The Best Crypto Exchanges to buy and hold Ravencoin (RVN)

The Best Exchanges to buy and hold Ravencoin (RVN)?

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Check out the 3 best exchanges to buy Ravencoin (RVN) today.

Launched in January 2018, the Ravencoin Protocol is a decentralized peer-to-peer blockchain infrastructure designed to allow users to create new asset classes and seamlessly transfer ownership to other parties.

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What is Ravencoin?

Ravencoin is a public blockchain and platform that is an open source fork of the Bitcoin code. The software is optimized to allow users to create their own tokens in minutes and trade from anywhere in the world. Unlike other similar projects, Ravencoin did not have an Initial Coin Offering (ICO) or pre-mining event.

Inspired by Bitcoin, the main idea behind Ravencoin was to facilitate the creation and transfer of tokens in real-world use cases. This includes assets such as securities, collectibles, gold, event tickets and basically anything the issuer decides. In a nutshell, Ravencoin is all about token creation and management.

Raven Protocol users can create, determine, and set rules for their assets regardless of protocol. These assets are transferable to any Ravencoin address, and creators can also utilize real physical assets to develop NFTs.

The Ravencoin project was first announced at the MIT Texas Bitcoin Conference in October 2017 and the official network was launched in January 2018. In one day, over 100 miners came to the fore. A week later, the network received support from thousands of miners, resulting in a significant increase in hashrate.

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How does Raven Coin work?

Ravencoin was the brainchild of entrepreneur and Bitcoin advocate Bruce Fenton. Fenton first proposed the idea of ​​forking Bitcoin’s code to create a network that specializes in tokenized asset transfers, and worked in legacy finance before moving to crypto. Ravencoin is open source, so there is no centralized leadership.

Ravencoin uses a consensus mechanism similar to Bitcoin ‘s Proof of Work (PoW) algorithm to secure the network. It was originally built on the X16R algorithm and, despite its ASIC tolerance, eventually made it possible to mine into Application Specific Integrated Chips (ASICs).

However, the network’s current mining algorithm, KAWPOW, helps reduce the barriers to entry for miners. Procured from FrogPOW and ethhash, KAWPOW has applied certain modifications to improve the distribution mechanism of Ravencoin.

The algorithm also allows consumer-grade graphics processing units (GPUs) to mine network tokens while maintaining ASIC resistance. KAWPOW also promotes decentralization by putting the validity of the network in the hands of the community rather than a select group, making the protocol more equitable than other blockchain networks.

For a long time, there has been no open source, decentralized blockchain specifically designed for digital asset transfers. The two most popular blockchains are: Bitcoin and Ethereum, which can transfer digital assets. However, this can lead to certain drawbacks.

Bitcoin destroys embedded assets transferred to exchanges or wallets on the network, while Ethereum supports asset transfers, but it can be very confusing and incredibly tedious. One is that ERC-20 tokens can share the same name, which can lead to serious errors. In a blog post, the Ravencoin team wrote, “Ravens are used as messengers to deliver statements of truth. Ravencoin is a use-case-specific blockchain designed to convey a statement about who owns what assets.”

The Ravencoin network is specifically optimized to protect assets from destruction and to create uniquely named assets and tokens. These issued tokens are easily transferable and have unique characteristics, and network users can not only transfer these assets but also track them.

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Vote using Ravencoin

With a comprehensive distribution system and strong mining community, Ravencoin provides the highest level of security for its underlying assets. Despite being a fork of Bitcoin, the Raven network has adapted it to enable messaging and voting functions. This allows asset issuers to deliver a one-way message to stakeholders, and the system also notifies token holders when it is time to vote.

Voting tokens can be created and assigned to individual holders, and individual holders can vote by sending tokens to specific addresses on the Ravencoin network. Ravencoin is an open source project with a huge dedicated team. However, prior to launch, the protocol did not conduct an ICO, pre-mined tokens, or arrange any kind of fundraising. Instead of hierarchical and corporate structures, the formal leadership of the network is a more equal and decentralized protocol.

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What is RVN Coin?

RVN is the native currency that supports the Ravencoin network. These tokens essentially act as the “gas” of the platform and are used to pay transaction fees and reward network validators to secure and verify transactions on the blockchain. The RVN supply is pegged at 21 million tokens, and just like Ethereum’s ERC-20 tokens, Raven-issued assets are used in different ways and share the same structure.

RVN vs ETH

The main difference between the two tokens is that assets issued on Raven have unique names, whereas Ethereum does not. RVN is also burned regularly for three main purposes. The first is to maintain the issuance rate of token assets on Raven Chain. The second is to create limited assets to meet regulatory requirements. Finally, tokens are burned to generate asset transfer fees.

What is RVN used for?

RVN can also be used to transfer value, just like Bitcoin or fiat. It can also be used to pay rewards or dividends to token holders. Unique assets based on RVN can also be linked to real assets. This community-based protocol uses BIP9 consensus rules for governance to accommodate situations where forks or upgrades may be implemented.

Since its launch 3 years ago, Ravencoin has been supported by most of the top cryptocurrency exchanges. The project has been praised for its support of fair launch, egalitarian consensus mechanisms, and the spirit of decentralization. Ravencoin recently expanded its functionality with the Binance Smart Chain (BSC). In April 2021, Tron Black, co-author of the Ravencoin whitepaper, revealed that RVN can be used in smart contracts to allow users to borrow, borrow or trade digital assets.

This is done using the network’s Peg-in and Peg-out capabilities. The pegin is where the RVN tokens are locked and transferred to the Binance Smart Chain, in exchange for which users receive newly minted pRVN tokens. On the other hand, the Peg-out function is used when the user returns their pRVN, it is burned and the RVN is returned.

But even the best ravens have stormy days. In July 2020, a malicious entity was able to exploit a vulnerability in the code, which could actually issue RVN tokens. After that, to reset the token economics of the chain, the network decided to burn 2.8 million RVN tokens to compensate.

Despite being a young industry, Bitcoin and Ethereum already have a part in the world of this space. Ravencoin established itself as an acronym and gained huge popularity in 2021. In addition to decentralization, privacy and censorship protection, the Ravencoin protocol brings much-needed transparency and accountability to help link tokenized assets to real value.

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Is Ravencoin worth investing in?

RVN posted a sharp rise this bull season, trading at $0.1286 as of May 17th, just over the cent in early 2021. The network’s miners have benefited significantly from the token’s rise in value, which has resulted in increased interest in the mining industry.

Ravencoin could potentially find a niche in the chaos of the NFT realm. While looking at the viability of the network, Ravencoin provides a profitable hub for NFTs and could be something the space needs. Transmission costs have been one of the biggest challenges for digital assets, especially on the Ethereum network, as traffic has elevated transaction fees to exorbitant levels.

Raven Protocol costs only 0.01 RVN (~$0.00012). In addition to ensuring unique token names, it also supports IFPS metadata, allowing data to be protected in an immutable way. Unlike most blockchain networks that aim to solve multiple real-world problems and eventually become a “jack of all trades” type of transaction, Ravencoin laser focuses on the goal of becoming a mobile platform for tokenized asset transfers.

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Conclusion

The world of asset management has a lot to offer and the protocol is still in its infancy. Despite fierce competition and bowing and lowering, Ravencoin has gained the support of a steadily growing community of equal voices for the functioning of the network.

The leading developers are some of the most respected names in the industry, spread all over the world. It will be interesting to see how Raven will evolve at this point in the NFT revolution.

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