RAVENCOIN (RVN)
What is Ravencoin?
Ravencoin was implemented in early 2018 as a blockchain infrastructure that aims to enable users to create new asset classes and seamlessly transfer ownership of assets to other users.
Ravencoin is a blockchain and open source fork of Bitcoin. Thanks to optimized software, people can create tokens themselves. It only takes a few minutes, after which you can start trading.
The main idea behind Ravencoin was to make it easier to create and transfer cryptocurrencies that have real uses. Very different assets can fall under this definition, for example, precious metals, antiques, securities, and so on. Those who use the Raven protocol have the ability to independently set rules for their resources and determine its goals, the protocol does not affect the decision. Such assets can be transferred to absolutely any Ravencoin address.
How does Ravencoin work?
Ravencoin is a project of Bruce Fenton, a famous businessman who supports the idea of Bitcoin. The Ravencoin systеm uses open source code, which eliminates the possibility of creating a centralized leadership and increases the security of the cryptocurrency.
Ravencoin has a consensus mechanism that works very similar to Bitcoin’s Proof of Work (PoW) to strengthen the network. It was originally created based on the X16R algorithm. It was chosen due to the impossibility of mining with ASIC devices, but over time, miners were able to get around this limitation by creating specialized chips. Now Ravencoin is powered by the KAWPOW algorithm, which, oddly enough, lowered the entry threshold for miners. Thanks to this algorithm, Ravencoin can be mined using conventional GPUs that are installed in a PC, and at the same time, the algorithm is resistant to ASIC mining.
The algorithm also allows consumer grade graphics processing units (GPUs) to mine the network token while maintaining its ASIC resistance.
RVN Cryptocurrency
RVN is the cryptocurrency that powers the Ravencoin network and is needed to pay on-chain fees, reward validators, and confirm on-chain transactions.
Ravencoin mining
Ravencoin is powered by the Kawpow algorithm (which is a redesign of ProgPow) and can be mined with GPUs. Interestingly, Ravencoin can be mined even on not the most powerful video cards, from 4GB and above.
How do I get Ravencoin?
There are two main ways to buy Ravencoin – on a crypto exchange or through a trusted crypto exchange like Leoexchanger!
Ravencoin price dynamics (USD)
As of September 2022, 1 RVN is worth approximately $0.03925. The total market capitalization is $411,121,487.
The price movement chart is shown below:
How to store Ravencoin?
One of Polygon’s storage options is an account on a crypto exchange. If you need more security – use a crypto wallet for storage.
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