Ravencoin facilitates peer-to-peer transfer of assets via the blockchain. Ravencoin (RVN) is specifically designed for transferring of assets. This differentiates it from other cryptocurrencies where this is a secondary feature. It does this by enabling anyone to form a digital asset which is backed by RVN. This asset ownership can then be transferred to someone else, with the transaction fee paid in RVN. The Ravencoin ledger is then revised with the new ownership of that asset.
What is Ravencoin
At the core of Ravencoin is the asset creation and transfer process. To start this process, you need to create a token name and burn a set number of RVN. Once this is done you need to determine the number of tokens, whether more tokens can be issued in the future and the number of decimal places. In the case where the token will be used to prove ownership a unique token can be created. These tokens can be not be reproduced. A unique token might be used for a work of art, registering a vehicle or ownership of a property.
Ravencoin is a fork of the Bitcoin protocol. The underlying architecture of the Ravencoin protocol and Bitcoin is similar. However, modifications have been made to the architecture to address the scalability issue with Bitcoin. This means that blocktimes on Ravencoin are one tenth of those of Bitcoin. Ravencoin has a total coin supply which is one thousand times larger than Bitcoin.
Ravencoin also addresses one of the key challenges of many leading cryptocurrencies which is the centralisation of ASIC mining. To achieve this the developers of Ravencoin have an implement an algorithm called x16r. This designed to make the blockchain more resistant to ASIC mining. It is achieved by changing the order of the 16 hashing algorithms based on the previous blocks hash.
Ravencoin was launched on the 3rd of January 2018 with a total supply of 21 billion RVN tokens. Ravencoin did not hold an ICO but is instead mined in the same way as Bitcoin. Ravencoin wallets are available for desktop including iOS, web and Android. The development team is being funded by crypto-advocate Patrick Byrne, the former CEO of ecommerce giant Overstock. This via Medici Ventures which is itself owned by Overstock.com. The development team of Ravencoin includes Tron Black (Lead developers), Bruce Fenton and Patrick Byrne.
Where to buy Ravencoin
Ravencoin can be traded through a wide range of cryptocurrency exchanges. These include:
- VCC Exchange
Why buy Ravencoin
Ravencoin is designed to do one thing – and do that very well. Ravencoin allows for the transfer of assets using the blockchain. This allows users to transfer the ownership of real-world assets like gold or property or digital assets like in-game items. Fiat currency that is exchanged in the traditional economic system is only a fraction of the value that is transferred between people. The movement in financial assets between parties is much greater. When we consider that this is the need that Ravencoin addresses, it is clear why the opportunity for this cryptocurrency is so large.
While there are many blockchains that want to solve large problems, Ravencoin has a good chance of realising this vision. Ravencoin provides solutions to problems with other popular cryptocurrencies such a Bitcoin, including scalability and fairness of the mining process. On top of this Ravencoin is led by a talented development team and the backing of one of the largest eCommerce companies in the world.
How to sell Ravencoin
Ravencoin can be sold via the exchanges which are listed in this guide. To sell your Ravencoin follow these steps:
- Open an account with one of the cryptocurrency exchanges listed above
- Transfer your Ravencoin to the cryptocurrency exchange
- Exchange your Ravencoin for Bitcoin
- Move your Bitcoin to LocalBitcoins or Coinbase
- Convert your Bitcoin into fiat currency and transfer the funds to your bank account