How did the Ravencoin coin appear?
The project is based on the idea of creating a peer-to-peer peer-to-peer network, within which users could exchange tokenized assets (including those created independently). In order to conduct settlements in the system, a financial instrument was needed. It became the Ravencoin cryptocurrency, the rate of which, as of July 3, 2020, is at $0.050758. The Ravencoin exchange rate to the ruble, at the time of writing the review, was ₽3.23.
Currently, the cryptocurrency is in 44th place in the overall capitalization rating of the CoinMarketCap resource. The maximum supply of Ravencoin is 21,000,000,000 RVN, of which only 3,893,580,000 coins are in circulation. The cryptocurrency is a fork of Bitcoin. At the same time, the differences between Ravencoin and BTC include the following points:
- the difference in the time period required to form a block (in the case of Bitcoin it takes about 10 minutes, for RVN 1 minute is enough);
- a technical feature of the system is the ability to scale blocks, adjusting their size if necessary;
- tracking of transactions on the network is available only to their organizers (outside observers cannot see information about the transactions of others).
The key difference remains the ideology chosen by the creators of the project. If Bitcoin is a financial instrument designed to replace fiat, then RVN is a cryptocurrency for conducting mutual settlements within a specific project.
Accordingly, two categories of people may be interested in purchasing Ravencoin: those who want to make money on the difference in its rate (including miners), as well as potential users of the platform and admirers of ideology. It is almost impossible to pay RVN for goods and services.
Description of the Ravencoin (RVN) cryptocurrency
The Ravencoin cryptocurrency is currently ranked 200th with a market capitalization of $30,585,136 (4,082 BTC). Currently valued at 500 Satoshi per coin, it is not surprising that this coin will soon make it to the top 100 coins list. At the time of writing this article, the turnover is RVN 728,375,000.
Ravencoin Specifications
- Token: RVN
- Algorithm: X16R
- Coin Type: Proof of Work
- Total coins: 21 billion
- Block processing time: 1 minute
- Block reward: 5000 RVN
- Official website: ravencoin.org
- Block Explorer: explorer.threeeyed.info/
- Statistics: rvnstats.info
- Ravencoin Wikipedia: raven.wiki
- Ravencoin on Github: github.com/RavenProject/Ravencoin
Since the day of its announcement, more and more miners are joining Ravencoin mining as there is strong community support and also influenced by the coin's huge potential. This is not one of those pump and dump coins, it has a proposition. Ravencoin has an active development team that is working on creating this coin.
The Ravencoin cryptocurrency is a specific blockchain designed to convey statements about who owns assets.
Ravencoin (RVN) is not just a cryptocurrency, but a digital peer-to-peer network designed to facilitate the transfer of assets, like Ethereum.
The Ravencoin project is a hard fork of Bitcoin, created through the continuous efforts and hard work of several hundred developers. Ravencoin is based solely on Bitcoin code, with the exception of a new PoW algorithm known as X16R to prevent the creation of ASIC devices for mining. So, what new does this coin offer other than the X16R?
How to create a wallet for Ravencoin
The official wallet for Ravencoin can be downloaded on the project website in the “wallet” section. The developers presented versions for mobile phones (Android and iOS) and desktop versions for various operating systems. The website also published a list of wallets from other developers, within which cryptocurrency can be stored. As of July 3, these include the following:
- Zelcore;
- Exodus;
- Spend;
- Trust Wallet;
- Cobo.
Download links are also provided on the official website. Additionally, the project team offers the possibility of storing cryptocurrency in paper wallets.
Ravencoin to dollar rate
According to Coinmarketcap data, Ravencoin is trading at $0.031. The historical maximum of the cryptocurrency was noted on March 27, 2018, then $0.073 was asked for 1 RVN. Thus, the drawdown is only 60%, which is a fairly good indicator in contrast to other cryptocurrencies (for example, Ethereum - 85%, Vechain - 95%). At the time of publication, Ravencoin is the 41st largest asset with a capitalization of $131 million. Please note that just a year ago the cryptocurrency did not even make it into the TOP 200, and this primarily indicates the expansion of the practical application of RVN.
Where to buy Ravencoin?
Cryptocurrency is supported by a huge number of exchanges, including Binance, DigiFinex, BitForex, etc. Since 12% of the total trading volume comes from Binance, we recommend using this trading platform.
For those who don’t trust exchanges much, there is the official Ravencoin Wallet. It can be downloaded on the official website of the Ravencoin.org project for all kinds of operating systems Windows, MacOS, Linux, iOS and Android.
