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What is Ravencoin?

What is Ravencoin?

Ravencoin is a digital P2P network based on a fork of the Bitcoin code that allows anyone to issue cryptocurrency and token. The whitepaper of Ravencoin was published by Bruce Fenton, Tron Black, and Joel Weight. Ravencoin was announced on October 31, 2017. On Jan 3, 2018, the network released binaries for mining: without ICO, pre-mine, or master nodes. The name of the project came from the TV series Game of Thrones.

What is Ravencoin?

Ravencoin aims to implement a use case-specific blockchain, designed to efficiently process one specific function: the transfer of assets from one party to another. On this peer-to-peer network, individuals can create tokens for many reasons. The only rule is that the Ravencoin token must be transferred from one person to another. Furthermore, the network provides a safe way for traders and investors to transfer crypto-assets seamlessly. As such, Ravencoin can be regarded as a platform for tokens and tokenized assets. The creation, issuance, and trading of these digital assets is the primary use case of the project. Features of the protocol make it especially suitable for the issuance of security tokens, which can represent investment agreements between people, property, equity, etc. The advantage of Ravencoin over other secure network platforms is that its consensus mechanism and the security model for computers are designed for more decentralized mining. Although Ravencoin is a Bitcoin fork, it runs on its blockchain.

There are four chief differences between the two networks:

  1. Issuance schedule: The Ravencoin mining reward began at 5,000 RVN whereas Bitcoin started with 50 BTC.
  2. **Block time:**Within one minute, Ravencoin’s block time is one-tenth of Bitcoin’s.
  3. Coin supply: The total supply of Ravencoinstands at 21 billion, while that of Bitcoin is 21 million BTC.
  4. Mining algorithm: Bitcoin implements the SHA-256 hashing algorithm, whereas Ravencoin uses X16R, an algorithm that prevents ASIC mining.

How Ravencoin works?

Although Ravencoin’s code was copied from Bitcoin, the network established its unique network, asset, and protocol rules. Additionally, other parameters were also modified to incentivize asset issuance and communication between users of specific tokens on its network. To keep its network in sync, Ravencoin adopts a variation of the Proof-of-Work (PoW) consensus mechanism called KAWPOW, which aims to make Ravencoin mining more accessible. Similar to PoW on Bitcoin, KAWPOW is adopted by a network of computers running the Ravencoin software to secure the network, validate transactions, and distribute newly minted RVN.

How to get Ravencoin

You can get RVN through mining or buy RVN on a crypto exchange. Ravencoin is mined through the Proof of Work (PoW) algorithm, with a total supply of 21 billion RVN, as opposed to Bitcoin’s 21 million. Moreover, the Ravencoin network offers flexibility in mining its token — It can be mined by a solo miner or in a Ravencoin pool. Some of the mining pools well-received by miners include 2Miners, Nanopool, and Supernova. Meanwhile, RVN is a coin freely traded in pairs with stablecoins, such as Tether (USDT), other cryptocurrencies like Bitcoin and Ethereum, and fiat currency. Leading exchanges that support Ravencoin trades include Binance, Huobi Global, OKEx, ZG.com, and VCC Exchange.