How to Use Ravencoin

The possibility of Ravencoin to serve as a platform for digital tokens that represent real-world assets is one of the uses of the coin that is most likely to appeal to coin holders. As an alternative, Ravencoin can be utilised to extend new asset classes to the blockchain’s security and transaction paradigm.

Asset issuance and transfer: By burning (i.e., destroying) a specific number of RVN coins and naming their new token uniquely, users can generate new crypto assets. The issuer can choose unique properties for their token once it has been generated, including the total amount of tokens produced, how many decimal places it can be fractioned to, and its fungibility. This strategy could be helpful for co-ops because it allows them to distribute resources or capital to co-op members. Given that the issuer establishes the specifications for the token, it is conceivable that they will develop a variety of token holder classifications, such as Class A Shareholder, Class B Shareholder, Lifetime Member, etc.

Rewards: Using Ravencoin, token issuers may easily and uniformly reward their token holders. The categories that will receive dividend payments can be chosen by a co-op in the event that it decides to do so, and the procedure can be made automated, fair, and safe.

Messaging: Ravencoin enables token creators to communicate with token holders, allowing them to share news about a business, group, or community. Naturally, all Ravencoin tokens are freely transferrable, allowing token holders to assign their share in a community or even sell it if they see fit.

Finally, if investors think that the market will turn more favourable to decentralised blockchains where users can develop their own tokens, then may decide to purchase Ravencoin (RVN) for their portfolio.

How to Choose a Ravencoin Wallet

In addition to offering a paper wallet generator on its website, Ravencoin includes a dedicated desktop wallet for Windows, Mac, and Linux. However, RVN is also compatible with a wide variety of third-party wallets. Therefore, it is encouraged that those looking to mine or invest in Ravencoin do their own research before using a wallet.

The most secure way to store bitcoins with offline storage and backup is with hardware wallets, also known as cold wallets, like Ledger or Trezor. They can be more expensive and may require more technical expertise. As a result, they might be better suited to holding more RVN for more seasoned users.

Software wallets are an additional choice that are both free and simple to use. They might be custodial or non-custodial and can be downloaded as desktop or smartphone apps. With custodial wallets, the service provider is in charge of managing and backing up the private keys on your behalf. Non-custodial wallets keep the private keys on your device using safe components. Although convenient, they are thought to be less secure than hardware wallets and may be better suited to individuals with less experience or lower quantities of RVN.

Online wallets, often known as web wallets, are also cost-free, simple to use, and available from a variety of devices via a web browser. However, they are regarded as “hot wallets” and might not be as secure as hardware or software alternatives. You should pick a reliable company with a solid reputation for security and custody because you are probably putting your trust in the platform to manage your RVN. They are therefore best suited for people who hold fewer coins or engage in more frequent trading.

You may easily store and exchange your RVN tokens thanks to Kriptomat’s secure storage service. You can save your RVN with Kriptomat and benefit from its user-friendly features and enterprise-grade security.

When you select our secure platform as your storage option, buying and selling RVN and exchanging it for any other cryptocurrency may be done in a matter of seconds.

Ravencoin Mining

The idea behind Ravencoin is that mining should not be concentrated in large organisations with access to enormous amounts of gear and energy, but rather should be available to individuals with little or no hardware investment.

As a result, mining RVN has been simplified and made as straightforward as possible. It really is as simple as making a wallet, downloading the necessary software, and typing in the right wallet address.

Potential miners should be aware that the block reward for Ravencoin will be halved in January 2022 from 5,000 RVN to 2,500 RVN.

What is Ravencoin?

Anyone can create tokens and send digital assets from one party to another using the open-source Ravencoin blockchain. It was developed from a fork of the Bitcoin source, which means the creators took the Bitcoin code and modified it to add new features in order to achieve a somewhat different objective.

The protocol’s goal is to motivate a network of computers to run the platform, which enables users to generate and trade new blockchain assets that can even stand in for real-world goods, stocks, collectibles, or even things like airline miles or other loyalty awards.

How Does Ravencoin Work?

Although Ravencoin’s architecture and the Bitcoin blockchain are both largely identical, there are a few significant variations that allow for the generation and transfer of tokens generated on the network.

The Ravencoin network, assets, and protocols are all distinct from those of Bitcoin, even though some of the code may have been taken from a fork of the Bitcoin blockchain. Ravencoin implements the KAWPOW Proof of Work consensus algorithm to minimise entry barriers for mining on its network. KAWPOW protects the Ravencoin protocol, authenticates transactions, and distributes freshly minted RVN throughout a network of computers running the Ravencoin software, much like Proof of Work does for Bitcoin.

Who Are the Founders of Ravencoin?

Tron Black, Joel Weight, and Bruce Fenton, three co-founders, introduced the Ravencoin cryptocurrency idea in 2018. All three of them were seasoned professionals in business and software development before to starting this project, in contrast to the majority of the crypto community.

Fenton was already well-known in the cryptocurrency community due to his roles as executive director and board member of the Bitcoin Foundation. He had a distinguished career in investment banking before venturing into the area of blockchains. His career in investment banking dates back to the 1990s, when he served as vice president of Morgan Stanley.

At Overstock.com, the parent firm of Medici Ventures, which introduced the Ravencoin blockchain, Weight serves as chief technical officer. He was a software developer whose prior positions at Medici Ventures included chief operating officer and chief technology officer. His career dates back to the dot-com boom.

