Raven is one of the most active cryptos following its role in the transfer of assets. Here is a simple guide to understanding what the coin is all about.
What is Ravencoin?
Launched in 2018, Ravencoin is an open-source and community-driven crypto project. It specialises in the creation and peer-to-peer transfer of assets. It allows for the creation and transfer of both digital (e.g. software licences, gaming items) and real-life (e.g. land deeds, gold bars) assets through the network.
Even though the other cryptos like Bitcoin and Ethereum allow asset transfer, they are not designed for it. This means they come with various challenges for the transfers. Ravencoin looks to eliminate the concerns.
How does Ravencoin work?
Ravencoin is designed to allow for the creation and transfer of assets without the need for smart contracts. As already mentioned, while both Ethereum and Bitcoin support asset transfer, they come with various shortcomings. In Bitcoin, you have to imbed the asset information in a transaction. However, the protocol does not recognise these assets and they risk getting lost.
At the same time, you need to spend part of the base currency for the transaction to be successful, hence it can be costly to transfer assets on the platform. Ethereum network on the other hand has no native recognition of assets. The networks also have no protection against possible transfer concerns like wrong assets or wrong address information.
Ravencoin crypto is all about asset tracking for a seamless transfer. Every asset on the network must have a unique name. This prevents the confusion that comes with having assets of similar names yet different recipient addresses.
Ravencoin is a Bitcoin core protocol fork. It thus works like Bitcoin in multiple ways. It then introduces a system to enhance its role in asset creation, management and transfer.
Ravencoin features
Ravencoin crypto comes with various distinct features such as:
- Block rewards of 5,000RVM, hence higher supply and issuance rates compared to Bitcoin.
- 1 minute block time
- Ravecoin implements an X16R mining algorithm. It is an ASIC-resistant mining protocol that seeks to ensure decentralised mining.
- Total coin supply of 21 billion RVN.
What is RVN?
RVN is the native Ravencoin token. If you are looking to trade Ravencoin, you purchase the RVN at a listed crypto exchange. The coin was launched in 2018 with values of $0.02. While it was introduced at a time when the crypto market was on a bearish run, it increased in value following the fintech company tZero introducing RVN to support its currencies. It would then rise to $0.080258.
For the rest of the time, the RVN has a hard time penetrating the market. It was trading at $0.04 by March 2020. However, it joined the crypto market to increase in value following the crypto boom to trade at some of its highest ever by mid-2021.
RVN currently trades at $0.1317, with a market supply of 9,451,250,000RVN, and a market cap of $1,249,375,549 (Rank 78).
What is the future of Ravencoin?
A few years after its release, Ravencoin remains a work in progress. The developers are still looking for ways to introduce new features like voting and improved functionalities. The coin has performed well in recent times, overtaking several projects in the crypto ranking. This run is likely to continue in the near and long-term future.
