Exchange rate Ravencoin:
Supply in circulation
Popularity by CMC
What is Ravencoin?
Ravecoin is a decentralized platform based on Blockchain technology that enables tokenization. It is an open source system whose main goal is to easily and cheaply create new digital resources. This means that each user can create their own token on the platform. In addition, Ravecoin enables the tokenization of physical objects, such as works of art. Thanks to this, it is easy to post an appropriate advertisement on the platform, it is possible to sell physical items in exchange for cryptocurrencies.
An additional advantage of the system is the ability to conduct your own ICO and STO on the platform. Thanks to this, Ravecoin can be used by young startups entering the market. The project plans to provide a decentralized messaging and file exchange system compatible with the Blockchain IPFS network. The next step is to enable voting with tokens and trade in tokenized securities, such as shares or bonds. The source code of the project is based on the Bitcoin repository, which may raise concerns about the long confirmation time of the transaction, but Ravecoin has no problems with this so far.
The history of the creation of Ravecoin
The project was created by the community led by Bruce Fenton. The official launch of the platform is January 3, 2018, but both the source code and whitepaper were published only 3 months later, on April 3, 2018 to be exact. It is noteworthy that Ravecoin did not need an ICO fundraiser. No tokens were issued before the official launch of the platform. This independence impressed the owner of the Binance exchange, who decided to introduce RVN tokens to its exchange. This resulted in a significant increase in the number of miners and the strengthening of the token. Currently, further development of the project is financed by the Medici Ventures fund, founded by the global online store Overstock.
How does Ravencoin work?
Ravecoin is a network based on the PoW (Proof of Work) consensus algorithm. This means that, just like with Bitcoin, mining is done by sharing your computing power to check, verify and confirm transactions on the network. The consequence of this is the extraction of new blocks.
They are mined every 60 seconds, and the mining reward is RVN 5,000. Halving is planned every three years, reducing the prize by half. The first will take place on January 31, 2022. The block size is similar to that of Bitcoin and is 1MB. The main difference is the use of the X16R hash function. It consists of a random sequence of sixteen other hash functions depending on the last eight bytes of the previous block hash. Thanks to such a large combination, Ravecoin is resistant to mining with specialized ASICs called cryptocurrency miners. This is to prevent centralization by concentrating computing power by cryptocurrency farms. There are 21 million tokens in total, and because it is a fairly young project, only slightly more than 7 million have been mined, which is 34%. Ravecoins are mainly mined using GPUs. Creating your own token is quite simple and intuitive process and comes with a cost of RVN 500.
Wallet for RVN
The official and dedicated wallet is Raven Wallet. It is a desktop wallet that allows you not only to store your RVN, but also to create your own jacks. In addition, the project provides the RVN Wallet mobile wallet available for both Android and iOS. Compatibility of other wallets leaves much to be desired, but the unofficial jacks on which you can store RVNs can be replaced with Mango Wallet or PocketRaven. When it comes to hardware wallets, Ravencoins can be stored on Ledger using Electrum-raven and on Trezor equipment, more precisely on One and T models.
The RVN had its highest price on June 3, 2019 and it was $ 0.07967. Currently, the Ravecoin token is listed on 38 exchanges. In terms of market capitalization, it ranks 95th and the daily turnover is USD 3 million, of which Binance is responsible for approximately 25% of the turnover, 23% for BitMax and 16% for OKEx. The turnover is lower on other exchanges. As for the other major exchanges, the RVN is also on Huobi and Bittrex.
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