What is Ravencoin (RVN)?

Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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      What is Ravencoin (RVN)?

      Ravencoin is a blockchain built to allow users to issue digital tokens on its network for various reasons if the primary purpose of the token issued is as a means of transfer. The code architecture of Ravencoin is built on a fork of the Bitcoin blockchain. This means that the Ravencoin team copied and modified Bitcoin’s code to include additional features for different objectives.

      Having understood the Ravencoin blockchain, what is Ravencoin (RVN) crypto? The Ravencoin network is powered by its native token, RVN. Ravencoin (RVN) is used to pay for the network’s transaction fees and Ravencoin (RVN) also serves as a reward for network validators.

      what is rvn

      Besides enabling users to issue personalized assets on its network, other modifications include faster block times (1 minute), a block reward of 2,500 RVN, and a maximum supply of 21 billion RVN.

      Ravencoin offers a unique infrastructure that enables token issuers to launch and trade tokens void of added utility or smart contracts. This makes the blockchain an excellent option for businesses that intend to launch a digital currency primarily for asset transfer. Ravencoin also uses an ASIC-resistant algorithm to remain decentralized and it utilizes Proof-of-Work consensus to validate all transactions.

      Who is the Founder?

      Ravencoin was launched in 2018 by Tron Black (developer) and Bruce Fenton (businessman). The team mirrored Bitcoin’s launch by refraining from making any private or public token sales to investors. This means that none of its token supply was kept isolated for particular individuals in advance.

      That said, the Ravencoin team was funded by Medici Ventures a subsidiary of Overstock.com.

      How does Ravencoin Work?

      Though Ravencoin’s code mirrored Bitcoin’s, it offers its unique network, protocol, and asset rules. In addition, other parameters were changed to incentivize asset issuance and token user communication on its network.

      The Ravencoin network utilizes a variation of the Proof-of-Work consensus mechanism termed KAWPOW. The objective of this variation is to reduce the barrier of entry to mining on the network. Just like Proof-of-Work on the Bitcoin blockchain, groups of computers use the KAWPOW variation that runs the Ravencoin software to validate transactions, distribute freshly minted RVN, and secure the network.

      Key Ravencoin Features

      Even though the Ravencoin protocol is built on a code fork of Bitcoin, it has certain unique features that are not found in the bitcoin code it is based on. Below are some major distinguishing features:

      Mining Algorithm

      Ravencoin uses the KAWPOW hashing algorithm to mine RVN coins. This algorithm is derived from ProgPOW and ethhash.

      The KAWPOW algorithm tackles the problem of centralization of mining caused by ASIC hardware and ensures the improved distribution of Ravencoin to everyone. This is done by using over-the-counter Graphic Processing Unit memory and computer capabilities. This means that consumers who have access to consumer-grade GPU hardware can easily mine RVN coins.

      This is not the case with most cryptocurrencies. The mining of most cryptocurrencies is complex. Miners have to use specialized hardware to solve complex math problems to be able to mint new blocks.

      The complexity of the mining process made what should have been decentralized become centralized. This is because not everyone has the technical knowledge or the computing hardware required to mine such cryptocurrencies. In recent times, mining some cryptocurrencies like Bitcoin now requires more energy. This has made the mining centralized in only regions where electricity is cheap.

      The KAWPOW algorithm used by Ravencoin solves this problem. With how easy the mining of Ravencoin is, decentralization can now be achieved. The algorithm creates math problems that regular computers can solve by preventing the rapid advancement of the sophistication of puzzles. This makes mining more accessible to the general public rather than a select few.

      Block Reward

      Another key feature of Ravencoin is the block reward. Block reward is the number of cryptocurrencies a miner gets for successfully mining a block of the currency.

      The initial block reward for Ravencoin mining was 5,000 RVN but after halvings, what Ravencoin rewards miners has been reduced to 2,500. Ravencoin halves the reward for every 2, 100,000 blocks. This halving happens every 4 years until the reward can no longer be halved.

