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RavenCoin has one of the fascinating histories in the crypto landscape. This cryptocurrency was born the original Bitcoin fork. As a result, RavenCoin has retained most of BTC’s original tech features with slightly new variations.
Unlike Bitcoin, RavenCoin uses another algorithm to mine from a slightly average computer. However, its goal is to accomplish the original vision of decentralized Bitcoin and break the traditional energy and hardware barriers in mining.
Background and Purpose
RavenCoin launched as a Bitcoin fork in 2018. Behind it are developer Tron Black and entrepreneur Bruce Fenton. The RavenCoin team forecasts a future when more assets will become tradable and transferable across countries. Therefore, it wants to be at the heart of the industry when that happens.
What Is RavenCoin?
RavenCoin is a decentralized blockchain-based cryptocurrency. The hallmark aspect of Raven is its unique mining process, which even a standard computer can process.
Originally, RavenCoin started as an experimental digital currency through Medium, the blogging platform. Later, its founders connected their digital currency with the popular television show Game of Thrones. Just after this connection, RavenCoin launched on January 3, 2018.
Essence of RavenCoin
RavenCoin is a code that participants execute to create a network. The RVN platform works on a self-selection basis and garners more helpfulness, speculation, volunteerism, and friendliness.
The Mechanics of RavenCoin
Although RavenCoin uses Bitcoin code, the platform has its protocol, asset, and network rules. As a result, RavenCoin modified some of the original parameters. Also, it incentivized communication and asset insurance for specific token owners on the network.
RavenCoin uses KAWPOW, a modified PoW (Proof-of-Work) consensus mechanism. It minimizes the entrance barrier to mining on the RavenCoin network. Like Bitcoin, Raven uses KAWPOW in a network of computers. Therefore, you can use RavenCoin software to ensure network security and validate mined RVN transactions.
Users must destroy or burn a specific RVN coin to create a new asset class regarding token insurance. Also, users have to provide a unique new name for their coin to establish a new asset class. After creation, users can focus on specific token features. These include used tokens and fractioned decimals on their fungibility.
Token issuers have the right to distribute RavenCoin rewards to specific token holders. Also, token issuers can create community-based incentives or find a unique approach to issuing dividends. Since RavenCoin coins are transferable, owners can transfer their votes to other network users. Simultaneously, token holders can sell their community stake when they want.
How RavenCoin Stands Out
While RavenCoin doesn’t abandon some of the best aspects of Bitcoin code, it offers a new set of features. Precisely, RavenCoin cuts out four critical elements of the Bitcoin code. For instance, it takes out the one-minute block reduction. Also, it removes the users’ ability to issue custom assets with a reward block of 5,000 RavenCoin tokens.
RVN also caps a token supply of approximately 21 billion, 1,000 times higher than Bitcoin’s maximum supply. Unlike BTC, RavenCoin uses KAWPOW hashing that mitigates the impact of centralized mining through ASIC hardware. RVN has recently added new functionality that allows token holders to send messages to other token owners. And they can do so by using JSON and IPFS to showcase the messages.
A token-based voting system allows owners to raise questions, collect votes, and conduct polls. In the end, the focus of RavenCoin boils down to decentralization. It is the main reason RVN didn’t opt for a pre-sale or pre-mine of its tokens.
RavenCoin wants its users to mine RVN at home and on an average computer. This is possible without government control when it comes to the money supply of token holders. Instead, RVN circulates the token supply as soon as it surfaces through mining.
RVN understands that incentives that make cryptocurrency mining successful are at an all-time high. Therefore, since its inception, the platform has encouraged token holders to leverage its new features and capabilities.
RavenCoin addresses the traditional blockchain problem that requires high computing power and expensive hardware. And it does so by creating computational issues that an average hardware computer can solve. For instance, it uses a custom set of algorithms to reduce the need to use special equipment to mine tokens.
In mining RavenCoin, you must first opt for a digital wallet with a unique address. After a quick digital wallet setup, you can choose from a wide range of mining pools associated with RavenCoin. As of Q4 2021, there are more than 21 billion RVN coins in circulation.
Furthermore, the community has already mined over 10 billion tokens. On the other hand, there are also mining rewards that come down to halving history. For example, 5000 RVN translates into a single block reward, and as soon as RavenCoin hits 2.1 million, halving will commence in early 2022.
Current estimation suggests that the total RVN supply of 21 billion will surface through minting entirely by 2080. But to achieve this mark, the community has to mine 50% of the market capitalization by the end of 2022. Furthermore, it will have to mine 75% in the next four years. This cycle will continue until the community mines all the 21 billion RavenCoin tokens. And like Bitcoin and other blockchains, RVN miners can count on incentives throughout the mining.
You can opt for a dedicated RavenCoin wallet for your Mac, Linux, or Windows operating system. On top of the digital wallet, RavenCoin also offers a paper-based wallet generator on its site. You can also count on RVN to be compatible with various third-party digital wallets.
Ideally, hardware or cold wallets are the best options to store RVN tokens because of offline backup and storage capabilities. But these wallets come with a high price tag and require technical knowledge. Still, cold wallets make perfect sense for experienced users to store their extensive collection of RVN tokens.
The most affordable and accessible option to store RVN coins would be to opt for software wallets. You need a desktop or smartphone app to choose from non-custodial or custodial options. For instance, custodial digital wallets come with manageable private keys. In custodial digital wallets, service providers are responsible for backing the data on behalf of the token holders.
Conversely, non-custodial digital wallets utilize the device’s security elements to store and secure private keys. Although this approach is far more convenient than hardware or cold wallets, it creates security vulnerabilities. The best action is to opt for hardware wallets for my small chunks of RVN.
Mining RavenCoin: Is It Worth It in 2023?
Each year, it becomes clear that RavenCoin is one of the most viable and practical mining cryptocurrencies. But in 2023, the crypto market will reap the benefits of unprecedented growth and may push RVN into a new light.
The interest in mining and investing in cryptocurrencies is at a record high, and many newcomers want to be part of the crypto craze. As a result, you can expect more people to dive into resource permitting, solo mining, or pool miners. RVN works around a dedicated blockchain that propels institutional investment. It makes RVN highly desirable in the crypto world and garners enough interest to keep it going for years.
RavenCoin has become a program that stimulates administrative power and control on standard computer networks. RavenCoin aims to empower more users to roll out a new class of assets. It’s a perfect mechanism for producers to engage with original token owners. At the same time, it alerts specific holders to vote on various proposed reforms.
At its core, RavenCoin is a use case-based blockchain that facilitates digital assets exchange from one participant to another. RavenCoin project explores whether a development effort or use case-based blockchain can offer code that can improve the current structure of Bitcoin or expand its use cases.
The fact of the matter is that RavenCoin expects digital transactions to be completely frictionless in the coming years. People want to top-notch-effectiveness when it comes to “how” they transfer a big chunk of money. And RavenCoin intends to level the playing field.