Cryptocurrency Ravencoin (RVN): review, online chart and rate, mining, how to buy and sell, forecast and prospects
Ravencoin is a blockchain-based peer-to-peer system for managing efficient asset creation and transfer.
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- 1 Ravencoin (RVN) cryptocurrency – what is it
- 2 Features and capabilities
- 3 How to buy or sell on the Binance exchange
- 4 Description of the project, history of creation
- 5 Features of cryptocurrency, technical implementation
- 6 Advantages and disadvantages
- 7 Wallets for RVN
- 8 Mining: how to mine Ravencoin
- 9 Prospects and forecast
Ravencoin (RVN) cryptocurrency – what is it
Within Ravencoin, customers can easily transfer tokens to each other. The system is based on Bitcoin, being its fork. Key changes: different block formation time (one minute), different issue, addition of asset creation and messaging capabilities.
Ravencoin is a free and open source platform. All RVN tokens are issued according to certain algorithms, mined publicly and transparently. There is no institution or individual distributing the funds. Ravencoin’s priority is privacy, user safety and resistance to economic censorship.
Features and capabilities
The platform resembles Bitcoin in many ways, but has a new mining algorithm (x16r), which is designed to prevent the dominance of ASIC hardware. There is no token premining. Coins are mined quickly and the value should grow naturally as they are gradually paid out to the holders.
The names of the tokens that users will create are unique. The owner (issuer) is the one who issued the token with the given name for the first time. The issuer also sets the maximum number of coins, the number of decimal places, determines the possibility of issuing several types of tokens in the future.
Assets are integrated with a GUI wallet, from where they are easy to manage, issue new ones, display current balances.
The Ravencoin project is positioned as a means to equalize the interests of all participants, which traditional financial structures cannot do. In theory, projects with tokens could replace a corporate structure with bosses and subordinates. Open source makes it possible to create many interesting projects, as well as tokenize existing structures.
The main characteristics of Raven Coin as of 30/03/2019:
✅ Market cap – $ 199,900,773.
✅ The exchange rate to the dollar is $ 0.062199.
✅ The current issue is 3,213,875,000 RVN.
✅ The maximum emission is 21,000,000,000 RVN.
✅ Explorer – ravencoin.network.
✅ Mining algorithm – x16r.
✅ Block reward – 5000 RVN.
✅ Block creation time is 1 minute.
Online chart of the RVN / USD rate
How to buy or sell on the Binance exchange
Instructions: how to buy Ravecoin.
- You need to register on the binance.com exchange website. Account verification is optional. Confirm your registration email and enable two-factor authentication for security in the settings.
- Replenishment of the balance of the exchange with cryptocurrency (“Funds” – “Deposits”). Also, you can buy Bitcoin from a bank card in the “Funds” section – “Buy with Credit Card”.
- Go to the trading terminal and select the desired currency pair RVN / BTC or RVN / BNB.
- Create a buy order. To do this, indicate its type, quantity and cost.
- After the execution of the order for purchases, RVN is credited to the balance of the wallet. To view it, go to the “Funds” – “Balance” section:
Instructions: how to sell, exchange Ravecoin.
- Transfer RVN cryptocurrency to Binance. Wallet address in the section “Funds” – “Deposits”:
- Select a trading pair in the terminal. For example, RVN / BTC – we sell and receive Bitcoins.
- In the sell order, we indicate the quantity and price, if it is a limit order. In a market order, fill in only the “Quantity” line. Check the data and click “Sell RVN”.
- The order will be displayed in the trading history and until it is executed, it is available for cancellation. After the order is executed, the balance of the Bitcoin cryptocurrency will be replenished.
- For the subsequent exchange of Bitcoin for rubles, dollars, etc., it must be withdrawn to a fiat crypto-exchange (Exmo, Localbitcoins and others) or exchanged in exchangers. To transfer to another exchange, specify the Bitcoin address and amount in the “Funds” – “Withdrawal” section. Consider the minimum limits of the host exchange.
- Use observers such as Blockchain.com to track the transaction.
- After confirmation, the status in history will change to Completed.
- We do the same when withdrawing coins to the Bitcoin exchanger.
