What is Ravencoin?
What is Ravencoin?
Ravencoin is the native cryptocurrency token of the Ravencoin blockchain, with a cryptocurrency logo of RVN.
It is an enhanced and modified version of Bitcoin’s primary technology. It is an improved and new version of Bitcoin, consisting of additional features in compliance with the crypto industry’s different goals.
The Ravencoin crypto is specifically designed to transfer assets smoothly from one to another with improved efficiency. The primary goal behind the creation of Ravencoin was to develop an enhanced version of Bitcoin’s peer-to-peer system.
Ravencoin Tokenomics and Supply
- Currently, approximately 14.79 billion RVN out of the total supply of 21 billion RVN are in circulation.
- According to a few estimates and speculations, the total supply of 21 billion RVN is expected to be coined around 2080.
- Following the block time, the block reward, now 5,000 RVN, will be cut in half every 2.1 million blocks, or nearly every four years, until it can no longer be cut in half.
How does Ravencoin Work?
Ravencoin’s protocol uses a modified form of Bitcoin’s proof-of-work (PoW) consensus process. It is comparable to Bitcoin because it is a decentralized network that allows assets to be sent between cryptocurrency wallets.
Nonetheless, RVN’s network, assets, and protocol standards are distinct. Ravencoin uses a mining algorithm called KAWPOW, which differs from Bitcoin’s Proof of Work approach.
For most cryptocurrencies, miners must use specialized mining software to work through challenging mathematical puzzles and earn a block reward. To mine RVN, however, specialized hardware is not required due to Ravencoin’s KAWPOW algorithm.
The Application runs on an ordinary computer and can solve mathematical problems and generate RVN tokens. Token creators can mail anyone who has Ravencoin, another distinctive aspect of RVN tokens.
Another distinctive feature of RVN cryptocurrency is the token’s creators’ ability to message anyone holding RVN tokens. This allows for transparency and openness among cryptocurrency holders, which is a priority of the holders.
Features of Ravencoin
Here are the features of Ravencoin that make it a great choice for miners:
1. Proof of Work (PoW) Consensus Algorithm
Like Bitcoin, Ravencoin employs Proof of Work for its consensus method. However, it has also configured its mining algorithm to be ASIC-resistant, using the KAWPOW algorithm. This opens up the door for more decentralized mining and prevents power from being centralized.
2. Easy Tokenization
The best feature of Ravencoin is that it can be developed easily by anyone, and they get access to control the tokens, even the custom ones, on its blockchain. Users can easily tokenize real estate, stocks, artwork, and in-game purchases and transfer them on the blockchain with RVN as the fundamental currency.
3. Smooth Asset Transfer
The platform also has features for asset holders to send messages directly to token holders, which reflects its potential ability to control and communicate for easily managing and handling tokenized assets.
4. Enhanced Security and Decentralization
With Bitcoin’s decentralized structure and the addition of personal optimizations. Ravencoin offers a secure and safe platform for managing and transferring assets without relying on third parties or intermediaries.
Ways to Store Ravencoin
Here is a list of the best wallets that can be utilized to store RVN efficiently:
1. Ravencoin Desktop Wallet(Official)
The official Ravencoin Desktop wallet is compatible with all commonly utilized operating systems, such as Windows, Linux, and Mac OS. It can be installed on widely used operating systems such as: Windows, Linux, or Mac OS. The project’s developers created it and are constantly updating and adding new features to it.
2. Ravencoin Mobile App Wallet(Official)
A mobile application is available for those who constantly keep track of their holdings or investments. The Application, which is compatible with Android and iOS, is fully encrypted, safe, and offers round-the-clock support.
3. Pocket Raven Wallet (Hot Wallet)
Online cryptocurrency storage, like hot wallets, is completely web-based. The Pocket Raven web Wallet is connected to the Ravencoin blockchain, allowing for prompt and quick transfer of Ravencoin tokens.
4. Ravencoin Paper Wallet
RVN Paper wallets are a safe and secure storage option for data storage because they are not connected to the internet in any way, making paper wallets a viable choice for users.
However, users will require a safe way to print and secure the wallet keys or QR codes for smooth transfers.
What to consider before investing in Ravencoin(RVN)?
Here are the things you need to keep in mind before investing in RVN coin:
1. Environment Factor
The need for a plentiful electricity supply for cryptocurrency mining equipment is currently a topic of increasing discussion. A block of cryptocurrencies like Ethereum and Bitcoin can only be generated after resolving challenging mathematical puzzles.
However, it is easy to process and resolve the mathematical issues related to Ravencoin mining.
2. Prolonged Holding or Investment Opportunity
In a bull market, long-term cryptocurrency users constantly search for ways to increase their capital. They typically look for a long-term investment and purchase during a downturn. Compared to the other main cryptocurrencies, RVN is selling at extremely low values.
Nonetheless, there is a sizable market and plenty of space for expansion. Because of this, it presents a profitable investment opportunity for cryptocurrency users who wish to benefit from RVN’s exciting features.
3. Real-world Application
Investors ought to fund cryptocurrencies with practical applications. Ravencoin’s emphasis on asset transfers and tokenization makes it useful. The potential market is enormous since Ravencoin developers are expanding the platform to include real-world assets like equities, gold, commodities, etc.
4. Abidance with Regulatory Frameworks
Compliance with Regulatory Structures Since its beginnings, the cryptocurrency community has been at odds with banking regulators. The international laws about digital assets have proven difficult for many cryptocurrencies to adjust to.
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