Ravencoin aims to introduce a use case specific blockchain developed solely and entirely to transfer assets between the two parties. Based on a Bitcoin fork, Ravencoin is genuinely open source, with no pre-mining, ICO, developer allocation or masternodes involved. RVN developers concentrate on technology and building a strong community to support their cause.
RVN falls in the Top 50 coins with market capitalisation of around $167M (according to CoinMarketCap). It has a circulating supply of 4.1B and a max supply of 21B coins.
Neither Bitcoin nor Ethereum was conceived to facilitate asset ownership. A major goal of RVN is to improve battle-hardened structures like Bitcoin in terms of ownership and provide extra perks for specific use cases.
That’s how the Ravencoin team explained their currency in a Medium posting: “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”.
How it works
Ravencoin ensures a censorship-free and jurisdiction-agnostic environment with full user control, allowing functional enhancements based on user needs. A Bitcoin fork per se, here’s how Ravencoin stands out:
- Equality: anybody could mine or purchase RVN from day one
- Increased block reward (5,000 RVN)
- Faster block time: 1 minute opposed to 10 minutes with Bitcoin
- ASIC-proof X16R mining algorithm
The algorithm addresses the mining centralisation issue caused by the ASIC hardware. In the X16R algorithm paper, the Ravencoin developers showed that the existing hashing algorithms were vulnerable to the construction of ASIC-based miners. X16R tackles the problem by disrupting the ordering of the hashing algorithms.
Revealing over 50% ROIs since its inception, RVN has aroused investor interest as a new approach to transferring tangible and intangible goods. Curiously, US online retailer Overstock is one of the key backers with a multi-million investment into the project.
To tap into Ravencoin, check out EXANTE’s crypto asset offering. Also, discover more cryptos for potential investment!
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