity of asset transfers.
The PoW mechanism underpins Ravencoin’s network security by creating an ever growing chain of blocks that are difficult to manipulate.
Each new block strengthens network’s security, making it increasingly resistant to tampering and censorship.
This consensus model not only secures transactions but also ensures that asset issuance and transfers are carried out reliably and transparently.
Ravencoin’s Unique Features and Enhancements
One standout feature of project to me is its robust asset creation capabilities.
Anyone can issue and manage digital tokens that represent wide range of real world or virtual assets.
This feature is designed to be user-friendly allowing individuals and businesses to create tokens that can be used for various purposes such as representing ownership of physical items like real estate or gold or digital goods like in game items and intellectual property.
Ravencoin makes it simple to create these assets by burning a specific amount of RVN with unique names and set parameters such as total supply, divisibility and reissuability.
This process ensures that each token is unique and easily identifiable on blockchain.
The ability to create tokens that are fungible or Non-Fungible Tokens(NFTs) offers flexibility for different use cases from securities and collectibles to loyalty points and more.
In addition to standard asset tokens Ravencoin supports unique asset class which are similar to Ethereum‘s ERC-721 tokens.
These tokens are non-fungible meaning each one is unique and can represent distinct item or piece of data.
For example an art dealer can issue tokens linked to specific pieces of art providing digital certificate of authenticity that can be transferred along with physical artwork.
Similarly software developer can issue tokens that act as license keys for their software allowing for secure and verifiable transfers of digital licenses.
Network also includes messaging capabilities that facilitate direct communication between asset issuers and holders.
This feature allows issuers to send messages to all token holders which can be useful for distributing information, updates or rewards.
For instance a company that has issued shares as tokens can use this messaging system to communicate with shareholders providing updates on company performance or announcing dividend payments.
The messaging system is designed to respect user privacy and prevent spam.
Only authorized senders can use messaging channel and token holders have option to opt-out of receiving messages if they choose.
This ensures that communications are relevant and non-intrusive maintaining balance between transparency and user control.
RVN Tokenomics: Understanding the Economic Model
Token Supply and Distribution
Project tokenomics are designed to ensure fair and decentralized distribution of RVN tokens reinforcing project’s commitment to equality and community involvement.
The total supply of Ravencoin is capped at 21 billion RVN, a stark contrast to Bitcoin’s 21 million allowing for broader distribution and accessibility.
The issuance model of project follows predictable schedule with block rewards starting at 5,000 RVN per block.
This block reward system is crucial for incentivizing miners to secure network and process transactions.
Unlike many other cryptocurrencies Ravencoin did not conduct a pre-mine, ICO or allocate any tokens as founder’s reward.
This means that at time of launch no RVN was reserved for developers or early investors which helps to prevent any centralization of power and ensures that tokens are distributed solely based on effort of mining.
The absence of pre-mine and ICO reflects Ravencoin’s principle of fair launch where tokens are distributed purely through mining process.
This model promotes wider community participation and helps to maintain integrity and decentralization of network.
Usage and Utility of RVN Tokens
Native tokens play multifaceted role within platform’s ecosystem driving various functionalities that enhance utility and efficiency.
One of primary uses of RVN is to pay transaction fees on network.
These fees are essential for prioritizing transactions and ensuring that network remains efficient and spam-free.
Additionally RVN tokens are required for asset creation on Ravencoin blockchain.
When users want to issue new tokens they must burn certain amount of RVN thereby reducing overall supply and adding value to existing tokens.
This burning mechanism ensures that asset creation is deliberate and value-driven process.
Furthermore RVN tokens serve as crucial element in preventing spam within network.
By requiring RVN for transactions and asset issuance platform creates an economic barrier that discourages malicious activities and network abuse.
This system ensures that only users with genuine interest in utilizing network’s capabilities engage in transactions and asset creation.
Step-by-Step Guide to Acquiring RVN
Purchasing RVN is as easy as any other popular cryptocurrency like Bitcoin or Ethereum.
All major trading platforms including Binance, Crypto.com, KuCoin, Bybit and more suppor trading of RVN with multiple pairs.
Here is a step by step guide on how you can do this:
- To purchase RVN you must first create an account on one of these exchanges and complete necessary verification steps.
- Once your account is set up and funded with fiat currency or USDT or any other cryptocurrency like BTC or Ethereum you can place an order to buy RVN.
- Most exchanges offer different types of orders such as market orders for immediate purchase at current price or limit orders to buy RVN at specific price point.
- After purchasing RVN it is crucial to store tokens securely.
- There are several wallet options to choose from each varying in terms of security and ease of use.
For maximum security consider using a hardware wallet like Ledger or Trezor which stores private keys offline away from potential online threats.
Alternatively software wallets such as official Ravencoin wallet which is available for Windows, Mac, and Linux, offer good balance between security and convenience.
Mobile wallets like Trust Wallet and Bitget Wallet are also popular choices for managing RVN on the go.
When selecting a wallet prioritize one that offers robust security features user-friendly interfaces and reliable support for Ravencoin.
Participating in the Ravencoin Ecosystem
Once you have acquired RVN you can actively participate in Ravencoin ecosystem in various ways.
One of primary uses of RVN is for asset creation.
To create an asset you need to burn certain amount of RVN that involve sending it to a burn address.
This process permanently removes tokens from circulation helping to maintain value of remaining RVN.
After burning RVN, you can issue new tokens that represent any asset whether it be digital goods, real estate or intellectual property.
