The price Ravencoin today is 0.067962 USD, and the trading volume in 24 hours - 72,900,942 USD. The crypto asset has grown by 11.08% over the day. Currently, the coin’s market capitalization is 633,593,415 USD, and has 9,322,760,000 coins in circulation with the max supply of 9,322,760,000 coins RVN.
What is Ravencoin (RVN)?
Ravencoin is a software that aims to stimulate a network of computers to work with a platform that allows users to create a new class of crypto assets.
The protocol is designed to facilitate the creation and transfer of tokens that represent real assets, such as securities, collectibles, gold, event tickets, or even airline miles.
Ravencoin was launched as a fork of the open source Bitcoin codebase, meaning that its team copied and modified the BTC code to add additional features designed for various purposes.
In addition to the ability for users to issue personalized assets on their network, other changes included a one-minute block time and a block reward of 5,000 RVN - Ravencoin's own cryptocurrency.
Who created Ravencoin?
Ravencoin was launched in 2018 with a fork of the Bitcoin code by businessman Bruce Fenton and developer Tron Black.
The Ravencoin team, while refraining from any public or private token sale to investors, attempted to simulate the launch of Bitcoin, which meant that none of its tokens were set aside for others in advance.
At the time of launch, the core team was funded by a subsidiary Overstock.com, Medici Ventures.
What is unique about Ravencoin?
The Ravencoin code was copied from Bitcoin, but sets its own unique network, asset, and protocol rules. Other parameters have been changed to encourage asset issuance and data exchange between users of certain tokens on their network.
Since Ethereum and Bitcopin were not designed to simply assign assets to individual users, the creators of tokenized assets had to confirm their ownership of them. This should be easier to do on a network specifically created for this task. Supported assets include both real assets, such as legal documents, gold bars and silver coins, and "virtual" assets, such as licenses for various activities, access tokens for certain services, game items and currencies, software licenses, etc. Ravencoin also allows you to tokenize credit cards, gift cards, and bonus points.
Tokenization of assets makes it easier to manage their ownership, and Ravencoin aims to simplify this process. Ravencoin aims to make each tokenized asset unique and easily traceable to its original project through its tamper-proof registration system. At the same time, this should not interfere with its attempt to offer an advanced model of decentralization, coupled with a commitment to maintain the sustainability of the ASIC project for as long as possible.
Ravencoin sees tokenized assets as potentially disruptive to existing securities and equity markets. The reason for this is that the creators of assets in the Ravencoin blockchain will be able to provide rewards to users who hold their tokens.
To keep its network synchronized, Ravencoin uses a variant of the Proof-of-Work (PoW) consensus mechanism called KAWPOW, aimed at lowering the barrier to mining entry on its network.
How many RVN coins are in circulation?
As of February 2021, there are 8,038,490,000 RVN coins in circulation, with a maximum offer of 21,000,000,000 RVN coins.
How is the Ravencoin network protected?
To protect its network, Ravencoin uses a consensus mechanism similar to Bitcoin Proof of Work (PoW) - KAWPOW. However, instead of mining on specialized hardware, any user who wants to become a miner can do it with their own processor.
Similar to PoW in PTS, KAWPOW is used by a network of computers running Ravencoin software to secure the network, verify transactions, and distribute newly created rvns.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.