Ravencoin is a unique blockchain forked from Bitcoin. It features the ASIC-resistant KAWPOW algorithm, enabling GPU mining for wider accessibility. With its native asset creation system, Ravencoin empowers users to create tokens without centralized control. This makes it ideal for decentralized applications like gaming and crowdfunding.
In this article, we will explore what Ravencoin is, its coin RVN, the features of Ravencoin, RVN tokenomics, and finally how to buy its native cryptocurrency, RVN, on the CoinEx cryptocurrency exchange.
What Is RavenCoin?
“In the fictional world of Westeros, ravens are used as messengers who carry statements of truth”. Ravencoin is a use-case focused blockchain designed to carry statements of truth about who owns an asset. Ravencoin was developed for transferring cryptocurrency assets in a transparent and immutable way, It is built on a fork of the Bitcoin code and utilizes the UTXO model.
However, Ravencoin differs from Bitcoin in several key ways, including a block reward time of one minute and the addition of asset creation and messaging capabilities. Ravencoin is free and open source, and all RVN coins are fairly issued and mined using Proof of Work (POW) with the x16r algorithm, which was specifically created for Ravencoin. There are no private, public, founder, or developer allocations set aside.
Ravencoin is specifically designed to effectively facilitate the transfer of assets between different parties. The primary objective of the Raven protocol is to establish a blockchain and development initiative that concentrates on creating code to cater to specific use cases. Additionally, this effort aims to contribute to open source code that can be utilized by Bitcoin or other projects, thus offering benefits to a wider range of applications.
Ravencoin uses proof-of-work for network security. Miners solve complex problems to add blocks and earn RVN tokens. Transactions are verified by nodes, ensuring sender's funds and recipient's validity. Verified transactions are added chronologically to the permanent blockchain. Ravencoin is decentralized, resistant to manipulation. It revolutionizes asset creation and trading with its secure and scalable platform.
Ravencoin prioritizes security, user control, privacy, and censorship resistance and allows for simple additional features based on user needs. Additionally, Ravencoin is open for use and development in any jurisdiction.
What Is a RVN Coin?
RVN Coin serves as the native cryptocurrency of the Ravencoin blockchain, fulfilling various roles within the ecosystem. It is utilized for transaction fees, network security, and the creation and trading of assets.
As a proof-of-work (PoW) cryptocurrency, RVN Coin is mined through the resolution of intricate mathematical problems. Miners receive RVN Coin as a reward, contributing to network security and blockchain maintenance.
RVN Coin is employed for covering transaction fees on the Ravencoin network, offering incentives to miners while upholding network security and blockchain integrity.
Furthermore, RVN Coin plays a crucial role in asset creation and trading. Assets encompass a wide range of items such as digital securities, collectibles, and gaming items. Each asset is represented by a unique RVN Coin token, enabling its exchange on the Ravencoin network.
Overall, RVN Coin holds significant value within the Ravencoin ecosystem, functioning as a means to pay transaction fees, secure the network, and facilitate asset creation and trading. Its presence is pivotal for the growth and success of the Ravencoin platform.
RVN Coin offers several essential utilities within the Ravencoin ecosystem:
- Transaction fees: RVN Coin is utilized for covering transaction fees on the Ravencoin network, encouraging miners to secure the network and maintain the blockchain.
- Asset creation: RVN Coin enables the creation and trading of various assets, including digital securities, collectibles, and gaming items. Each asset is represented by a distinct RVN Coin token, facilitating trading on the Ravencoin network.
- Staking: RVN Coin can be staked to earn rewards. Staking involves locking up RVN Coin to contribute to network security, with validators receiving rewards in the form of RVN Coin.
- Governance: RVN Coin holders have the opportunity to engage in governance by participating in voting on proposals aimed at improving the network. Governance ensures fair and transparent decision-making processes for the Ravencoin network.
RVN Coin's utilities encompass transaction fee payments, asset creation and trading, staking for rewards, and active participation in network governance, strengthening the functionality and integrity of the Ravencoin ecosystem.
RVN is a deflationary cryptocurrency, similar to Bitcoin. The maximum supply of RVN is 21 billion, and there are no pre-mined or vested tokens. The entire supply will be distributed through mining activities, with the current block reward set at 2500 RVN. Miners receive 2500 RVN for each block they successfully mine. Below is a table presenting some important variables of the RVN cryptocurrency.
