Ravencoin cryptocurrency. Advantages, development prospects

Ravencoin cryptocurrency is a blockchain with a specific purpose - asset tokenization. Tokenization is basically the transfer and linking of certain types of assets to digital tokens. The main goal of the project is to combine traditional economic systems and finance 2.0 in the form of blockchains.

In the case of Ravencoin, the so-called PoW is a fork of Bitcoin. This means that it was created directly from BTC, and the developers subsequently modified the code to meet the needs of asset tokenization.

Property tokenization

Imagine you want to trade stocks on the blockchain. Through the process of value replacement, a company can issue its shares directly on the blockchain in the form of tokens or link shares to specific tokens.

An example would be Apple (AAPL). The company has two options. It will issue shares directly in digital form, or undertake to convert a certain portion of the shares in a 1:1 ratio into a newly created token, which will be burned during the final exchange, in order to avoid unwanted inflation.

Through the company's issuance of tokenized shares, Apple will have greater liquidity and access to new and global markets that are open to everyone, 24 hours a day, 7 days a week.

Each token will be essentially the same and therefore fungible.

Example: Non-fungible tokens

Basically they work in such a way that each such token is original. They can be used, for example, to invest in works of art or real estate.

Imagine that you want to sell a painting. However, you don't have easy access to the market, so you want to tokenize it. You will create an error-free token that will be directly associated with your image. The person who subsequently owns this token will be the undisputed owner of the image, which can also prevent theft and subsequent sale, since the thief will not be its rightful owner.

Where to buy Ravencoin

Today RVN is traded on all major exchanges. Most offer the purchase of Ravencoin with Bitcoin. The coin can be purchased for other cryptocurrencies:

Buying Ravencoin on the UPbit exchange will cost the most.

The largest trading volumes for the RVN cryptocurrency in 24 hours on the Cryptobridge exchange. Here Ravencoin is traded in pairs with Bitcoin.

Exchanges where Ravencoin is traded:

Buy cryptocurrency Ravencoin (RVN)

At the moment, purchasing RVN with fiat is not available.

Advantages

Expanding the market and increasing the liquidity of certain types of assets.

There are obvious benefits for companies. Imagine a situation where you tokenized Amazon shares. Thanks to their ease of translation, they can practically work like money.

You can either pay directly with them because blockchain systems allow it (the same system as paying BTC), or you can automatically convert them to the dollar equivalent through existing exchanges.

Fork Bitcoin and PoW

Ravencoin cryptocurrency is the fjord of Bitcoin. This means that developers took the base code of Bitcoin and then modified it to suit their needs. The basis is similar to BTC, but Ravencoin is different in many ways.

Tokens can also exist on the original Bitcoin blockchain itself, but Bitcoin is not designed to do that.

Ravencoin aims to be an open Proof of Work network that specializes in tokenization using a different mining algorithm, so there is no risk of big miners attacking BTC. The RVN mining algorithm is called x16r.

Compared to BTC, RVN mining time is also reduced to 1 minute (BTC has 10 minutes per block, ETH has 15 seconds per block).

Coin creation

The launch of the cryptocurrency took place on January 3, 2022, although the project was announced much earlier. RVN entered the cryptocurrency market without any fanfare: there was no ICO or PR campaign. The network is supported exclusively by miners.

Coins are generated using PoW and X16R algorithms, thanks to which the project gained popularity even before entering the market. The Ravencoin cryptocurrency is the result of the hard work of developers who have created a stable foundation for anonymous and secure payments.

Hashrate comparison with BTC

Ravencoin used the BTC architecture as a reliable foundation for its own blockchain. Now it is useful to compare the hashrate of RVN and BTC.

Hashrate is usually measured in TH/s (terahash per second). While RVN currently has around 30 TH/s, at the time of writing BTC has around 100 million TH/s. This is an incomparable difference.

Ravencoin has a growing trend in hashrate, which is a good sign for the future of the network. Conversely, a long-term decrease in hashrate will mean that the network is dying.

RVN rate chart (online)

The Ravencoin rate today (02/10/2019) is 0.012654 USD. The absolute maximum was recorded in March - $0.073665. During the global market correction, when cryptocurrencies took a downward trend, the value of RVN continued to increase. Only since April has the coin succumbed to the general bearish mood.

