The cryptocurrency industry is skyrocketing. Everyone around the world is making great use of digital assets. Few people are securing their coins in the wallet and others are earning interest on their crypto coins. Apart from Bitcoin, Ethereum, investors are showing interest in Ravencoin. But why? If you want to know the answer then you need to stick to the article right away.
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What is Ravencoin (RVN)?
Ravecoin is a peer-to-peer network, the ultimate goal of Ravecoin is to transfer digital assets between the investors. Simply put, investors can transfer their assets to each other without any hassles. Ravencoin (RVN) intention is to build a powerful Bitcoin-like practice that is completely asset aware.
The popular movie “Game of Thrones” has influenced the creation of Ravencoin. In the top fantasy series, the “Raven” serves as the messenger or intermediates in the Seven Kingdom.
Ravencoin was inspired by the king of cryptocurrency i.e Bitcoin. As mentioned above, the primary goal behind the Ravencoin token was to seamlessly facilitate the production and transaction of unique assets with existing use cases. The assets range from gold to event tickets. Keeping it simple, RVN is the digital asset creation as well as management.
Who are the founders of Ravencoin (RVN)?
RVN’s whitepaper was announced by a group of three people.
- Bruce Fenton
- Tron Black
- Joel Weight
These three founders have stood out from the cryptocurrency crowd. They were experienced businessmen and also developers before getting started in the RVN project.
Fenton is popularly known as the Bitcoin executive director (2015 to 2018). Currently, Fenton is working as managing director in Chainstone Labs. Tron is an experienced developer with over 30 years of experience. Since 2013, Tron Black has been working on several projects such as t0, CoinCPA, Verified Wallet and more. Currently, Tron is working in Medici Ventures. Weight is another creator of Ravecoin. Weight is a software developer who worked as CTO in Medici Ventures.
What makes Ravencoin (RVN) unique?
Raven (RVN) protocol investors can easily create and set the rules according to their choice for their assets independently. Assets can be land deeds, energy credits, virtual products, airlines. Their assets can easily transfer to any of the RVN addresses. On the other hand, the asset creator can also leverage physical assets to create NFTs.
Ravencoin strives to resolve the problem of digital and unique assets transfer as well as trading over the blockchain. Earlier, when an investor created assets on the BTC blockchain, the asset could be destroyed whenever another invested traded the Bitcoins it was built with.
Raven has the ability to both issue and transfer assets with better confidentiality and decentralization. Another unique advantage of Ravencoin is that its transfer speed is 10 times faster than Bitcoin. Raven’s network needs less power support than Bitcoin (BTC), Ethereum (ETH) and other digital tokens.
Ravencoin (RVN) is an innovative digital token that enables convenient and instant payments to anybody, anywhere around the globe. RVN uses p-2-p technology to function with no middlemen or central authority involved. Handling transactions and distributing money are taken care of by the Ravencoin network.
How many Ravencoin (RVN) tokens are there in circulation?
Ravencoin (RVN) requests to be as honest and open as it is possible for a new digital currency. As per analysis, there were no RVN coins pre-mined and no coins are held for RVN developers.
The maximum supply of Ravencoin is 21 billion coins. The total supply of Ravencoin is 10 billion. It means, 39% of RVN tokens are mined so far. The price of Ravencoin is $0.1375.
How does Ravencoin (RVN) work?
Now let’s discuss the Revencoin working model.
Ravencoin primary coding has the ability to identify assets and also can easily differentiate between those assets and transactions. The identification of assets feature is not available in Ethereum to date.
Ravencoin’s blockchain can allow messages or other information to be easily transmitted among users. This way, users can simply organize their contracts as well as agreements.
In order to carry out every transaction or process, no smart contract is involved. Because the core chain is built to carry out Ravencoin’s primary functions natively. Therefore no need for crypto transactions is required while moving assets.
Ravencoin (RVN) crypto use cases
Ravecoin (RVN) can be utilised to issue digital coins that represent real-world physical or virtual assets. It includes stocks, rewards, gold and more. These are the popular asset types of Ravencoin. Let’s consider, in 2018, the digital securities organization called “Chainstone Labs” issued 12.8 million shares on RVN’s blockchain platform.
Ravencoin’s users can create NFT i.e non-fungible tokens using MangoFarmAssets. On the other hand, the Ravencoin tokenized version is available on BSC i.e Binance Smart Chain. BSC can be used while lending, borrowing and trading in DeFi applications.
Ravencoin is a Bitcoin-based network, thereby it has the ability to trade and launch digital currencies. It is another attractive feature of Ravencoin. Also, business enterprises and organizations are launching digital currency that is mainly used for physical and virtual asset transfer.
Key difference between Ravencoin (RVN) and Bitcoin (BTC)
As mentioned above Ravencoin (RVN) is the Bitcoin (BTC) fork, it function’s on its individual blockchain. Now, let’s have a look at four key differences between RVN and BTC networks.
- Issuance schedule – The RVN mining reward starts from 5,000 Ravencoins. Bitcoin mining rewards started from 50 Bitcoins (BTC).
- Block time – Ravencoin (RVN) block time is considered as one-tenth of BTC.
- Coin supply – RVN’s total supply – 21 billion RVN, BTC’s total supply – 21 million BTC.
- Mining algorithm – BTC implements the “SHA-256” hashing algorithm. On the other hand, Ravencoin implements the X16R hashing algorithm. The X16R algorithm will prevent “ASIC mining”.
Conclusion
Ravencoin was introduced with the primary goal to transfer the unique asset to each other in a simplified way. Keeping it simple, tokenized asset transfer is a unique feature of Ravencoin. The design is similar to Bitcoin (BTC) and RVN uses PoW (proof-of-work) consensus mechanism for ensuring security on the network. The special feature of RVN is the ability to mine with almost all the regular computer hardware.
