What is Ravencoin?
Ravencoin is a peer to peer blockchain that facilitates the creation and transfer of assets between parties. It is based on one of bitcoin’s fork that enables distribution of tokens on the Ravencoin blockchain.
The properties of the said tokens on the network can be customized according to how the issuer wants them to be in terms of quantity, name and if they are issued as either collectables or securities.
The tokens created can move on the blockchain with ease just like bitcoins. Some assets that can be tokenized on the Ravencoin blockchain include land deeds, gold bars, reward points, gift cards and many more.
Though Ravencoin is based on bitcoin, it has some features that distinguish it. The features include;
- Ravencoin uses the X 16 algorithm which does away with centralized mining many accuse Bitcoin of. The bitcoin “centralized mining” system is powered by an expensive though efficient, Application Specific Integrated Circuit Hardware which is not present in Ravencoin. Ravencoin randomizes the 16 hashing algorithms which make it a challenge for ASICs to develop allowing anyone to easily mine in the network without the stiff competition caused by users of ASIC hardware.
- Ravencoin has a block time of one minute compared to that of bitcoin which takes ten minutes.
- It has a higher total supply of about 21 billion coins while bitcoin has an amount of 21 million coins.
- It is also designed specifically for the tokenization of assets.
Uses of Ravencoin
- RVN tokens can be used to reward developers who develop on the Ravencoin network.
- It can be used in art collection and software licensing because of its ability to allow the creation of unique tokens that can prove authenticity since only one type of a given token can exist.
- Ravencoin provides a medium of communication between the token holder and issuer, e.g. when a token issuer wants to inform the holder of a voting exercise that will take place. However, token holders have the liberty to opt out of any such communication.
Ravencoin has a road map which gives an overview of what the coin aims to achieve in the near future.
Phase one: the first phase was all about setting up the network for it to enter the market.
Phase two: Assets
It includes the introduction of ASIC resistance to hinder centralized mining, asset support for the distribution and transfer of assets, metadata, and working on the block size (the block size is expected to increase which will facilitate more transactions and increase speed).
This phase involves the introduction of rewards to facilitate payments to all token holders.
Phase Four: unique assets
This phase makes it possible for assets to be made exclusive at a given cost and its only those assets that are non-divisible, that will be made unique.
Phase Five: Messaging
Token issuers get to message token holders regarding any important information or updates. Some components make this phase successful, and they include the protocol, channels, GUI mobile and desktop, and message queue.
Phase Six: Voting
This phase will be made possible through the creation and issuance of tokens to token holders.
Phase seven: Compatibility Mode
This phase will make it possible for created assets to appear exactly like other cryptos such as Bitcoin for easy integration into wallets and exchanges.
Where can you buy Ravencoin?
Since Ravencoin is still relatively new in the market, it is not as easy to buy Ravecoin as it is with other cryptocurrencies. This, however, does not mean it is impossible to buy RVN.
Below is a list of some of the exchanges where you can buy RVN.
I. Binance- Binance is well known for its high liquidity ratios and multi-language support; on this exchange, you can exchange RVN from other currencies such as BTC, ETH, ELF.
II. Bittrex- This exchange supports USD and wire transfers. With this exchange, first time buyers can easily convert USD or Euro for Ravencoins. It is also possible to convert other cryptocurrencies for Ravencoin.
III. CryptoBridge-is a decentralized exchange that supports more than 80 pairings including BTC, BCH, BCO.
Where to store RVN
Given the fact that Ravencoin did not participate in an ICO and is not an ERC20 token, its storage is limited to a few wallets. Here is a list of the wallets that investors can use.
I. Official Ravencoin desktop wallet; this wallet can be used on Windows, Linux, and Mac OS and the wallet can be downloaded from the official website.
II. Trezor; this being a hardware wallet is one among the most secure out there. Trezor can also be used to store Ravencoin and multiple other coins. This wallet is prefered by many people because it is an open source firmware and it supports multiple currencies including Ravencoin.
IV. Ravencoin paper; With a Ravencoin paper wallet, the investor needs to note down their private keys on a piece of paper. Ravencoin has created a fancy of way of printing your keys and also generating a QR code to ease transfers.
V. Ravencoin wallet with miners; it is a third-party wallet that allows users to mine Ravencoins on their wallet.
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