What is Ravencoin?
It’s time for something new again! Ravencoin! Not that Ravencoin is new, but it is a coin that does something different than the other coins. First of all, the Ravencoin owes its name to the ravens from the Games of Thrones series.
In it, the ravens symbolize the communication from one to the other, which all go through the ravens. Despite this piece of history, we will of course talk extensively about the Ravencoin.
Ravencoin is a fork of Bitcoin . Even though Bitcoin is still the most favored and used cryptocurrency in the world, on the sidelines they are working hard on tokens with new features, including Ravencoin.
Ravencoin primarily focuses on the purpose of exchanging assets over the blockchain . This can be online games, gold, other precious metals, ownership of land or companies, you name it.
Curious about what Ravencoin has to offer? Watch this short informative video before reading further. In just a few minutes you get a much better idea of what Ravencoin is and what they want to achieve with the project.
As mentioned, Ravencoin is a hard fork of Bitcoin. In other words, a token that owes its base to the same kind of base as Bitcoin. As a result, Bitcoin’s history was copied at a certain point and the code has gone in a different direction from that moment on.
From that moment on, Ravencoin has also become its own project. In fact, there is now quite a difference between Ravencoin and Bitcoin. The project team has definitely not been idle since the white paper was published (April 3, 2018).
Where Bitcoin has a clear limit of 21 million Bitcoin in circulation, we can expect a thousand times as much from Ravencoin. In other words, 21 billion Ravencoins. Also, the block time has been made shorter, compared to Bitcoin.
Precisely because the block time has been reduced to just 1 minute, transactions by the nodes and the network can be checked much faster, which is another favorable side effect of Ravencoin compared to Bitcoin.
Also, the mining fee at 5000 RVN is significantly greater than the 50 BTC fee Bitcoin once started.
Important facts about Ravencoin
Now that you’ve gained some insight into Ravencoin, it’s important to take a closer look at a few more facts. We therefore list a few important facts for you:
- Ravencoin’s launch went off in a way that is very reminiscent of how Bitcoin started its legend. No ICO took place, the creators of Ravencoin did not apply a pre-mine and no Founders pool was opened. In that regard, Ravencoin is very similar to Bitcoin, which also did not have any of this.
- One of the main backers of the project is Crypto veteran Patrick Byrne, the CEO of Overstock. Overstock was one of the first companies in the world to accept payments in Bitcoin. He has single-handedly invested several millions in Ravencoin’s project.
- Unlike many other coins, RVN mining cannot be done by ASICs. In other words, you cannot use professional mining equipment to mine more efficiently. As a result, mining Ravencoin is very fairly arranged in a fairly unique way for now and for the future.
- In the period from 11 to 22 October 2018, the Ravencoin managed to increase in value by a whopping 370% in just 10 days!
The main similarities between Bitcoin and Ravencoin
Precisely because Ravencoin is a hard fork of Bitcoin, there are indeed several similarities between the two coins. So the most important similarity is that there was no pre-mine before the release of RVN.
A pre-mine is actually mining by the founders before the release of a token, so that in principle many of the tokens could have been mined for their own profit. This did not happen with Bitcoin and this did not happen with Ravencoin either.
This is quite unique, in the crypto industry.
What problem does Ravencoin solve?
The question is, of course, what the added value of Ravencoin is, while we have had Bitcoin for years. Several years after the launch of Bitcoin, it became clear that it was possible to process certain assets on the Bitcoin blockchain.
It is thus possible to add new assets by using secure transactions on the blockchain. The operation of this is very similar to the addition of assets on the Bitcoin protocol.
What is a problem is that Bitcoin’s current nodes are not able to recognize these assets. Bitcoin as a project is therefore designed to carry out digital transactions, not to use it as a Crypto asset trading platform.
Incidentally, that problem is broader than just the Bitcoin protocol. Also, the majority of Bitcoin wallets are not able to recognize assets. These are all issues addressed and resolved by Ravencoin and the RVN token.
Ravencoin’s specialization is therefore the digital asset platform. In this it is particularly aimed at the creation of token securities, which is built into the code of the protocol.
In that regard, Ravencoin is very similar to Ethereum , which in principle can also function excellently as an asset platform. However, the difference is that Ethereum only works with smart contracts for this . The following advantages are therefore relevant for Ravencoin, with regard to Ethereum:
- Ravencoin’s platform allows for dividend payments.
- It is very easy and safe to send digital assets.
- The platform is extremely suitable for creating Security tokens .
Don’t want to use your Ravencoin for trading, or do you prefer to store it safely? Then it is best to use a Ravencoin wallet. You can usually use two different kRVNs in terms of Ravencoin wallet. Either you choose an external software or you choose a hardware wallet . A hardware wallet is always the safest Ravencoin wallet to store your Ravencoin tokens. A popular hardware wallet is the Ledger Nano .
The least secure option is to leave your Ravencoin tokens on the exchange . As soon as your IOS tokens are on an exchange, you run the risk that the exchange will be hacked or that due to a DDOS attack on freezing from a federal investigation, you can temporarily or permanently no longer access your Ravencoin coins. If you want to park your Ravencoin tokens at any cost on a reliable exchange? Then choose the cryptocurrency exchange Binance .
Do you want to buy Ravencoin? Then there are now many platforms and brokers that allow this. Buying Ravencoin is incredibly simple. The easiest for Dutch klRVNen is to do this via the Bitvavo exchange. You can easily create an account here. After you have linked your bank account, it is possible to deposit euros via IDEAL.
After you have topped up your account with euros (or other cryptocurrencies) you can immediately buy your Ravencoin coins. Have you made a profit and do you want to collect this profit? Sell your Ravencoin token again on Bitvavo and transfer the profit back to your bank account free of charge.
Buy Ravencoin? Buy them right down here on Bitvavo!
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com