Sharp jumps in RVN were observed in May and October. The volatility of the exchange rate remained high throughout the year, hence the increased attention to Ravencoin from traders. The platform is barely a year old, and the project is already among the top 100 leading cryptocurrencies by capitalization.

Ravencoin Competition

Ravencoin has huge and very strong competition. On the one hand, there are similar blockchains that specifically aim to create ecosystems for asset tokenization. This includes, for example, Polymath, a blockchain specializing in securities.

Other competitors include almost all smart chains. They all support smart contracts and therefore various tokenization options. The main competitor is Ethereum, where the vast majority of tokenization processes take place.

Where to store cryptocurrency

The platform has its own wallet, which functions similarly to a Bitcoin wallet. As an alternative, the developers have provided a paper wallet. Downloading the latest versions of programs is available on GitHub for all operating systems.

Stages of creating a wallet:

1. Downloading the program from the official website.
2. Unzipping and installing the file.
3. Synchronization.
4. Creating a new wallet address.

Encryption is required for secure storage.

Criticism of Ravencoin

Ravencoin has three fundamental problems:

• Slow blockchain. Although Ravencoin is faster than Bitcoin, there is little to no scaling plan. The current limit is 50 transactions per second, but this is difficult to verify since not many transactions are carried out on the blockchain.
• Lack of complex smart contracts. Ravencoin can create tokens, but it is of course not as smart as modern smart chains, so it cannot create contracts for complex token transactions.
• Lack of Dexes (decentralized exchanges). Ravencoin does not have its own decentralized exchanges, which are the basis for the smooth trading of tokens on the network and guarantee fair conditions for everyone.

Advantages of Ravencoin

Unlike its disadvantages, Ravencoin has only one advantage:

• Absolute simplicity of the system, which does not allow for many possible solutions.

This can be understood simply by comparing with ETH.

While ETH allows for the creation of smart contracts that form the complex infrastructure for the token economy, Ravencoin, on the other hand, is essentially just a transaction protocol.

This means that the tokens are actually in a secure ecosystem, because this ecosystem does not allow transactions to be carried out within the limits of its simplicity.

While, for example, decentralized finance is being created as a new area in ETH, Ravencoin does not allow such development. Its features are much simpler but more secure.

Ravencoin

Ravencoin is a digital peer-to-peer network designed to facilitate the transfer of assets. Ravencoin aims to implement a blockchain that is optimized specifically to leverage the transfer of assets such as tokens from one owner to another.

The project was launched on January 3, 2022 without ICO and masternodes.

Based on extensive development and testing of the UTXO model of the Bitcoin protocol, Ravencoin was built on a fork of the Bitcoin code.

The key changes are faster time to receive rewards for solving a block and a change in the number of coins distributed. Ravencoin is completely open source, transparently mined, and was released pre-mine.

Ravencoin is designed to prioritize control and protection of user privacy and censorship.

All Ravencoin (RVN) are mined publicly and transparently using Proof-of-Work (POW), the KAWPOW algorithm that was created for Ravencoin.

Raven can increase the block size from 1 MB to X MB to accommodate additional transactions on the chain.

There is no private (commercial), public promoter or specific developer who owns the project entirely. Ravencoin is designed to be a secure cryptocurrency that is community-driven. It is completely confidential.

Advantages

• ASIC resistant – resistance to ASICs, GPU mining only.
• The developers did not use pre-mine. This means that the creators of Ravencoin did not mine some of the coins for themselves before releasing it.
• Instant transactions
• Safety

Development team

There is no information about the developers and team as the project is considered open source and community driven.

However, it is known that Bruce Fenton and Tron Black are co-authors of WhitePaper.

Overstock CEO has invested large sums in the development of Ravencoin.

Road map

• Coin distribution (Total 21 billion)
• Difficulty adjustment (180 blocks on average)
• Addresses start with R... for regular addresses, or r... for multisig
• Designing a future algorithm if ASICs can get to KAWPOW
• Entering new exchanges

Where to store?

You can store the coin on an official cold wallet under an operating system such as:

• Windows
• Linux
• Mac

You can download the wallet from Github https://github.com/RavenProject/Ravencoin/releases

What to do if you need to update your Ravencoin wallet?

Step 1: Back up your old wallet so you have a backup .dat file.

Step 2: Download a new wallet (see link above)

Step 3 : Extract/install new raven -qt

Step 4: Run raven-qt and make sure you are syncing it correctly.