Description of the project, history of creation
The world first heard about Ravencoin on the last day of October 2017, and mining started in early January 2018 – just on Bitcoin’s 9th birthday.
In early March, the coin showed excellent growth, having risen from $ 0.01 to $ 0.02, becoming the leader in the rate of increase in the rate per week. And this despite the absence of any significant event that could trigger growth. Presumably, the influence was influenced by three news that emerged about the project, namely:
- The ability to use a fully functional mobile wallet: tokens can be issued directly from a smartphone.
- Positive feedback from experts: for example, the well-known financier Bruce Fenton believes that this development can significantly squeeze smart contracts and various complex programs, as well as reduce the importance of a computer in the process of work.
- Fast implementation of the LightningNetwork protocol. As you know, it significantly increases the scalability of the network. Ravencoin is fully LightningNetwork compatible because it matches Bitcoin technically.
On March 2, 2019, it was announced that the coin will be traded against the US dollar on the Vertbase exchange.
Features of cryptocurrency, technical implementation
Tokens comply with the ERC721 standard, they can change owners by transferring to another address.
Examples of using unique tokens in the Ravecoin blockchain network:
✅ An artwork provider creates an asset called ART and then assigns a title or serial number to each artwork. Unique tokens are transferred to the new owner along with the purchase of a work of art, serving as a proof of authenticity. Tokens such as ART: VenusDeMilo and ART: MonaLisa are not fungible.
✅ A software developer can release an asset with the name of their software, for example, ABCGAME, and then assign a unique identifier or license key. Game tokens can be transferred as proof of license. ABCGAME: 39822 and ABCGAME: 42355 are unique tokens.
✅ Game assets. In a computer game, functional assets can be used: ZYX_GAME: SwordOfTruth005, ZYX_GAME: HammerOfThor, etc. You can sell or buy such assets to other players using QR codes.
✅ Unique tokens can also be tied to real assets such as gold.
In a word, there are an unlimited number of options – from car registration to licensing of intellectual property.
Advantages and disadvantages
The main advantages of Ravecoin:
- The ability to issue and transfer electronic currencies with great confidentiality and a high level of decentralization.
- Integration of convenient and secure communication technology between users.
- Numerous bonuses and awards for participants, especially those who help to find the weak points of the project.
- There is no significant benefit from using ASIC miners yet.
- Maintaining the network requires a lot less electricity than Bitcoin or other popular cryptocurrencies.
There are also several technical downsides:
- The x16r algorithm is highly dependent on miners, with performance fluctuations up to 50 percent. To even out the process requires fine tuning that novices can’t do. Literally everything, right down to the operating system, affects performance.
- Because of the changing hashing algorithms, it is much more difficult to work with benchmarks.
- Periodic freezing of the farm during mining.
- It is almost impossible to increase your mining speed by overclocking.
It turns out that most of the disadvantages relate to technology, therefore, they are quite available for elimination. So, many problems with mining have already been eliminated, which made the process more comfortable.
Wallets for RVN
To store RVN tokens, a wallet is used, the principle of which does not differ from Bitcoin. Cold storage options are also available.
The official website ravecoin.org presents several options for cryptocurrency wallets for different operating systems. Synchronization with the network is carried out automatically after installation. Encryption methods are used.
Mining: how to mine Ravencoin
Ravecoin is now quite popular among miners, in part because it can be mined on processors and graphics cards. However, solo mining almost immediately became irrelevant, dozens of different pools were formed.
When choosing a pool, consider the commission fees and the total hash rate. Ravencoin is convenient to mine thanks to the frequent block generation and fair distribution of the reward.
Prospects and forecast
As always, the new coin has supporters and opponents. Experts talk about the numerous positive qualities of the Ravencoin cryptocurrency. In particular, there were no ICOs or large-scale advertising campaigns – obviously, the developers were already confident in their brainchild without this. Of course, the lack of a marketing plan negatively affected the number of participants – their growth could have been much faster.
Simple mining of RVN provides it with good prospects among professional and novice miners. New investors come into the system even though there is no aggressive marketing. Therefore, at the moment, the prospects and outlook for Ravencoin look very optimistic.