Black has had a lengthy and successful career as CEO of multiple software development companies, just like the other co-founders. He has been involved in several cryptocurrency projects since 2013, serving as the co-founder of CoinCPA and Verified Wallet as well as a senior software developer at t0.com. He is currently the president of the Ravencoin Foundation and served as the company’s lead software developer at Medici Ventures during the creation and launch of Ravencoin.

The Ravencoin Foundation, a non-profit organisation that aims to support and safeguard the Ravencoin project, was created in 2020.

What Makes Ravencoin Unique?

Ravencoin differs significantly from the Bitcoin code it was built on in four important ways:

Using a block reward of 5,000 RVN, users can create custom assets on the Ravencoin network;

one minute is cut from the block time;

a 21 billion RVN cap on the overall supply, which is 1,000 times higher than BTC;

An attempt is made to lessen the centralization of mining brought on by ASIC gear using a KAWPOW hashing algorithm.

Owners of tokens now have the option to broadcast messages to all other token holders, with the messages appearing in users’ wallets thanks to recently implemented functionality. Token owners can also pose a query, conduct a poll, and gather votes using a token voting mechanism.

As part of the project’s dedication to decentralisation, Ravencoin decided not to pre-mine or pre-sell its RVN coin, and no funds were put aside for the team behind the project, the Medici Ventures team, or any other contributors.

What Gives Ravencoin Value?

The value of the RVN coin comes from the necessity of using it to produce new assets in order to maintain the Ravencoin network. Ravencoin rewards miners that contribute new data to the blockchain once this effort has been verified by the network, similar to other Proof of Work techniques.

Users can create custom tokens with their own distinctive features and monetary rules by holding RVN. In the long run, Ravencoin might turn into a store of wealth if its use as a platform for the development and trade of digital assets gains mainstream.

How Many Ravencoin (RVN) Coins Are There in Circulation?

There are currently 11,580,713,095 coins in circulation out of the 21 billion cap on the total quantity.

The complete quantity of 21 billion RVN is expected to be minted somewhere around 2080, according to various estimates.

Other Technical Data

Until it can no longer be halved, the block reward, which is now 5,000 RVN, will decrease by half every 2.1 million blocks (or roughly every four years, depending on the block time). Accordingly, mining will continue after 2026 at a slower rate until all 21 billion RVN have been extracted, with 50% of the market value having been mined by 2022 and 75% by 2026. Because they would still get transaction fees as compensation, as is the case with BTC and other comparable blockchains, miners will still be motivated to continue their job during this period.

How is the Ravencoin Network Secured?

To protect its network, Ravencoin uses a consensus method akin to Bitcoin’s Proof of Work system. The main distinction is that KAWPOW, a different hashing algorithm, is used (which replaced X16R and X16RV2 in May 2020). The KAWPOW algorithm is made to foster more decentralisation by being ASIC resistant, making it accessible to people without the expensive hardware required to mine the majority of other blockchains.

By relying on KAWPOW hashing algorithms and distributing coins fairly, it is possible to prevent anyone or any organisation from obtaining enough hash power to launch a 51% attack or cause price shocks to affect the market.

Sadly, there has only ever been one successful hack of Ravencoin. In the June 2020 attack, hackers created 315 million RVN coins, which were worth roughly $5.7 million at the time. Fortunately, none of the Ravencoin owners were specifically targeted by the hackers, thus they were able to keep holding and using their assets as usual.

Forging Ahead with Decentralization

In comparison to blockchains like Bitcoin, Ravencoin unquestionably offers some much-needed enhancements, particularly in the areas of decentralisation, token creation, asset transfer, messaging, and voting. The original objective of Medici Ventures, to give users more equitable and democratic access to blockchain structures than was previously feasible, has every likelihood of being accomplished by these modifications. The adjustments may also make it easier and safer for towns, businesses, and organisations to distribute resources and rewards among their constituents. Last but not least, Ravencoin has the ability to act as a launchpad for any experiments, second-layer solutions, and business concepts that could profit from a Bitcoin-based code that has been modified with the extra capabilities provided to Ravencoin.

This is undoubtedly a coin to keep an eye on moving forward with all of that potential to expand and impact consumers outside the realm of cryptocurrencies.

Ravencoin FAQ

What is a Ravencoin Transaction?

An item or value is transferred from one address to another, or from one user to another, in a Ravencoin transaction. A user creates a transaction on their Ravencoin client programme, broadcasts it to the network’s nodes, and those nodes verify it before it is added to the entire blockchain.

What kind of tokens can be issued on Ravencoin?

The options are essentially limitless because issuers have complete control over the attributes of the tokens they create. On the project website, tokens that represent money, land deeds, energy credits, in-game products, event tickets, security tokens, and gift cards are given as examples.

How to Buy Ravencoin

It’s simple to purchase RVN by going to the Kriptomat how to buy Ravencoin website and selecting a payment option. Users of Kriptomat can purchase RVN with a Mastercard, Visa, SEPA transfer, Skrill, Neteller, or Sofort.

How to Sell Ravencoin

You can quickly sell RVN by navigating the interface and selecting your preferred payment method if you already own it and keep it in your Kriptomat exchange wallet.

Ravencoin Price

Numerous established variables, including project news and development information, market mood, the volume of cryptocurrencies traded on exchanges, and the state of the overall economy, have an impact on RVN pricing.

RVN is a rare asset that may be an excellent long-term store of value due to its limited maximum quantity of 21 billion tokens.