Our everyday life is an unprecedented symbiosis of the virtual world with the environment. Films, series and computer games have become a part of our life, we copy many images and rules of behavior from cyberspace.
Ravencoin cryptocurrency (RVN) was created under the influence of the Game of Thrones. In popular fantasy, ravens serve as messengers and heralds of truth in the Seven Kingdoms. According to the idea of developers, rvn coin should play the same role in the blockchain industry. Let’s look at the main characteristics and the digital currency ravencoin, released on the wave of cryptocurrency in January 2018.
Ravencoin is based on UTXO technology, first implemented in the ecosystem of the patriarch of digital coins. The blockchain of the RVN cryptocurrency project works on the Proof-of-Work consensus algorithm. But, for mining, a combination of 16 hash functions is used, which change randomly. We list the technical features of RVN:
- Production Algorithm: X16Rv2;
- Block generation time: 1 minute;
- Block size: 1Mb;
- Block reward: 5000 RVN;
- Issue: 21 billion coins;
- Current offer: 5 billion coins;
- Market capitalization: 131,435,774 USD;
- Place in the rating coinmarketcap 41;
- Official site of the project: https://ravencoin.org;
- Whitepaper: http://ravencoin.org/Ravencoin.pdf;
- Roadmap: https://github.com/RavenProject/Ravencoin/blob/master/roadmap/README;
- Rvn price: $ 0.02574296.
The value of the coin is not fixed and depends on the balance of supply and demand. Once every four years, a halving occurs in the system, that is, a twofold reduction in the reward to miners for the signed block.
The rvn coin payment network strives to be as open and decentralized as possible, therefore there are no masternodes in it, and access to devices for industrial mining is blocked. On the RVN platform, you can create any number of tokens, the only condition is an active ravencoin wallet with a balance of 500 coins. Unlike the ERC-20 standard, different tokens in the Ravencoin network cannot have the same name and are protected against accidental destruction. Create your security token in minutes and can trade all over the world.
The transaction processing speed on the RVN network is 10 times higher than that of bitcoin. The source code is open and anyone can take part in the modernization of cryptocurrency. Efficient messenger is integrated into the ecosystem for messaging. All correspondence and financial transactions between users are strictly confidential.
The launch of the Ravencoin project was funded by a subsidiary of the Overstock online retailer, Medici Ventures Inc. The project team works on the Github resource, it includes experts from various fields, including the chief programmer at Medici, known as Tron Black. The main project management work is carried out by one of the leaders of the Bitcoin fund Bruce Fenton. There was no preliminary sale of tokens, the network began work from scratch.
Ravencoin cryptocurrency is mined on AMD and Nvidia GPUs. The work of mining farms on green cards is more profitable, the red ones are slightly behind. Initially, the X16R included cryptographic features:
After switching to the X16RV2 algorithm on Tuesday, October 01, 2019, developers added the Tiger hash function to three separate parts of X16R. The Tiger hash is executed before the Luffa, Keccak, and SHA512 algorithms. The order in which the algorithms are used depends on the last 8 bytes of the hash signature of the previous cryptoblock. Theoretically, the network is absolutely protected from ASICs, so far none of them are capable of working on X16RV2. The project team is ready to expand the list of hash functions or make other changes to the protocol if once a device on integrated circuits for mining Ravencoin still appears on the market.
12 pools are involved in rvn mining, but for rigs with a high hashrate it is possible to work in solo.
Buying and selling coins, how to choose a platform
There are 22 platforms on the network for exchanging Ravencoin for another ucryptocurrency or fiat.
Almost 30% of transactions related to the digital currency RVN, occur on the cryptocurrency exchange Binance. Major trading pairs: RVN / BTC, RVN / USDT. The Binance US platform supports the exchange of ravencoin cryptocurrencies into US dollars. On the Paribu exchange, raven coins can be bought or sold for Turkish lira, and on Probit for South Korean won. The largest selection of trading pairs provides a centralized service for the storage and exchange of Dove Wallet cryptocurrencies.
When choosing a site, be guided by three criteria:
- Daily turnover of the coin you need;
- Service reliability;
- Exchange rate.
Let’s say you want to buy or sell rvn for bitcoin, then any exchange is suitable for you, but on Binance the transaction will be completed faster. And if you need Ripple cryptocurrency (XPR), then there is a direct exchange only on Bitrue. However, on the same Binance, you can make a double transaction RVN / BTC, BTC / XPR, if on this exchange a more favorable rate you lose nothing and save time. Some trading platforms work only with verified customers. This means that you will not only need to create an account, but also submit documents proving your identity, and to work with traditional money, a bank statement.
How to create a wallet for Ravencoin
The official website https://ravencoin.org/wallet/ is available for downloading the dectoscope and mobile ravencoin wallet. To install the complete node:
- Download the version you need and install the wallet.
- Specify the location to download the blockchain (5 GB) and wait for synchronization with the network.
Be sure to encrypt the wallet with a password and a mnemonic phrase and create a backup. The web wallet is available at https://pocketraven.com/#wallet.
This page creates a new wallet based on a combination of username and password. You will receive a receiving address and some functions that allow you to send coins back from this address and view transaction history. A user can create several wallets with the same login, but with different passwords. The service does not store or even see the credentials of customers, so each user must remember the username and password that he creates to access the wallet.
You can store RVN using multicurrency services:
- Atomic Wallet
- Coin Paymenys;
- Trust Wallet;
- Zelcore Wallet
Coins ravencoin is supported by the Trezor hardware safe. You can print a paper wallet for cold storage of tokens using the key generator https://paper.pocketraven.com
Never store a paper wallet in PDF format, an electronic file is much easier to steal than paper. To replenish the wallet, inform the sender of the public address. You can check the balance in the blockchain browser https://ravencoin.network, you can perform an outgoing transaction using the local Raven Core wallet. Before replenishing a paper wallet with a large amount, send a few coins and make sure that the balance is replenished.
Advantages and disadvantages
The ravencoin payment network is decentralized and unavailable for industrial mining, this is its main plus. But mining with the X16Rv2 algorithm is a resource-intensive process. The equipment is heating up, the hashrate is jumping, and if the configuration is incorrect, the miner constantly flies.
Ravencoin brought a new and very promising technology to the crypto industry, and developers are gradually expanding the platform’s functionality. The coin successfully develops the market with the full support of one of the leading cryptocurrency exchanges Binance. But, now the competition in the blockchain industry is fiercer as never before and therefore the future of ravencoin largely depends on the company’s marketing policy.