Ravencoin is a protocol based on a fork of the Bitcoin code which adds features specifically focused on allowing tokens to be issued on the Ravencoin blockchain. These tokens can have whatever properties the issue of the token decides – so they can be limited in quantity, named and be issued as securities or as collectibles.
Ravencoin is a digital peer-to-peer (P2P) network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, was announced on Oct. 31, 2017 and released binaries for mining on Jan. 3, 2018 with what is called a fair launch: no premine, ICO or masternodes. It was named in reference to a TV show Game of Thrones.
Whale Storage Key Points
|Circulating Supply||8.87B RVN|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How Ravencoin works
A Ravencoin post on Medium from November 2017 references Game of Thrones when introducing this experimental currency:
Launched on January 3rd, 2018, the ninth anniversary of bitcoin’s launch, Ravencoin is an open-source project designed to enable instant payments to anyone around the world. The aim of the project is to create a blockchain optimized specifically for the transfer of assets such as tokens from one holder to another.
A fork of the bitcoin code, Ravencoin features four key changes:
- The issuance schedule (block reward of 5,000 RVN)
- Block time (1 minute)
- Coin supply (21 Billion)
- Mining algorithm (KAWPOW formerly X16R and X16RV2 respectively)
What Makes Ravencoin Unique?
As a fork of the Bitcoin code, Ravencoin features four key changes: modified issuance schedule (with block reward of 5,000 RVN), block time reduced to one minute, coin supply capped at 21 billion (ten times more than BTC) and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) intended to mitigate the centralization of mining caused by ASIC hardware.
Ravencoin aimsto solve the problem of assets transfer and trading over blockchain. Previously, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed when someone traded the coins it was created with.
RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain. The assets can represent anything: real world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles or an hour of someone’s wage, etc.
What Makes Ravencoin Different from Bitcoin?
- Block reward of 5,000 RVN instead of 50 BTC.
- Block time of 1 minute instead of 10.
- Total coin supply of 21 billion instead of 21 million.
- A new mining algorithm, KAWPOW which allows for more decentralized mining.
- Addition of Asset & Sub-asset issuance, transfer, unique assets, and rewards.
- Future addition of messaging and voting.
Unique characteristics of Ravencoin
- ASIC resistant – Uses the KAWPOW hashing algorithm to discourage the development of ASIC hardware
- Fair launch – Everyone has equal opportunity to mine or purchase RVN since day one.
- No pre-mine, no ICO, and no coins held for developer or founders rewards.
- Community Driven, and True Open Source
How Is the Ravencoin Network Secured?
Ravencoin is a fork of Bitcoin, so it is protected by the power of decentralization and mathematics. It uses a proof-of-work mining algorithm called KAWPOW, which replaced X16R and X16RV2 on May 6, 2020. Not only does this ensure security it is designed to be ASIC resistant.
The X16r algorithm group employed initially uses 16 different hashing algorithms for each mining block, but the order in which they are used is different for every block and is derived from the last 8 bytes of the hash of the previous block. It was thought that the necessity to adapt each cycle did not give ASICs any advantage over CPUs and GPUs. Eventually, however, ASICs for it were created, andRavencoin had to switch to an entirely different algorithm, KAWPOW, which was a slightly modified version of ProgPow, which itself was the evolution of Ethash and is optimised for mining on GPUs.
This, combined with the commitment of fair distribution with no pre-mine is meant to ensure that no single individual or organization will have or be able to have enough hash power to try to attempt a 51% attack or create any sort of artificial market price shocks.
Unfortunately, there was a successful known hack of the Ravencoin blockchain, of which the public was informed about on June 3, 2020. During the attack, hackers managed to nstantly mint i315 million RVN coins, which constitutes about 1.5% of Ravencoin’s supply cap of 21 billion. At the moment of the announcementm the price of the stolen RVN was estimated at USD $5.7M. None of the existing coin holders were directly affected by the attack.
Where Can You Buy Ravencoin (RVN)?
Ravencoin is a freely traded coin with pairs against stablecoins, such as Tether (USDT), other cryptocurrencies like Bitcoin and Ethereum, and fiat money.
The top exchanges for trading in Ravencoin are currently Binance, Huobi Global, OKEx, ZG.com, and VCC Exchange. You can find others listed on our crypto exchanges page.