      Currently, Ravencoin rewards miners 2,500 RVN for every new block that is mined. This is a lot higher than what other cryptocurrencies offer. For instance, Bitcoin miners only receive 6.25 Bitcoins for every block of Bitcoin they mine.

      Other key features include the coin supply and block time. The total supply of Ravencoin is is 21 Billion. This is a thousand times more than the total supply of Bitcoin.

      The block time is the time it takes to mine a block. The average block time for Bitcoin and Ethereum is 10 minutes but for Ravencoin, the block time is 1 minute. This is all thanks to the simplicity of the mining process.

      Plus, to boost decentralization, Ravencoin did not conduct any pre-mine or pre-sale of the RVN coin. No coin is set aside for the developer or as a founder’s reward.

      Weakness of Ravencoin

      Despite being a good cryptocurrency, Ravencoin falls short in some areas. These weaknesses have affected the value of the currency in the crypto market.

      A major weakness of Ravencoin is the big inflation rate that it has to overcome. This is not surprising especially because it is a Bitcoin code fork. Bitcoin also faced this challenge in its early days.

      The susceptibility of Ravencoin to inflation makes it diffilcult for its price to increase significantly. This is not good for investors because they need to see significant growth within a short time frame to make a profit.

      Another weakness of Ravencoin is that it is yet to prove its fundamental value. The offering of the possibility of tokenizing real-world assets is not enough. Other platforms offer this service. The absence of a unique feature or value has made it difficult for it to achieve widespread adoption. If it is not widely accepted the possibility of the coin increasing in value is low.

      How is Ravencoin Created?

      Ravencoin is created when a user mines for it using NVIDIA and AMD GPU mining machines. And as already stated, a new Ravencoin block is created per minute, and at the moment the reward for a block is 2500 Ravencoin (RVN) coins.

      What makes the creation of Ravencoin (RVN) unique is that it supports a particular algorithm that makes Ravencoin mining from a regular computer possible. So unlike Bitcoin’s SHA-256 algorithm, Ravencoin uses the KAWPOW hashing algorithm.

      Ravencoin network has also upgraded its mining algorithm twice. In the first instance, on October 1, 2019, it forked from the X16R to X16Rv2 algorithm. Then it updated from X16Rv2 to the KAWPOW algorithm. This update was done to stop x16R ASICs and FPGAs from mining Ravencoin. Ravencoin’s KAWPOW algorithm is built to prevent RVN mining using ASIC equipment. The objective of the network is to enable more miners on its platform to keep it decentralized.

      Mining Ravencoin RVN

      There are 3 main steps to carry out to successfully mine RVN:

      • Get a Ravencoin wallet
      • Install mining software that supports the KAWPOW mining algorithm
      • Choose a mining pool

      You’ll also need a GPU with a minimum of 4 GB RAM.

      Step 1: Ravencoin Wallet

      As with any cryptocurrency mining process, you would need a wallet to receive the rewards of mining Ravencoin (RVN).

      You can use the official Ravencoin wallet, Raven Core (which is the recommended option), or any cryptocurrency exchange wallet that supports the coin. To begin using Raven Core you’ll just need to download the software and then follow the instructions to install the wallet on your device.

      After installation to get your receiving address for RVN, go to Receive – Request Payment – Copy Address.

      Step 2: Mining Software

      You have to download and install mining software on your device before you can get started. Here’s a list of mining software you can use:

      • Gminer (charges a 1% developer fee for Nvidia cards)
      • Kawpowminer (open-source miner for Nvidia cards)
      • TeamRedMiner (a command line software that charges a 2% developer fee for AMD cards)
      • NBMiner (charges a 2% developer fee for both AMD/Nvidia cards)

      Step 3: Select a Ravencoin Mining Pool

      Visit miningpoolstats.stream/ravencoin to find most mining pools. You can select any of the available options. Next, click the chosen mining pool. It will redirect you to its website. On the website, you’ll find every detail about the mining pool, including its mining address. You’ll use this mining address in the next step to configure the mining software.

