What is Ravencoin?
The Ravencoin, or RVN, is the native token of the Ravencoin blockchain. The latter is a Peer-to-Peer network facilitating asset transfer and issuance. All Ravencoin tokens are mined utilizing the Proof-of-Work (PoW) consensus mechanism. The network also implemented unique mining algorithms called X16R and X16RV2 that were exclusive to Ravencoin.
The reason for these exclusive mining algorithms remains to be the ASIC hardware that causes the centralization of the mining process. The first mining algorithm, X16R, continuously disrupted the hashing algorithm ordering, while further algorithm upgrades increased ASIC miner equipment efficiency.
As of July 2022, Ravencoin has been using a new KAWPOW mining algorithm that ensures ASIC resistance. It was modified from both ethos and ProgPOW.
There is a total supply of 21,000,000,000 Ravencoin tokens. Since there is a limited supply of RVN, it’s possible that the Ravencoin price will increase as the coins become more scarce.
RVN is key to the issuance of digital assets. There are no limits on what these assets can represent. This means that they can be both real-world commodities, such as fiat currencies or gold, as well as project shares, concert tickets, in-game items, and even gift cards. The Ravencoin network issues digital assets by burning Ravencoins.
Moreover, crypto rewards are paid out in the form of the Ravencoin token.
You can have a more in-depth look at the RVN price history or the current Ravencoin price on the graph above.
What are the Main Features of Ravencoin?
As discussed in the What is Ravencoin section, the main purpose of the Ravencoin blockchain is to enable a Peer-to-Peer transfer of traditional and digital assets. This is the project’s specialization, meaning that, while other blockchains might offer this feature, it will only be a side project with the corresponding quality of a side project.
Besides asset transfer, Ravencoin allows users to create digital assets.
The Ravencoin crypto project was created from Bitcoin 0.15.99 source code fork. There are 4 key differences between Ravencoin and Bitcoin:
- Total supply of 21,000,000,000 RVN;
- Block reward of 2,500 Ravencoin tokens;
- A block time of 60 seconds;
- A mining algorithm exclusive to Ravencoin - KAWPOW.
However, Ravencoin has kept halving events, which are unique to Bitcoin. The first halving event was executed in January of 2022 when the block 2,100,000 was reached. During this halving, the block reward dropped to 2,500 RVN. Halving events are set to happen every 2,100,000 blocks. They will stop when it will be impossible to halve a block reward.
2020 Hack of Ravencoin
In June of 2020, Ravencoin announced that it was hacked by malicious actors and lost 315,000,000 Ravencoin tokens which, at the time, was equivalent to around 5,700,000 US Dollars.
This attack was directed at Ravencoin and did not affect the RVN holders directly.
Who developed Ravencoin?
The Ravencoin crypto project is an open-source project launched in early 2018 via a fair launch. This means that there was no initial coin offering (ICO), masternodes, or pre-mine events. Bruce Fenton and Tron Black, who are experienced professionals in the business world, published Ravencoin’s whitepaper on the 3rd of April, 2018. However, the majority of Ravencoin’s founders and individuals related to the project prefer to stay anonymous.
Since Ravencoin is an open-source project, all code is publicly available for anyone to review.
Bruce Fenton was the first person to talk about Ravencoin in his Twitter announcement in January of 2018.
Ravencoin isn’t the first crypto-related project Bruce Fenton has been active in. Between 2016 and 2018, he has been a board member of the Bitcoin Foundation. Prior to that, he worked there as the executive director, which was his first crypto-related position. Fenton’s previous professional experience was centered around finance at Atlantic Financial and Morgan Stanley.
On the other hand, Tron Black has been in the world of crypto since 2013, and Ravencoin wasn’t his first crypto project. Other crypto projects he has been involved in include Verified Wallet, CoinCPA, and t0.
The core development team members include RavencoinDev, Chatturga, and Tron from Discord. However, it’s not set in stone, as the project is open-source and anyone can contribute.
Don't forget to have a look at the current RVN price via the graph above before making any purchases.