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What is Ravencoin?

RVN

The Ravencoin protocol was launched in January 2018 and is a decentralized peer-to-peer blockchain infrastructure designed to allow users to create new asset classes and seamlessly transfer ownership to other…

0.030025 -7.80%
What is Ravencoin?

The Ravencoin protocol was launched in January 2018 and is a decentralized peer-to-peer blockchain infrastructure designed to allow users to create new asset classes and seamlessly transfer ownership to other parties. It was created as an open-source fork of Bitcoin’s code. Unlike other similar projects, Ravencoin has not organized an ICO.

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Inspired by Bitcoin, Ravencoin is focused on facilitating the creation and transfer of tokens through real-world use cases. This includes assets such as:

  • securities,
  • collector’s items,
  • gold,
  • event tickets and basically anything else the issuer decides.

In short, Ravencoin focuses on creating and managing tokens.

Users of the Raven protocol can create, target and set rules for their assets regardless of the protocol. These assets can be transferred to any Ravencoin address, and the creator can even use actual physical resources to develop NFTs.

The Ravencoin project was initially announced at the Texas MIT Bitcoin Conference in October 2017, and the official network was launched in January 2018. More than a hundred miners were created in less than a day. A week later, the network received support from thousands more miners, resulting in a significant increase in hashrate.

How does Ravencoin work?

Ravencoin is the brainchild of attorney and entrepreneur Bruce Fenton. Fenton first proposed the idea of forking Bitcoin’s code to create a specialized network for transferring assets via tokens, and worked for the traditional financial industry before turning to cryptocurrencies. Ravencoin is open sourcem and therefore has no centralized leadership. Ravencoin uses a mechanism similar to Bitcoin’s Proof of Work (PoW) algorithm to protect the network. It was originally based on the X16R algorithm, which despite being resistant to ASICs, eventually became viable for mining thanks to ASICs (Application Specific Integrated Chips). However, the current network mining algorithm, KAWPOW, helps lower the barrier to entry for miners. Derived from ProgPOW and ethhash, KAWPOW has made some modifications to improve Ravencoin’s distribution mechanism.

The algorithm also makes it easier for consumer graphics processing units (GPUs) to mine the network token while keeping it immune to ASICs. In addition, KAWPOW supports decentralization, leaving network validation in the hands of the community rather than a select group, making the protocol more egalitarian than other blockchain networks.

For a long time, there was no decentralized open source blockchain specifically designed to manage the transfer of digital assets. The two best-known blockchains, Bitcoin and Ethereum, enable the transfer of digital assets, but this is not their only purpose, which can lead to some drawbacks.

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Ravencoin community

With an extensive distribution system and a strong mining community , Ravencoin also offers the highest level of security for its underlying assets .

Despite being a fork of Bitcoin, Raven’s network has been modified to enable messaging and voting functions. This allows asset issuers to send one-way messages to interested parties, and the system also notifies token holders when it’s time to vote.

Voting tokens can be created and assigned to individual holders, who can cast votes by sending them to specific addresses on the Ravencoin network. Ravencoin is an open source project with a huge dedicated team. However, until its launch, the protocol did not conduct an ICO, mine any tokens or conduct any type of fundraising. Instead of a hierarchical and corporate structure, the official direction of the network is a flatter and more decentralized protocol.

What is an RVN cryptocurrency?

RVN is the cryptocurrency that powers the Ravencoin network. This token essentially serves as “gas” for the platform and to pay transaction fees and reward network validators for securing and confirming transactions on the blockchain. RVN’s supply is limited to 21 million tokens, and like Ethereum’s ERC-20 tokens, the assets issued by Raven are used in a variety of ways and have largely the same structure.

RVN vs ETH

The main difference between the two is that assets issued on Raven have unique names, which is not the case with Ethereum. RVN is also regularly burned for three main purposes.

  • The first is to maintain the token asset issuance rate on Ravenchain.
  • The second is to create restricted assets to meet regulatory requirements.
  • Tokens are burned to generate commissions for asset transfers.

What is RVN used for?

RVN can also be used to transfer value, much like bitcoin or fiat. It can also be used to pay rewards or dividends to token holders. Unique RVN-based resources can even be linked to real-world resources. The community-driven protocol uses the BIP9 consensus rules for management, which allows for satisfying situations where forks or updates can be made.

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Since its inception, Ravencoin has received support from most major cryptocurrency exchanges. The project has been praised for honestly launching an egalitarian consensus mechanism and adhering to the ethos of decentralization. Ravencoin has expanded its capabilities on BSC. In April 2021. Tron Black revealed that RVN can be used in smart contracts to allow users to borrow, or trade, digital assets. The entire process is done through a function:

  • Peg-in
  • Peg-out on the network.

In the Peg-in function, the RVN token is blocked and sent to the BSC, while users receive newly mined pRVN tokens in return. The Peg-out function, on the other hand, is used when users return their pRVN, which is burned and the RVN is returned.

In addition to decentralization, privacy and resistance to censorship, the Ravencoin protocol provides much-needed transparency and accountability, helping to connect tokenized assets with their value in the real world.

Is Ravencoin a good investment?

Ravencoin may find a niche for itself amidst the chaos in the NFT space – given the profitability of the network, as it provides a lucrative platform for NFT, which may be exactly what the space needs. Transfer costs have been one of the biggest problems for digital assets, especially on the Ethereum network, as traffic has driven transaction fees to absurd levels. The Raven protocol charges as little as 0.01 RVN. In addition to providing unique token names, it also supports IFPS metadata, which helps to invariably secure data. Unlike most blockchain networks, which attempt to solve many real-world problems and are ultimately a kind of “wide-ranging” business, Ravencoin is focused on its goal of becoming the go-to platform for transferring tokenized assets.

Summary

The world of asset management offers much, and this protocol is still in its early stages. Competition is fierce, but despite this, Ravencoin has gained the support of an ever-growing community of people who have an equal voice in running the network. Its main developers are spread all over the world, and among them are some of the most respected names in the industry. How will the fate of this project turn out? We will probably find out soon!

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Łukasz Michałek
Łukasz Michałek
Founder of the rapidly developing cryptocurrency channel "Biblia Kryptowalut" on YouTube. He also co-creates the Arena Trading group with Marek. Łukasz is fascinated and passionate about blockchain technology and cryptocurrencies, which constitute the central element of his activity in the cryptocurrency industry.
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