The cryptocurrency market is a space in which users are introduced to new coins, tokens and investment opportunities every day. It is a space that developers let their imaginations go wild, gain community support and then deliver on their promises too. While there are a lot of options, only a few of them convert into worthwhile investments in the long run.
Among the new entries into the cryptocurrency market and blockchain industry with a blockchain and a token, is Ravencoin. Ravencoin is less than a year old, having been launched in January this year. But has managed to amass quite a large following and support system in the cryptocurrency community and struck a chord with it too. Ravencoin, in its few months of existence, has managed to break all possible predictions and expectations that people had about it when it started out.
What is Ravencoin?
Ravencoin is a Bitcoin fork. Ravencoin is a blockchain and token that is solely dedicated to facilitating the creation and peer-to-peer transfer of assets. While the creation of assets is a very common goal among cryptocurrencies and while there are many platforms and tokens that provide this functionality, Ravencoin stands out because it is a token and a blockchain that is solely dedicated to this purpose alone.
When talking about Ravencoin, a lot of people dismiss the project because it is offering a functionality that is already delivered by the top names in the cryptocurrency industry like Bitcoin and Ethereum. But its sole purpose is to facilitate asset creation and peer-to-peer transfer. And it allows its users to exchange, transfer and create real-world and digital assets on its network.
There are three types of Ravencoin tokens on their network. Each having widely subscribed to use-cases on the network and each of them is optional and left to the user’s discretion. The three types of tokens that Ravencoin has on their network are:
The unique token is the cornerstone of the Ravencoin project. It is the functionality and the type of token that allows users on the network to create their own.
On the Ravencoin network, users can use, create and transfer real-world assets as well as digital assets. Some examples of real-world assets are; fiat currencies, precious metals like gold, silver and platinum, etc. Pegging tokens on these real-world assets, Ravencoin users can create their own tokens that can and will be distributed on the Ravencoin network.
The aim of the Ravencoin fork is to give users a platform and a network to create their own tokens and distribute the same. As an incentive to use and transact in user-created tokens, the company has created a token that does just that; incentivise the use of created tokens.
A token creator can choose to distribute rewards to users. The determining factors and the amount of the reward are all up to the creators themselves.
Ravencoin essentially provides its users with a network which supports sub-networks of user-created assets and digital tokens. To make sure there are proper consensus and seamless functioning within the main network, it is important to have active communication channels among these sub-networks.
So whenever a user creates a token with the intent of distribution, a non-asset token is issued as well that facilitates communication and interoperability among these sub-networks. This particular type of token, on the Ravencoin platform, is non-negotiable and compulsory.
The company behind Ravencoin has also done away with most of the traditional hallmarks of a cryptocurrency startup like; ICOs, structured hierarchical teams and whitepapers promising the moon. And has stuck to the basics, with regard to their goal, while keeping their head down and remaining focused on their goals.
Ravencoin: A Bitcoin Fork
At the core, Ravencoin is a fork of the grandfather of the cryptocurrency market; Bitcoin. Bitcoin; being the first cryptocurrency and having practically given birth to the cryptocurrency market, is the base of all subsequent iterations, permutations and combinations that are the altcoins.
While some altcoins have gone out of the way to change things about their existence and bring in more functionalities, the most primal parts of these coins are advanced versions of Bitcoin code. The only advantage that these altcoins and subsequent forks of Bitcoin have over the original Bitcoin is the fact that the market and the technology is more seasoned.
By being a more seasoned technology, the market and developers are now aware of the disadvantages and shortcomings that it poses. And have managed to find many workarounds that take the technology to newer heights. With that in mind, these are the changes that the most recent Bitcoin fork has introduced into the market.
|Starting Mining Reward was at 50 BTC||Starting Mining Reward was at 5000 RVN|
|Low block rates. (10x slower than RVN blockchain.)||1/10th the Bitcoin block time for one block to be added onto the RVN Blockchain|
|21 Million BTC in Total Supply||21 Billion RVN in Total Supply|
|SHA-256 Hashing Algorithm||X16R Algorithm|
The one very important thing that Ravencoin has carried on from Bitcoin is the most successful Bitcoin Unspent Transaction Output (UTXO) model. That is an unspent transaction output is used as the input for the next transaction. The fact that this particular functionality of Bitcoin is carried over into the new fork instils a little more faith in the Ravencoin platform, blockchain and token.
The RVN Token
The native token of the Ravencoin blockchain and platform is the RVN token. In full use, the RVN token is going to be a utility token that will be distributed on the network. One of the main projected uses of the token is its use in the distribution of rewards by token creators.
In terms of trading history, there isn’t much historical data to go on, considering that the coin was only launched in January this year. But the coin has seen a couple of spikes in value over the last 10 months of it being in the open market and is projected to only rise. Being a relatively new token, the token is being approached rather carefully at the moment, but being a dedicated peer-to-peer asset transfer facilitator will bode well for the company in the long run.
The token’s all-time high over the last nine months was $0.06 USD and the price at the time of writing is $0.019 USD.
Must Read Trade Recommendation : Buy Siacoin
Buying and Storing RVN
Again, because the token has just about hit the market and is beginning to make a splurge, it is not listed on many exchanges at the moment. But the coin has recently been added to many of the top exchanges in the market. To buy RVN tokens head over to; Binance, Bittrex and Upbit. One of the first exchanges to list the token, however, was CryptoBridge.
Currently, the token comes with a desktop and mobile application wallet on which the tokens can be stored safely and remain secure. But all exchanges that have the coin listed and also provide wallet services, allow the storage of the RVN tokens. Most hardware wallets of cryptocurrencies are also getting onboard.
Read More: How to Find an Altcoin Bottom and Uptrend
[bctt tweet=”Coin Review – RAVENCOIN; A BITCOIN FORK” username=”ItsBlockchain”]
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