What Is Ravencoin (RVN) How It Works & Where To Buy It?

Ravencoin is an open-source software blockchain that is a fork of Bitcoin over recent years. The protocol claims it is solving the current decentralization issues that surround traditional cryptocurrencies.

RVN is the native token of the protocol and is utilized to power the Ravencoin network. Ravencoin features are deemed to be more enhanced than most other blockchains, mainly due to its unique token issuance features and fair mining algorithm.

The RVN token is currently the 110th largest cryptocurrency by market capitalization.

Sections

How Ravencoin (RVN) Works

Although there are a few significant variations that allow for the creation and transfer of tokens issued on the network, the architecture supporting Ravencoin and the Bitcoin blockchain are relatively similar at a fundamental level.

Ravencoin’s network, assets, and protocols are all distinctive from those of Bitcoin, although some of the code may have been copied from a fork of the Bitcoin blockchain.

Ravencoin implements the KAWPOW Proof of Work consensus algorithm to minimize entry barriers for mining on the Ravencoin network. KAWPOW protects the Ravencoin protocol, authenticates transactions, and distributes freshly minted RVN throughout a network of computers running the Ravencoin software, similar to the Proof of Work functionality in the Bitcoin network.

Users seeking a more detailed and technical overview of the project should refer to the Ravencoin whitepaper.

What Is Ravencoin (RVN) Used For?

The Ravencoin Network is predominantly used for creating and issuing custom tokens, utilizing the network for payments, and for earning mining rewards for network contributions.

When considering what makes Ravencoin work more efficiently than other blockchains, some of the most notable differences would be the ability to create tokens, and being ASIC hardware resistant.

The Ravencoin team shares many of the same fundamental goals as the Bitcoin foundation, and for many individuals, this is why they have added RVN to their crypto portfolio.

Additionally, token creators are especially interested in the Ravencoin protocol because it allows them to tap into the versatility and security of the Ravencoin blockchain.

Where To Buy Ravencoin (RVN) Token

RVN has been a popularly traded cryptocurrency since it was created in 2018. RVN and the Ravencoin project became especially popular thanks to the KAWPOW hashing algorithm and the innovative way in which issuers can distribute RVN rewards. Like other digital assets, RVN can be used to represent real-world assets.

RVN tokens are commonly traded on most centralized crypto exchanges. Before you’re able to purchase RVN, you’ll need to deposit fiat money onto an exchange; sequentially, RVN tokens will then be credited to your digital wallet on the exchange.

The crypto exchanges below are amongst the safest place where you can buy, sell and store tokens.

RVN token holders can opt to transfer their tokens to compatible digital wallets where they can connect to decentralized platforms and utilize yield-generating DeFi products.

Transferring tokens off centralized exchanges is highly recommended because doing so gives users complete ownership of their crypto assets and private keys.

None of the abovementioned information is investment advice.

About Ravencoin (RVN)

How long has Ravencoin (RVN) existed?

Ravencoin was initially launched in 2018 as an innovative Bitcoin fork that aimed to provide users with a genuinely decentralized protocol. The blockchain claims to be an improvement on Bitcoin by making mining more transparent and accessible for all.

Ravencoin was created by Bruce Fenton and Tron Black, who envisioned a revolutionary and decentralized instant payments solution that has immense utility.

What’s controversial about Ravencoin (RVN)?

In most regions, the cryptocurrency sector is notoriously unregulated and controversial. Users should always exercise caution and educate themselves as much as they can on the basics of cryptocurrencies and blockchain before investing.

Many fraudulent projects are established to prey on inexperienced individuals who don’t conduct proper research before making investments. Always invest only what you can afford to lose.

Let’s take a look at the top controversy surrounding Ravencoin (RVN):

Ravencoin Was Hacked – In 2020, the Ravencoin protocol was exploited by hackers and the network suffered a $5.7 million exploit. The hackers managed to mint 315 million RVN coins. This sent shockwaves through the Ravencoin and crypto community, and many individuals lost faith in the Ravencoin protocol following this exploit.

How many Ravencoin (RVN) Tokens are there?

At the time of writing, Ravencoin (RVN) has a circulating supply of 10.47B RVN (50% of the total supply)

The total supply of Ravencoin (RVN) is 10,473,290,000

The max supply of Ravencoin (RVN) is 21,000,000,000

Can Ravencoin (RVN) be mined?