If you cannot see your coins, import this backup .dat file into your wallet.

What happens if you don't update your wallet?

If you do not update your wallet, it will remain on the old chain, and any coins on that wallet will not be available on the new chain. The coins will not be lost, but you will not be able to access them on the new chain until you update your wallet.

How does this (wallet update) affect miners?

If payments continue to the old (not updated) wallet, then you will not be able to access them on the new chain until you update the wallet.

Mobile wallet

You can also store coins on mobile wallets for operating systems such as:

• Android
• iOS

This type of wallet is very convenient, as it is almost always at hand: you can easily and quickly check your balance, rate, and also enter or withdraw coins to a cold wallet or exchange.

Web wallet

You can also store coins on a web wallet . This type of wallet is also very convenient, since, unlike a cold wallet, it does not need to be synchronized. However, it has a disadvantage: the site can be hacked, which means the coins can be stolen.

Official website of the web wallet https://pocketraven.com

You can also store coins directly on the exchange where they are traded. For example, on the Binance exchange.

Hardware wallets in development :

• Trezor
• Ledger
• KeepKey

How to mine?

The coin works on the KAWPOW algorithm, which means it is mined using the usual video cards (GPU).

Equipment

In order to start mining this coin, you need to assemble a mining farm or use 1 video card in your computer.
Nvidia video cards are best suited for Ravencoin mining.
You can also mine RVN on cards from AMD, but the profit per day will be slightly less than from mining algorithms tailored for AMD. The best option for collecting a farm and mining this coin is an Nvidia1080TI or 20 series video cards from Nvidia, as they are the best at mining this coin.

First, you need to download any of the proposed wallets , or create a wallet on the exchange to store coins and set up batch files for most pools.

Programs

Next, you need to download a miner to mine this coin.
The following are suitable: Programs

Next, you need to select a mining pool to mine this cryptocurrency:

Pools

List of pools

Hashrate

AMD 570 – 5.5 Mh/s AMD 580 – 7.6 Mh/s AMD Vega 56 – 12 Mh/s AMD Vga 64 – 13.5 Mh/s Nvidia 1050 TI – 6 Mh/s Nvidia 1060 – 10 Mh/s Nvidia 1070 – 15 Mh /s Nvidia 1070 TI – 16.5 Mh/s Nvidia 1080 – 19 Mh/s Nvidia 1080 TI – 24 Mh/s Nvidia 2080 – 25 Mh/s

After the pool is selected, you need to configure the Bat file for it.

That's all, all that remains is to launch the batch file. The mining process has started.

How to get a?

1. Mine on video cards
2. Mine any other coin on ASICs and sell it in exchange for RVN
3. Buy on the exchange
4. Mine on video cards or ASICs any other more profitable coin (which brings more profit per day), and sell it in exchange for RVN

Where can I buy?

Forecast

In general, the Ravencoin coin is no different from hundreds of other cryptocurrencies. Its only difference is the wide recognition and faith of users in the product, as well as a large community.

In fact, Ravencoin is the most popular coin of the KAWPOW algorithm and the most actively traded.

The project positions itself as completely ASIC-resistant. Disadvantages of the coin: poorly developed social networks, not very active Github and a hidden team.

The project is trying to implement many updates. Also, project representatives often come to conferences, which has a positive effect on the expansion of the community and the exchange rate of the coin.

The projects have a lot of innovations and possible conferences at the end of 2018, after which it will be possible to observe a slight gradual increase in the rate.

It is also worth noting that Ravencoin is an altcoin, and it still depends on Bitcoin, which means that when it grows, RVN can also give an X.

Follow the coin rate and cryptocurrency news on our website in the “News” section.

Ravencoin Perspective

Ravencoin correctly identified the trend of asset tokenization and adapted its blockchain, which comes from the Bitcoin code. But while systems like ETH, NEO, ATOM and many other smart networks have gone much further, Ravencoin remains very simple.

Ravencoin does not have a reasonable plan for the future scaling of the network and therefore can be expected to fail in the future as the network is missing key elements.

The RVN network has two competitive advantages. One of them is the lack of complexity. The RVN system is not complex and therefore the probability of failure is low. The second advantage is the use of proven technology that has been adapted only for a specific purpose. It is likely that Ravencoin will eclipse smart networks and RVN will not be able to compete.

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