      Step 4: Configuration

      In this phase, you’ll need to configure the Ravencoin mining software. To do so, first, download and unzip the files on your device. Next, in the folder, head to NBMiner_Win > start_rvn.bat. Then right click on the start_rvn.bat file to edit it.

      Inside the start_rvn.bat file that you right-clicked, you will add your Ravencoin wallet address. This is the address we got in the first step. Change the “default” with your mining GPU name.

      Besides the wallet address, there’s the mining pool address. This is the mining pool that you choose in step 3. Copy the mining pool’s address which should look something like this:

      NBMiner -a KAWPOW -o stratum+tcp://rvn.2miners.com:606 0 -u YOUR_WALLET_ADDRESS.RIG_ID

      Save the file and close it.

      Step 5: Mining

      To begin mining Ravencoin, double click on the start_rvn.bat file. In the window that opens you should be able to see your effective hash rate.

      You can also check the website of your mining pool to see if the miner is working as it should. Keep in mind that each pool has a minimum payout amount, so it could take some time to receive rewards in your wallet.

      Which Blockchain does RVN Use?

      RVN is on the Ravencoin Blockchain. This is the blockchain of which the RVN coin is its native token. The blockchain is open-source and allows token holders to issue tokens and transfer crypto assets from one party to another.

      How to Use Ravencoin

      RVN can be used to create new crypto tokens on the blockchain. To do so, Ravencoin token holders burn a certain amount of RVN to create a new crypto asset. The issuer of the new coin determines the name and special characteristics of the token such as the total number of tokens issued and its fungibility.

      Ravencoin is also used to issue digital tokens that represent real-world assets. These assets include virtual goods, rewards, gold, shares of stocks, etc. Companies like Chainstone Labs, for example, are already issuing millions of shares in the Ravencoin ecosystem.

      Users who have Ravencoin can use the RVN wallet platform known as MangoFarmAssets to create non-fungible tokens.

      Some other use cases include:

      • RVN tokens being used to trade, lend and borrow in decentralized finance applications. The tokens are transferable, this means that asides from selling their tokens, token holders can also delegate their stake in a community.
      • Token creators use Ravencoin to message their token holders. Updates about a community or an organization can be broadcasted this way.

      How to Buy Ravencoin

      how to buy ravencoin

      Buying Ravencoin is easy and can be achieved with just a few steps. One of the easiest ways to buy Ravencoin is through CoinMarketCap.

      The “Market” button on the page will show you a list of places where you can buy Ravencoin, as well as, the currencies you can use to purchase it. The next thing to do is to choose the right exchange or platform to use. A few popular exchanges to choose from include: Binance, KuCoin, Gate.io, Huobi Global, Bittrex, OKX, and MEXC.

      Once you choose a platform, you will need to open an account on the crypto exchange if you don’t already have one. The steps for opening an account are easy. Each platform may have different requirements but in most cases, only basic information like email address and password are required.

      After creating the account, you can purchase Ravencoin on the platform. It is always the easier option to buy Ravencoin with fiat currency, as the process of using another crypto to buy Ravencoin is often stressful.

      How to Store Ravencoin

      Ravencoin is not an ERC-20 token, neither did it complete an ICO so it is not listed on many third-party wallets. Ravencoin, however, has its official wallets that are designed to store RVN.

      Ravencoin Core Wallet

      ravencoin wallet

      Ravencoin has its official wallet known as Ravencoin Core Wallet, it is available for download on the website. It can be installed on Linux, Windows, and Mac OS.

      Ravencoin Core Wallet is a desktop wallet that has a user-friendly interface that is easy to navigate. The synchronization of the wallet often takes some time because it downloads the entire blockchain. This is to ensure the security of the network.

      It is best to download the Ravencoin Core Wallet from Ravencoin’s official wallet to avoid downloading the wrong one.

      Ravencoin Mobile Wallet

      The Ravencoin Mobile Wallet is designed to give users instant access to their RVN whenever and wherever they wish to. The wallet is available on both Android and iOS.

