What is Ravencoin?
Ravencoin is a digital peer-to-peer (P2P) network that seeks to incorporate a use case-specific blockchain that is built to effectively manage a single function: asset transfers from one group to another.
Ravencoin was revealed on Oct. 31, 2017, and binaries for mining were launched on Jan. 3, 2018, with what is known as a fair launch: no premine, ICO, or masternodes. It was named after the HBO series Game of Thrones.
The protocol is intended to make it easier to create and share tokens that reflect real-world properties including stocks, collectibles, gold, event tickets, and even airline miles.
Ravencoin was created as an open-source fork of Bitcoin’s codebase, which means that its developers copied and tweaked Bitcoin’s code to incorporate new functionality tailored to specific objectives.
How Does Ravencoin work?
Ravencoin is a fork of the Bitcoin code that includes four major changes: a changed issuance schedule (with a block incentive of 5,000 RVN), a one-minute block length, a coin supply limit of 21 billion (ten times that of BTC), and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) designed to counteract the centralization of mining generated by ASIC hardware.
Ravencoin is a cryptocurrency that seeks to tackle the issue of wealth conversion and exchange on the blockchain. Previously, an object formed on the Bitcoin network may be unintentionally lost when the coins it was produced with are exchanged.
RVN coins are intended to be used as network internal currencies and must be burned in order to issue token assets on the Ravenchain. Real-world custodial items such as gold or tangible euros, intangible products and objects, a share of a project such as stocks and shares, airplane miles, or an hour of someone’s pay, and so on are all examples of assets.
What is the History of Ravencoin?
Ravencoin was created in 2018 by businessman Bruce Fenton and developer Tron Black as a fork of Bitcoin’s code.
The Ravencoin team tried to imitate Bitcoin’s launch while excluding either public or private token sales to customers. This meant that none of Ravencoin’s token stock was put aside for anyone in advance.
The core team was sponsored by Overstock.com affiliate Medici Ventures at the time of production.
How Do I Hold Ravencoin?
Ravencoin (RVN) can be held in the official wallet, along with the mobile wallet.