RVN tokens can be mined. The Ravencoin blockchain uses a proof-of-work consensus mechanism to secure the network, and participation in mining is deemed much more fair and transparent because Ravencoin’s KAWPOW algorithm is ASIC resistant.

It’s also possible to earn yields on RVN tokens by participating in various DeFi products such as staking, liquidity pools, and farming. To benefit from these unique DeFi products, users will need to ensure that their tokens are stored in a digital wallet that is used to connect to a decentralized website application such as Pancakeswap, which runs on Binance’s Build-and-build chain (BNB Chain).

Some centralized exchanges allow users to earn yields from staking their RVN tokens.

What is the market cap of Ravencoin (RVN)?

The market cap of Ravencoin (RVN) is: the total amount of coins in circulation x the current market price of RVN.

Ravencoin (RVN) Market Cap = 10.47B RVN x $0.02 = $236 million (110th largest market cap)

RVN is currently one of the top 150 cryptocurrencies by market capitalization.

Biggest Competitors Of Ravencoin (RVN)

Ravencoin is one of the larger Bitcoin forks and has performed relatively well in previous years. The project’s aims to provide unique decentralization and add more utility than the existing Bitcoin blockchain have been met with both skepticism and praise – some believe it is less credible, secure, and efficient while others believe it is a brilliant and innovative concept.

Ravencoin’s biggest competitors are:

Bitcoin
Bitcoin Cash
Bitcoin Satoshi Version
Ethereum
Solana
Cardano
Avalanche
Mina

What Are The Future Plans of Ravencoin (RVN)?

Ravencoin is a mineable token that experiences a periodic halving every 4 years. The next halving will see the block reward decrease from 5,000 RVN to 2,500. Mineable coins generally perform well because their value can be assessed by demand as well as how much it costs to mine a token. For example, the current hash rate of Ravencoin is currently 2.72 TH/s.

Additionally, the project will seek to increase the utility of its blockchain and network as a whole. The ability for users to deploy custom tokens is one of the major advantages of the Ravencoin blockchain, and the Ravencoin Foundation will continue to improve Ravencoin software to make the project as valuable as possible for users.

Pros And Cons Of Ravencoin (RVN)

Pros:

Enhanced Decentralization – The Ravencoin crypto project is seen as much more decentralized than traditional blockchains because it incorporates more transparent, fair, and enhanced features. For example, Ravencoin rewards miners in RVN digital tokens for their network contributions – the mining ability is equal for all. It is ASIC resistant, making the issuance of these rewards as fair as possible.
Asset Creation – Ravencoin is a unique project that allows individuals to easily create their own tokens by simply burning RVN coins, selecting a name, and benefitting from the unique features of the Ravencoin blockchain. This process is completely customizable and ensures that token creation and issuance are performed in the most efficient way possible.
Listed On Large Exchanges – RVN is listed on most major cryptocurrency exchanges, including Binance, KuCoin, ByBit, and HTX. This has benefitted the project immensely because it has increased trading volume and exposure for the project.
Messaging Features – Ravencoin enables token issuers to communicate directly with their token holders, permitting them to share news about their relevant business, group, or community. Furthermore, all Ravencoin tokens are seamlessly transferrable, allowing token holders to delegate their allocated tokens in a community or liquidate their tokens whenever they want.
Streamlined Rewards Mechanism – Issuers can compensate token holders fairly and transparently utilizing Ravencoin. Asset transfer is simplified because issuers can select the categories which should receive payouts individually. These can be chosen directly by a co-op in the instance that it decides to do so, and the procedure is completely automated, fair, and reliable.
ASIC Resistant – The Ravencoin blockchain changed its mining algorithm to make it ASIC resistant. In May 2020, the KAWPOW algorithm (hashing algorithm) was further altered to incorporate a more decentralized mining algorithm than compared to Bitcoin. Many see this as a major pro because it ensures transparency and fairness and upholds the ethos of crypto.

Cons:

Ravencoin Has Been Hacked – Ravencoin might have a unique mining algorithm that promotes fair mining and decentralization, but it has still been compromised. In June 2020, Ravencoin was compromised and suffered an exploit that severely affected the network. The hack involved an individual or group minting more than 315 RVN tokens – this was worth roughly $5.7 million.
Bitcoin Fork – Several projects are deviations from the original Bitcoin code and, more often than not, these projects aren’t seen as extremely credibly by the public. Most Bitcoin forks are seen as less trustworthy and secure than Bitcoin, and many individuals refrain from investing in any project that is a Bitcoin fork.