Transfer assets with ease with Ravencoin
The other blockchain projects try to seduce users and investors by promising mountains and wonders. These overly ambitious projects end up being lost, because the problems to be solved are dense. Conversely, Ravencoin focuses on a single objective: carry out asset transfers. To do this, it uses the UTXO model as well as the X16R mining algorithm.
Presentation of cryptocurrency
Ravencoin is a fork of Bitcoin. Cryptocurrency wants to specialize in the field of asset transfers. The platform uses the Bitcoin UTXO system, discover its history.
What is Ravencoin?
Ravencoin consists of a blockchain specially focused on the creation and transfer of assets from peer to peer. This is an open-source project planned for the transfer of goods. Based on the same model as Monero which focuses on the protection of privacy, Ravencoin focuses on the transfer of assets.
Ravencoin is placed in the 38th place of cryptocurrencies in terms of capitalization on the crypto market. It reveals a market capitalization of 155,106,463 euros. Better known by the acronym of RVN, the virtual currency has 3,449,959,000 tokens in circulation. The quantity to be generated is estimated at 21,000,000,000.
The UTXO model
Like Bitcoin, Ravencoin uses the UTXO (Unspent transaction output) model. This model proposes that each transaction comes from an output of a previous transaction which created new outputs. Unspent transactions (unspent) are kept in blocks. When the user checks his balance, the application totals all the UTXOs in order to display the current amount.
The platform works with the Proof-of-Work system. As a currency from a fork of Bitcoin, Ravencoin has some similarities to the parent cryptocurrency. The two virtual currencies have the common goal of maintaining the spirit of community and sharing.
The story of Ravencoin
The Ravencoin project was launched in October 2017. Two months later, virtual currency was discussed at the Free State Blockchain Digital Assets Conference. The official start of mining was launched on January 3, 2018. In April 2018, the currency became compatible with Ledger Wallet.
The platform is currently recording early growth. It lists 4,314 complete mining nodes, 339.15 GH / s of network hashing. His Twitter account has 3,928 followers. The network records 509,421 transactions. With such growth, the Ravencoin course progresses considerably.
The differences between Ravencoin and Bitcoin
The main difference between Ravencoin and Bitcoin lies in the number of tokens in circulation. Ravencoin has 21 billion tokens to distribute, while Bitcoin has only 21 million. RVN unveils a one minute time block, while BTC presents 10 minutes of block reward.
Bitcoin uses the SHA-256 hash algorithm, while Ravencoin makes use of the X16R. This algorithm slows down the extraction of ASICs. Unlike the majority of cryptocurrencies in circulation on the market, Ravencoin did not organize an ICO when it was launched.
How does cryptocurrency work?
The platform wants to focus on blockchains in order to carry out asset transactions. Here is how it works!
Ravencoin offers to make instant payments to any user around the world. To do this, it creates an optimized blockchain that specifically processes the transfer of assets, including tokens from one holder to another.
Ravencoin has three key changes: an issue schedule of 5,000 RVN per block, a block time of one minute, and the X16R mining algorithm. The latter solves the centralization problem caused by ASIC hardware.
To mine RVN, you must create a wallet and have a wallet address where the miner receives his RVN. He then chooses a mining pool. A list of mining pools is also available on Ravencoin’s Bitcointalk thread.
Any minor can mine RVNs as long as he is in possession of good quality materials. Thanks to its new X16R algorithm, Ravencoin is perfectly decentralized. The risks of monitoring mining companies are nonexistent.
The pros and cons of this cryptocurrency
The Ravencoin price saw two increases in March and May 2018. The Ravencoin course remains stable, which is perfect for making an investment. The platform nevertheless raises some drawbacks.
The major advantage of cryptocurrency is the use of the X16R algorithm. This consensus makes it possible to circumvent the problems linked to the use of ASIC-type equipment. The latter generates an increase in energy costs and needs. This type of instrument is only accessible by mining companies.
On the contrary, anyone with good equipment can easily mine RVN tokens. Its mining does not generate either an overconsumption of energy or an increase in the cost.
The cryptocurrency is linked to the Ethereum platform, which ensures maximum security. However, fixed assets are tied to transactions. In other words, you have to spend the base currency in an appropriate amount to validate the associated transaction. If the affiliation costs are high, the transaction will also be costly.
How to buy this cryptocurrency?
As a relatively young project, Ravencoin has little commercial data. Ravencoin price stabilizes at 0.014998 €. If you want to buy RVN tokens, here are the procedures.
You have an alternative between mining and buying on the stock market to get RVN tokens. However, virtual currency is only available on a limited number of exchanges. You have to fall back on buying Bitcoin on CryptoBridge before trading it for RVNs.
The other option is to buy Nano on Nanex before trading them for RVN tokens on trading platforms. If you live in China, you can also buy CNYs on QBTC before exchanging them for RVNs.
Where to store RVN tokens?
For security reasons, you should store your RVN tokens in a safe place, especially in an electronic wallet. The platform development team offers a desktop wallet and an Android wallet. Another iOS wallet is still being created.
You can also use the official PocketRaven wallet already available. Other wallets like Ledger Nano S and Trezor support this type of token. These devices have the advantage of being perfectly secure.