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Introduction

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:

  • DigiFinex
  • CoinEx
  • Binance
  • BitForex
  • Upbit
  • OceanEx
  • Bittrex
  • VCC Exchange
  • Bittrex
  • CryptoBridge

How to Buy Ravencoin

In order to purchase RAVENCOIN tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for RAVENCOIN. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy RavencoinUse the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.

Register on Coinbase

Step 1: Create a Coinbase account

Select the “sign up” tab and complete the form by entering the requested information, including:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

Step 2: Verify your account

  • Issue your phone number
  • Upload an image of your photo ID
  • Verify your credit or debit card, or your bank account information

Step 3: Select the “Buy/Sell” option on the menu, once our account is verified

After verification, select the “Buy/Sell” option on the menu

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Ravencoin

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Ravencoin

  1. When your ETH has arrived in your Binance account, you can exchange it for RAVENCOIN tokens
  2. Select ETH currency
  3. Search for RAVENCOIN in the search box and select it

Exchange Ethereum for RavencoinSelect whether you want to “Limit” order (you can choose the amount of RAVENCOIN you want to purchase) or “Market” buy, which will autofill your order at the best price

Step 10: Select the “Buy” button

  • Once you have chosen the amount of RAVENCOIN you would like to purchase, select the “Buy button”
  • Your RAVENCOIN order will be immediately filled; your ETH will be transferred into RAVENCOIN
How to Buy RAVENCOIN on Binance

Exchanges you shouldnt miss when you want to trade crypto

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:

  1. Open an account with one of the cryptocurrency exchanges listed above
  2. Transfer your Ravencoin to the cryptocurrency exchange
  3. Exchange your Ravencoin for Bitcoin
  4. Move your Bitcoin to LocalBitcoins or Coinbase
  5. Convert your Bitcoin into fiat currency and transfer the funds to your bank account

Conclusion

While Ravencoin is a relatively new cryptocurrency, it does have two key facets which bode well for its success in the future. Ravencoin serves a potentially huge market and it has a very clear focus. Ravencoin is only trying to deliver on one thing which is to provide efficient transfer of assets on the blockchain. Unlike some other blockchain start-ups it is well funded and backed by one of the best-known names in eCommerce. Overall this does bode well for the future of this cryptocurrency.


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