The rise of Ravencoin in the Cryptocurrency world has delighted its investors. However, many people were not even aware of the existence of Ravencoin.
What is Ravencoin (RVN)? RVN is a blockchain project that has made a name for itself in the payments of token bills. We have answered the questions for you, such as what is Ravencoin (RVN), what the project offers, how to buy RVN coin, what are its advantages and disadvantages.
What is Ravencoin? What does the RVN Project offer?
Ravencoin was founded in 2018 as a Bitcoin hard fork that allowed anyone to create tokens. Although the network is based on the Bitcoin blockchain, it stands out because it works faster and easier than it. In response to the question “What is Ravencoin (RVN)”, we can say that “RVN is a Proof-of-Work (PoW) blockchain designed for users to create tokens easier and faster”. The peer-to-peer (P2P) network allows users selling software and NFTs to get paid with RVN tokens.
Tokens with the ERC-721 smart contract can be generated through the platform. The tokens published on the platform can be used in many different ways and purposes. Users can create real-time asset transfer transactions or non-changeable tokens (NFTs) on the platform. According to analysts, the network works quite similarly to Bitcoin. However, it uses higher technology and does not contain bugs found in the BTC network.
Ravencoin is a peer-to-peer (P2P) digital network that aims to create a private blockchain based on use case. The protocol is designed to enable efficient transfer of assets from one party to another. Ravencoin, which came to life with the fork of the Bitcoin code, was announced on October 31, 2017, and the necessary files for mining were shared on January 3, 2018. During this process, options such as pre-mining, initial token offering (ICO) or masternode were not offered. The name of the protocol comes from the TV series Game of Thrones.
Who is Ravencoin Founder?
The founders, known as experienced businessmen and developers before starting the project, manage to stand out from the majority in the cryptocurrency ecosystem.
Fenton is well known in the cryptocurrency ecosystem, as he served as the managing director and board member of the Bitcoin Foundation from 2015 to 2018. He has been the general manager of Atlantis Consulting for the 90s and 13 years. He currently works as the general manager of Chainstone Labs, a secret FinTech startup.
Tron Black has more than 30 years of experience serving as chief software developer and CEO at many leading software companies. He has been working at various crypto initiatives since 2013, including Verified Wallet, CoinCPA, and t0. Currently, he works for Medici Ventures, a subsidiary of Overstock.com focusing on applications developed with blockchain technology.
Weight is the CTO of the online commerce site Overstock.com. He previously served as COO and CTO at Medici Ventures. As a veteran software developer, he began his career in 1998 after graduating from the University of Utah during the “dotcom” bubble.
Why is Ravencoin Different?
Leaving the Bitcoin code by forking, Ravencoin differs from its predecessor with four major changes: It changed the production schedule (5,000 RVN rewards per block), reduced the block creation time to 1 minute, introduced a maximum of 21 billion coins (a thousand times more than that). BTC) and with the KAWPOW mining algorithm. (formerly X16R and X16RV2) aims to reduce the centralization of mining caused by ASIC hardware.
Ravencoin aims to solve the problems of asset transfers and trading on the blockchain. Previously, if someone created assets on the Bitcoin blockchain, that money could be accidentally destroyed when someone else traded it.
The RVN coin is designed as the native currency of the network. To be able to transact on Ravenchain, a certain token must be burned. Assets can represent anything in the network: real-world store of value such as gold or physical euros, virtual goods and commodities, shares of any project such as stocks and securities, airline miles, or a professional’s hourly wage.
It is aimed to include integrated messaging and voting systems in future versions of the Ravencoin network, which are planned to be active in the future.
What are the advantages?
One of the biggest advantages of RVN coin is that it is listed on many major and reputable crypto exchanges. These crypto exchanges with different liquidity levels offer different price tags for RVN. This means that RVN coin can be bought cheap on one exchange and sold high on another. RVN has a structure that can be stored in offline crypto wallets. Therefore, users can be more easily protected from malicious hackers. In addition, they can perform cross-border transactions through crypto wallets faster with lower transaction fees.
What are the disadvantages?
The biggest disadvantage of RVN coin is that it is more affected by the price action of Bitcoin than any other crypto currency. Therefore, users who want to trade RVN should pay close attention to Bitcoin’s price action alongside RVN. Like other blockchain networks, Ravencoin can be hacked by hackers. In these attacks, investors can lose some or all of their assets.
What is Ravencoin (RVN)? How to buy Ravencoin (RVN)?
As we mentioned earlier, RVN coin is listed by many major crypto exchanges. Crypto exchanges such as Binance, Huobi Global, OKEx, Bitmax, Indodax, WazirX, Paribu, CoinDCX, Coin EX, Garviex support the token. Interested investors can buy Ravencoin by signing up for one of these exchanges and creating a wallet.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.