Ravencoin

What is Ravencoin?

Ravencoinor RVN, is its own token Ravencoin blockchain. The latter is a peer-to-peer network that facilitates the transfer and issuance of assets. All Ravencoin tokens are mined using a Proof-of-Work (PoW) consensus mechanism. The network also implements unique mining algorithms called X16R and X16RV2 which were exclusive to Ravencoin.

The reason for these exclusive mining algorithms remains unknown. ASIC hardware this leads to the centralization of the mining process. The first mining algorithm, X16R, consistently disrupted the order of hashing algorithms, and further algorithm updates increased the efficiency of ASIC mining hardware.

As of July 2022, Ravencoin uses a new KAVPOU Mining algorithm that provides ASIC resistance. It has been modified from both ethos and ProgPOW.

There are a total of 21,000,000,000 Ravencoin tokens available. Since the supply of RVN is limited, it is possible that the price of Ravencoin will increase as the coins become more scarce.

RVN is the key to issuing digital assets. There are no restrictions on what these assets can be. This means that these can range from real goods, such as paper currencies or gold, to project shares, concert tickets, in-game items, and even gift cards. The Ravencoin network issues digital assets by burning Ravencoin.

Moreover, crypto rewards are paid out in the form of the Ravencoin token.

You can take a closer look at the price history of RVN or the current price of Ravencoin in the chart above.

What are the main features of Ravencoin?

As discussed in What is Ravencoin section, the main goal of the Ravencoin blockchain is to provide the opportunity Peer-to-peer transfer of traditional and digital assets. This is a project specialization, meaning that while other blockchains may offer this feature, it will only be a side project with the corresponding side project quality.

In addition to asset transfer, Ravencoin allows users create digital assets.

The Ravencoin crypto project was created from Fork of Bitcoin source code 0.15.99. There are 4 key differences between Ravencoin and Bitcoin:

• Total supply volume 21,000,000,000 RVN;
• Block reward of 2500 Ravencoin tokens;
• Block time 60 seconds;
• The mining algorithm exclusive to Ravencoin is KAWPOW.

However, Ravencoin retained halving events, which are unique to Bitcoin. The first halving event was completed in January 2022 when block 2,100,000 was reached. During this halving, the block reward dropped to 2,500 RVN. Halving events will definitely happen every 2,100,000 blocks. They will stop when the block reward cannot be halved.

Ravencoin Hack in 2020

In June 2020, Ravencoin announced that it had been hacked by attackers and lost 315,000,000 Ravencoin tokens, which was equivalent to approximately $5,700,000 at the time.

This attack was aimed at Ravencoin and did not directly affect RVN holders.

Who developed Ravencoin?

The Ravencoin cryptocurrency project is an open source project launched in early 2018 through a fair launch. It means that there were no initial coin offerings (ICOs), masternodes, or pre-mining events. Bruce Fenton and Tron Black, seasoned professionals in the business world, published the Ravencoin whitepaper on April 3, 2018. However, most Ravencoin founders and people associated with the project prefer to remain anonymous.

Since Ravencoin is an open source project, All code is publicly available for anyone to view.

Bruce Fenton was the first to talk about Ravencoin in his Twitter announcement in January 2018.

Ravencoin is not the first cryptocurrency project in which Bruce Fenton has been actively involved. Between 2016 and 2018, he served as a board member of the Bitcoin Foundation. Before that, he worked there as an executive director, which was his first cryptocurrency-related position. Fenton’s previous professional experience was in finance at Atlantic Financial and Morgan Stanley.

On the other hand, Tron Black has been working in the world of cryptocurrencies since 2013, and Ravencoin was not his first crypto project. Other crypto projects he has been involved in include Verified Wallet, CoinCPA and t0.

The core development team includes RavencoinDev, Chatturga and Tron from Discord. However, this is not set in stone as the project is open source and anyone can contribute.

Be sure to view the current RVN price in the chart above before making any purchases.