Additionally platform supports decentralized voting enabling users to participate in network governance.
By holding RVN you can receive voting tokens that allow you to vote on various proposals and decisions affecting network.
This democratic approach ensures that community has a say in development and direction of project.
Engaging with community is another important aspect of participating in ecosystem.
The project thrives on community-driven development and there are numerous ways to contribute.
You can join discussions on platforms like Reddit, Discord and Telegram or participate in development through GitHub.
Community initiatives and collaborations often lead to innovative projects and enhancements that further expand use and adoption of Ravencoin.
Ravencoin’s Upcoming Features
Network has several exciting upgrades and new features planned for future.
Enhancements to asset layer are among most anticipated aiming to provide more flexibility and functionality for asset issuers.
These improvements will include better metadata integration more sophisticated asset management tools and enhanced user interfaces for easier asset issuance and transfer.
Furthermore Ravencoin is exploring potential integrations with second-layer solutions such as Lightning Network.
These solutions could significantly increase transaction speed and scalability of the network making it more efficient and capable of handling a larger volume of transactions.
Conclusion: The Significance of Ravencoin in the Crypto Landscape
To wrap up our discussion I would say Ravencoin has made significant contribution to blockchain space by providing robust platform for asset management and transfer.
Its unique features such as asset creation, decentralized voting and messaging capabilities offer versatile toolkit for various applications.
Ravencoin’s focus on fair distribution and community driven development further enhances its appeal ensuring decentralized and inclusive network.
As Ravencoin continues to grow it faces both challenges and opportunities.
Maintaining decentralization while scaling network integrating new technologies and expanding its user base are ongoing tasks that require careful planning and execution.
However active and engaged community along with project’s solid technological foundation positions it well to influence future of digital asset transfers and management.
Ravencoin (RVN) Basics
Here are some factors that investors should consider before investing in Ravencoin (RVN).
Cryptocurrency Features | Ravencoin (RVN) (RVN) |
---|---|
Publisher or Developers | Ravencoin |
Headquarters (Registration Number) | |
Symbol | RVN |
Platform | |
Published Date (CMC Registration) | 2024-09-08 |
Max Supply | 21,000,000,000 RVN |
Reliability Score of Ravencoin (RVN) in 2024
These are indexes mesuring the investment reliability of Ravencoin (RVN) conducted by Coin-Labs.com.
Investment Reliability Rating Items | Scores and Current Status |
---|---|
Company Activation Rate | / 10.0 CAR |
Communication Rate | / 10.0 CR |
Technology Transparency Rate | / 10.0 TTR |
Development Participation Rate | / 10.0 DPR |
Listing Status on the World's Top 10 Exchanges | Listed on 6 Exchanges |
Number of Available Pairs Worldwide | 165 Pairs |
Market Cap of the Cryptocurrency | 236,617,190 USD (Rank #183) |
Ravencoin (RVN) Price
Here are the price and recent trading volume of Ravencoin (RVN). (Data of 2024-09-08 09:46:00)
Price Items | Price and Trading Volume of Ravencoin (RVN) |
---|---|
Ravencoin (RVN) Price | 0.016 USD |
Price Change 24h | 3.04% |
Price Change 7d | -2.23% |
Trading Volume 24h | 6,403,569 USD |
Trading Volume Change 24h | -23.95% |
Cryptocurrency Metadata
You can check the development status and social media information of Ravencoin (RVN) through the links in the table below.
Metadata Source | URL |
---|---|
🌎 Official Website | https://ravencoin.org/ |
📖 White Paper | https://ravencoin.org/whitepaper/ |
🛰️ Source Code (GitHub) | https://github.com/RavenProject/Ravencoin |
https://twitter.com/ravencoin | |
https://reddit.com/r/Ravencoin | |
🎺 Message Board | https://medium.com/@ravencoin |
Where to Buy Ravencoin (RVN)
Here are the top ten world crypto exchanges where traders can buy Ravencoin (RVN) in 2024.
Top10 Exchanges | Listed Status | Page URL |
---|---|---|
Binance | Listed | https://www.binance.com/en/trade/RVN_USDT |
Coinbase | Not listed | |
Kraken | Not listed | |
KuCoin | Listed | https://www.kucoin.com/trade/RVN-USDT |
Bitfinex | Not listed | |
OKX | Listed | https://www.okx.com/trade-spot/rvn-usdt |
Huobi | Listed | https://www.htx.com/trade/rvn_usdt |
Bitstamp | Not listed | |
Bybit | Listed | https://www.bybit.com/en/trade/spot/RVN/USDT |
Gate.io | Listed | https://www.gate.io/trade/RVN_USDT |
Frequently Asked Questions
What is the current price of Ravencoin (RVN)?
Ravencoin (RVN) price today is 0.016 USD. Furthermore, the price of Ravencoin (RVN) has fluctuated by 3.04% from 24 hours ago, and by -2.23% from a week ago.
Where is Ravencoin (RVN) listed?
Currently, it is listed on a total of 6 among the world top 10 exchanges.
What is the market cap of Ravencoin (RVN) now?
Currently, Ravencoin (RVN) has a market cap of 236,617,190 USD, which is ranking 183 among cryptocurrencies worldwide.
How much is the trade volume of Ravencoin (RVN)?
Currently, 14,255,539,143 RVN coins are circulating through 165 market pairs. As a result, in the last 24 hours, 6,403,569 USD of RVN coins were traded in the market.