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, Ravencoin 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 master nodes. It was named in reference to the TV show Game of Thrones.
Ravencoin Symbol – RVN
Ravencoin Rank – #123
Ravencoin website – ravencoin.org
The Features of Ravencoin
The biggest change in Ravencoin is its development team, which has decided to use its own cryptographic algorithm, Serpent, that has a theoretical proof-of-stake implementation. While it is more expensive to make a new node than make a block, the creation of a new node is faster, resulting in lower energy consumption and much lower mining fees. Additionally, the inflation rate has been capped at 4.5%. Other changes include a $2M cryptocurrency address (to be used for fundraising or donation for charity purposes), instant transaction confirmations, and block tracing. A master node works much like a regular mining rig, except that it is run on the Ravencoin network and is monitored by the network itself.
Founders of Ravencoin
The Ravencoin whitepaper was published by Bruce Fenton, Tron Black, and Joel Weight.
Bruce Fenton is well known in crypto for being a board member and an executive director of the Bitcoin Foundation from 2015 to 2018. Before crypto, he had a solid career in investment banking as the vice president of Morgan Stanley in the 90s and a managing director of Atlantis Consulting for 13 years. Currently, he works as a managing director of Chainstone Labs, a stealth fintech startup.
Tron Black is a principal software developer with more than 30 years of experience, including leading several software companies as a CEO. He has been working in crypto since 2013 on several ventures including Verified Wallet, CoinCPA, and t0. He is currently employed with Medici Ventures, a subsidiary of Overstock.com focused on blockchain technology applications.
Joel Weight is a chief technology officer at Overstock.com, a well-known online retailer. Previously, he has also been involved with Medici Ventures in the roles of COO and CTO. He is a veteran software developer who started his career after graduating from the University of Utah in 1998 right in the middle of the dot-com bubble.
How to mine Ravencoin?
Ravencoin mining requires you to run a computer program on your machine that is specialized to solve computational problems.
You can read more about the process at coinhive.com. According to bittrex.com, you need at least a CPU with an Intel i5 or i7 CPU and 16GB of memory to mine on Ravencoin.
Where to store your Ravencoin?
Typically, most of your coins should be in your wallet. This can be stored on the same computer you use for mining or it can be kept in an online wallet, also called an exchange, which stores your coins in a way you can easily access and manage.
Typically, you should use an exchange to keep your coins separate from your regular currency. That way, if someone is able to get their hands on your coins and drain them, you will still be able to convert them back to their original value. Some of the most popular exchanges include Bittrex, Bittrex, and ShapeShift.
Importantly, you should never send your coins directly to another person. You need to purchase them first and they will be listed on an exchange to ensure you can immediately sell them if they go down in value.
How does Ravencoin work?
Your standard blockchain, such as Bitcoin or Ethereum, is a distributed ledger and the most common application of a blockchain.
It has the ability to record transactions of assets, without having to trust the network. In the blockchain, the owner of the asset is identified, and the ledger is publicly accessible and auditable by all users of the network.
Assets can be an item, a reputation, or any other item. In order to transfer an asset from one person to another, transactions must be recorded to the network, which could be a payment or payment in a cryptocurrency such as Bitcoin or Ether.
The problem with transferring assets to another person is that some transactions can take a long time to register on the network, and some trades require multiple people.
How Ravencoin is 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 allows for more decentralized mining.
- Addition of Asset & Sub-asset issuance, transfer, unique assets, and rewards.
- The future addition of messaging and voting.