Ravencoin and RVN Token: A Comprehensive Overview
Ravencoin is a peer-to-peer blockchain that aims to make asset transfers more efficient.
In addition to smart contract functionality and a range of features, Ravencoin is built on a fork of the Bitcoin codebase, allowing token issuance and exchange, as well as the development of decentralized finance (DeFi) programs and decentralized applications (dApps).
We examined the key characteristics of Ravencoin's blockchain to learn more about it.
Background
Bruce Fenton is the visionary and developer of Ravencoin. In 2017, the renowned programmer (and cryptographer) became interested in blockchain technology for issuing digital assets, unique tokens and securities.
In January 2018, Fenton along with financial expert Tron Blackman, launched the open-source code for the Ravencoin cryptocurrency network, built on the Bitcoin fork. The network's main goal is to create an ecosystem of digital assets that can be applied to real sectors of the economy. This includes real estate, voting, software products, and business protocols.
Funding rounds
Ravencoin has not conducted funding rounds or initiated an ICO. The developers did not receive funding from retail investors and did not collect transaction fees, except mining fees on the Ravencoin network.
Structure and features
Ravencoin is an advanced Bitcoin blockchain version. It allows for the creation of tokens within the network and tokenization of various financial assets such as stocks, precious metals, real estate, and intellectual property.
Ravencoin utilizes Proof-of-Work (PoW) consensus with its own X16R mining algorithm. The X16R consists of 16 different branches that are randomly chosen, making it impossible to use specialized mining hardware. RVN mining is done on hard drives and graphics cards.
RVN cryptocurrency
The native token of the Ravencoin blockchain, RVN, is used to pay transaction fees, tokenize assets, and serves as a means of payment on certain platforms. It is also an instrument for voting on the Ravencoin network.
The RVN coin has the following characteristics:
■ Market cap – $257 million;
■ Maximum supply – 21 billion;
■ Circulating supply – 12.3 billion;
■ Average daily trading volume – $12 million;
■ All-time high – $0.2856;
■ All-time low – $0.0124.
One may purchase RVN cryptocurrency on various exchanges such as OKX, WhiteBIT, Gate, KuCoin, etc. The complete list of trading platforms can be found on the CoinGecko and CoinMarketCap websites under the “Markets” section.
Ravencoin price fluctuations (CoinMarketCap)
Things of interest
● In early September 2022, RVN prices increased by 200% in one week. This surge occurred against the backdrop of Ethereum's transition to the Proof-of-Stake consensus algorithm, causing miners to switch their equipment to mining Ravencoin, resulting in a frenzy in the market.
● In April 2021, PayPal added Ravencoin as one of the four assets available on its payment service.
● Although Ravencoin is based on Bitcoin's code, it has a fixed annual inflation rate of 5.5%. At this mining tempo, the last RVN token will be mined in 2075.
● The Ravencoin cryptocurrency is named after the “Black Raven” – one of the symbols in George Martin's “A Song of Ice and Fire” books, which inspired the TV series “Game of Thrones”.
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