      It is encrypted to keep your RVN safe on your mobile device. This Ravencoin software wallet is also protected by a PIN to keep your assets secure if your mobile device gets into the wrong hands.

      Pocket Raven

      ravencoin pocket

      This is Ravencoin’s web-based wallet that works well with the Ravencoin blockchain. It is an open-source wallet that is written in JavaScript. This web wallet can easily be created and comes in handy when you urgently need to generate a wallet to store your RVN. It is, however, not advisable to leave large amounts of RVN in this wallet because it is not secure.

      Despite not being available on many popular exchanges, Ravencoin is still available on some third-party wallets. Information on the Ravencoin website shows that RVN can be stored in the following third-party wallets: Crypto.com, D’cent wallet, Coin Payment wallet, Cobo Wallet, Atomic Wallet, Dove wallet, Edge Wallet, Exodus Wallet, Flare wallet, NOW wallet, Herve wallet, MangoFarm Wallet, Trust Wallet, Zelcore wallet, SimpleHold wallet, Coinus wallet, tZero wallet, Ownbit wallet, SevenB wallet, Guarda Wallet and Safe pay wallet.

      Ravencoin can also be stored on hardware wallets such as Trezor and on a paper wallet. The platform has a paper wallet generator that you can use to generate paper wallets and store them offline.

      Both hardware wallets and paper wallets are the safest ways to store your RVN because they are not stored online, which means they aren’t susceptible to hacking attacks and theft.

      Best Place to Stake Ravencoin

      RVN is a Proof-of-Work coin based on Bitcoin protocol so you cannot stake it.

      What You Need to Know about the Future of RVN?

      Based on cryptocurrency experts’ price predictions, Ravencoin has a bright future with a robust market cap. It is predicted that the coin will rise to $0.10 in 2024 and 0.15 in 2025. Ravencoin is also predicted to jump to $0.66 by 2029.

      Conclusion: Should You Put Your Money in Ravencoin?

      Ravencoin crypto project can be a good investment as experts predict that the coin will rise over the years. But since it’s a young project accurately predicting how successful isn’t an easy task.

      So, before you put money in Ravencoin you need to understand what the objective of the blockchain is and if that goal is sustainable over the years.

      Risk in Investing in Crypto

      Cryptocurrencies are extremely volatile. This means there’s the possibility that you can lose your investment. So the rule of thumb is that you only invest what you’re willing to lose.

      Our extensive analysis of the different Cryptocurrencies doesn’t stop here. You can also check out our “What is Arweave?” guide to know more about another huge project.

      FAQ

      Most frequent questions and answers

      Ravencoin allows token holders to issue, transfer, and track asset tokens on its blockchain without transaction fees in RVN. If Ethereum or Bitcoin had an asset layer you would need to spend Bitcoin, for example, to carry out a transaction, which isn’t efficient. So Ravencoin was developed to move tokens around in a secure (tokens can’t be destroyed accidentally) and efficient way. Besides this Ravencoin isn’t an ICO.

      Yes, some businesses accept and use Ravencoin. Some examples of brands that accept RVN as payment include Crypto Posters (online shop), H-Town Donuts, Estate 88, Smoo’s Slimes, etc. Some businesses also use the Ravencoin blockchain such as Scots Rum and Project 33.

      No, RVN is not an ERC-20 token.

      No, all Ravencoin transactions are stored in a public ledger distributed as peer-to-peer shared files.

      No, Ravencoin is Proof-of-Work.

      Ravencoin is secured using a consensus mechanism that is just like Bitcoin’s Proof of Work Protocol. It however uses the KAWPOW hashing algorithm which further helps to keep the Ravencoin network secured.

      There’s a total supply of 21 billion RVN tokens.

      Ravencoin Foundation is a nonprofit organization that assists and protects the Ravencoin open-source project.

      RVN is the token of the Ravencoin ecosystem.

      Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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