“In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what assets.”
Ravencoin is a digital peer-to-peer network that aims to implement a use case-specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was launched on January 3rd, 2018, and focuses on building a useful technology, with a strong and growing community.
It is a truly open-source project (no ICO or masternodes) and the project aims to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another. Ravencoin features four key changes:
- The issuance schedule (original block reward of 5,000 RVN)
- Block time (1 minute)
- Coin supply (21 Billion)
- Mining algorithm (KAWPOW formerly X16R and X16RV2 respectively)
The algorithm is intended to address the centralization of mining caused by ASIC hardware. The team behind the project explains that the fixed order of ordinary hashing algorithms lends itself to the construction of ASIC miners. The initial X16R algorithm aimed to overcome this problem by constantly disrupting the ordering of the hashing algorithms – it uses the same algorithms used in X15 and SHA512, but the ordering of those algorithms was changed based on the hash of the previous block.
Eventually, it became economically viable for X16R ASIC’s and the community decided to implement new algorithms to mitigate the unfair distribution of Ravencoin. The community has carried out 2 algorithm forks to date to mitigate the potential efficiency improvements of the ASIC miner’s equipment compared to over-the-counter consumer-grade equipment. The current KAWPOW algorithm aims to overcome the problem of centralization of mining by utilizing over-the-counter graphic processing unit (GPU) memory and computing capabilities. This is intended to allow most consumer-grade GPU hardware to mine Ravencoin. The KAWPOW algorithm was derived from ProgPOW and ethash, with modifications, to improve the distribution of Ravencoin to everyone.
Who are the founders of Ravencoin (RVN)?
Ravencoin was launched in 2018 by businessman Bruce Fenton and developer Tron Black.
What is Ravencoin (RVN) used for?
Ravencoin is a blockchain that is optimized specifically for the use case of transferring assets such as tokens from one holder to another.
By owning and burning RVN, users gain the ability to issue custom tokens with predefined features and monetary policies.
Like any PoW mechanism, Ravencoin rewards miners who add new data to the blockchain, once it is deemed valid and accepted by the network.
Ravencoin prioritizes user control, privacy, and censorship resistance and is jurisdiction agnostic while allowing simple optional additional features for users based on need.
Any token issuer can distribute RVN rewards to their token holders, providing a way to issue dividends within an organization or create incentives within a community, for example.
Ravencoin provides the ability for token creators to message anyone who holds their tokens, allowing specific holders to be notified when they might need to vote on new proposals.
Since all RVN tokens are transferable, token holders can not only delegate their vote to other users of the network, but they can also decide to sell their stake in a community when they choose to.
How is Ravencoin (RVN) unique?
Ravencoin is a software seeking to incentivize a network of computers to operate a platform allowing users to create a new class of crypto assets. The protocol is designed to facilitate the creation and transfer of tokens that represent real-world assets such as securities, collectibles, gold, event tickets, or even airline miles.
The Ravencoin project is launched based on the hard work and continuous effort of over 400 Bitcoin developers who made over 14,000 commits over the life to date of the Bitcoin project. We are eternally grateful to you for your efforts and diligence in making a secure network and for your support of free and open-source software development. The Ravencoin project is made on the foundation you built.
For such a global system to work it will need to be independent of regulatory jurisdictions. This is not due to ideological belief but practicality: if the rails for blockchain asset transfer are not censorship-resistant and jurisdiction agnostic, any given jurisdiction may conflict with another. In legacy systems, wealth was generally confined in the jurisdiction of the holder and therefore easy to control based on the policies of that jurisdiction. Because of the global nature of blockchain technology, any protocol-level ability to control wealth would potentially place jurisdictions in conflict, and will not be able to operate fairly.
One goal of the Ravencoin project is to see if a use case-specific blockchain and development effort can create code that can either improve existing structures like Bitcoin or provide advantages for specific use cases. It is ASIC resistant, that is, it uses the KAWPOW hashing algorithm to discourage the development of ASIC hardware. Everyone has had an equal opportunity to mine or purchase RVN since day one as there is no pre-mine, no ICO, and no coins held for the developer or founder rewards.
How many Ravencoins (RVN) are in circulation?
Ravencoin has a circulating supply of 12,450,026,881 RVN coins and a max. supply of 21,000,000,000 RVN coins.
How is the Ravencoin network secured?
To keep its network in sync, Ravencoin uses a variation of the Proof-of-Work (PoW) consensus mechanism, called KAWPOW, which lowers the barrier to entry to mining on its network. Similar to PoW on Bitcoin, KAWPOW is used by a network of computers running the Ravencoin software to secure the network, validate transactions and distribute newly minted RVN.
How do I buy Ravencoin (RVN)?
The RVN token can be used for a wide range of purposes, like staking and governance.
RVN tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy RVN through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Ravencoin (RVN)?
The PTPWallet platform supports many cryptocurrencies, with RVN soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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