RVN Statistics (June 2023)
History of Ravencoin Blockchain
Ravencoin is a blockchain launched in January 2018 by a team led by Bruce Fenton and Tron Black. Ravencoin is a secure and scalable platform that was developed for asset creation and transfer. The Ravencoin team is composed of experienced developers and entrepreneurs and the project has made notable progress since its inception. Ravencoin quickly gained popularity in the cryptocurrency community, with its native token RVN gaining value.
The founders, Bruce Fenton and Tron Black bring expertise to the project, with Fenton being an entrepreneur and investor and Black is a software developer and entrepreneur. The team continues to develop Ravencoin, introducing features like asset creation tools and a decentralized exchange. The ultimate goal is to establish Ravencoin as a leading blockchain for asset creation and trading.
Features of Ravencoin
Ravencoin is a fork of the Bitcoin blockchain with some improved features that make it a popular choice for users to transfer cryptocurrency (RVN coins). Ravencoin is a robust and open platform for users' asset management needs. Below are some of the features that make it outstand other popular blockchain platforms:
- Improved Functionality: Leveraging the foundation of the Bitcoin blockchain, Ravencoin introduces advancements that enhance its capabilities and performance, providing users with an optimized experience while maintaining compatibility with existing Bitcoin infrastructure.
- Robust Security Measures: Ravencoin prioritizes security and employs cutting-edge protocols to ensure the protection of transactions and assets. Through a proof-of-work consensus mechanism, miners engage in computational challenges to validate transactions and fortify the network, preserving the integrity of every operation.
- Decentralized Asset Creation: Ravencoin simplifies the process of asset creation by offering a decentralized approach. Users can effortlessly generate unique assets by specifying key properties such as name, symbol, and description. Furthermore, customizable attributes like timestamps and serial numbers enable the creation of personalized and easily distinguishable assets.
- Immutable Asset Ownership: Once assets are created, Ravencoin guarantees immutable ownership records through its blockchain technology. Each asset receives a unique identifier and is securely stored on the distributed ledger, ensuring transparent and auditable verification of ownership.
- Efficient Asset Transfers: Ravencoin facilitates seamless asset transfers with minimal friction. Users can securely and promptly transfer assets, benefiting from low transaction fees and rapid confirmation times. This efficiency enhances the user experience and encourages the widespread adoption of Ravencoin for various transactional purposes.
- Community-Driven Development: Ravencoin thrives on an active and passionate community of developers and enthusiasts. The project adopts an open-source approach, fostering continuous collaboration and improvement. The vibrant ecosystem, driven by community involvement, promotes innovation and responsiveness to evolving user demands.
Ravencoin Value (RVN)
As of June 2023, the price of 1 RVN is $0.017 with a market capitalization of about $226 million USD. Being a new cryptocurrency, Ravencoin's price remains volatile, although it has shown consistent growth recently.
RVN's value is influenced by factors such as scarcity, utility, and increasing demand. The limited supply of RVN tokens, capped at 21 billion, contributes to its price rise. Additionally, RVN's utility in asset creation and trading adds to its value, while growing awareness and demand for the project further drive up its price.
Ravencoin is an exciting cryptocurrency that has the potential to revolutionize asset creation and trading, potentially leading to continued value appreciation. Several factors can contribute to the increase in RVN's value, including wider adoption, increased usage for asset creation and trading, and more investor interest in Ravencoin.
How to Buy RVN Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including RVN, users can now trade easily and seamlessly. To purchase RVN on CoinEx, follow the steps below.
- To begin trading on CoinEx, you must first create an account. CoinEx allows users to deposit or swap without completing KYC, but verification offers more features.
- After logging in, deposit funds into your CoinEx account using one of the supported cryptocurrencies or deposit methods supported by the exchange.
- After depositing fiat or cryptocurrency into your account, you can trade for RVN coins. Go to the RVN trading page, choose a trading pair, and specify the amount of RVN tokens to purchase.
- Purchasing RVN is a straightforward process once you have located the appropriate trading pair. Simply select the relevant pair, specify the desired quantity of RVN coins, and trade the paired token for RVN.
- If you prefer, you can withdraw your RVN coins to a custodial wallet for safekeeping.
With these simple and straightforward instructions, you can buy RVN on CoinEx in a simple manner.