Where to buy Ravencoin
As of the time of writing, the Ravencoin RVN cryptocurrency is traded on 20 digital asset exchanges, among which the maximum trading volume was recorded on Binance, DigiFinex, Upbit, Bittrex and BitForex.
Ravencoin is traded in pairs with classic cryptocurrencies and the stablecoin Tether. There are no fiat pairs.
How and where to buy RVN coin
The RVN coin appeared in January 2020. There was no ICO; after a small group of miners received 1% of the tokens, mining became available to everyone.
The developers stated that they were going to fight the monopolization of large mining pools and expensive equipment (like ASIC). Read more about mining the RVN coin from RuscoinsInfo.
The RVN token first appeared on the exchange in March 2020, costing approximately $0.02. The coin was listed on CryptoBridge, Nanex, Cryptohub, QBTC. Most often traded in pairs with LTC.
The link to the Ravencoin miner is located on Bitcointalk. For miners starting in 2020, it’s better to start with pools, of which there are about 15: Virtopia, MiningPanda, Hash4Life, Minepool, and so on.
In October 2020, RVN received a listing on the largest cryptocurrency exchange Binance, which led to strong growth of the token.
Mining
Anyone interested in mining Ravencoin should know that from the first days of the project’s existence, its team declared war on ASICs. The goal is achieved by mixing algorithms. The solution was embodied in X16R technology. At the time of writing the review, the results of cryptocurrency mining are as follows:
Algorithm x16r
The negative consequences of mixing algorithms include the variability of the RVN mining speed. The advantage of the X16R is the user’s ability to select the type of mining, and then use it for cryptocurrency mining. In case of negative results, the algorithm can be replaced with another one (from among those available).
Mining on Windows
The answer to the question of how to mine Ravencoin is the following scheme: you need to determine whether you will work alone or in a pool. Next, depending on your choice, you need to study the technical requirements, make sure you have the necessary equipment and download the appropriate programs for RVN mining. You can calculate your approximate profit using this calculator.
Setting up a miner for Hive OS
Cryptocurrency can also be mined on the Hive operating system. To work you will need to make a number of settings:
Mining on AMD RX
Work on AMD RX cards can be implemented using the Avermore program.
Mining Ravencoin
Mining works on the X16R hashing algorithm. At the moment, this algorithm is not unique, since niche projects such as Gravium and Hilux also operate on it. As we said above, the X16R has a distinctive advantage - ASIC resistance through alternating algorithms.
You can mine Ravencoin on any Nvidia and AMD video cards, even on an NVIDIA GeForce GT 1030 with 2 GB of RAM. For Nvidia, the T-Rex miner is suitable, and for AMD, the SGMiner. You can also use CCminer x16r, Nevermore and CCMiner.
As an example, consider mining Ravencoin with the 2Miners pool. First of all, you need to edit the .bat file from the archive and indicate your data.
Change YOUR_ADDRESS to the wallet address . Next, change RIG_ID - this name will be displayed in the miner’s statistics. The field is optional, so you can leave it empty or just rig-1 .
Below are the settings for the T-Rex miner:
t-rex.exe -a x16r -o stratum+tcp://rvn.2miners.com:6060 -u YOUR_ADDRESS.RIG_ID -pc=RVN
After launching the file and starting mining, we see the following:
Mining Ravencoin (RVN)
The Ravencoin (RVN) cryptocurrency is mined by processors, as well as video cards for mining. You can view the mining difficulty, mining calculator, and calculate mining income here. You can view the mining hashrate for your video card here (you need to select your video card at the top of the site and find the X16R algorithm just below, the mining hashrate will be displayed there).
You can download Ravencoin miners here. Setting up the miner is described there.
Ravencoin (RVN) mining pools
Pools where you can mine Ravencoin (RVN):
- hash4.life
- rvn.suprnova.cc
- cryptopool.party
- rvnpool.com
- www.minepool.com
At the moment, mining Ravencoin (RVN) is quite profitable. However, miners on the forums strongly complained about the curve of the miner’s software, the heavy loading of cards and the constant crash of the miner. Considering that the developers are improving the cryptocurrency, some bugs will be fixed. Considering the prospects for growth in the cryptocurrency rate, it makes sense to mine at least some Ravencoin.
Any unique use cases?
In addition to the types of items that can be sent with Ravencoin, the developers offer several examples of the system in action.
Imagine an art dealer who wants to transfer ownership of a physical painting to a buyer. Each of the tokens he creates in the Ravencoin system is associated with a unique name and serial number. This coin cannot be duplicated or destroyed and serves as a digital support for the physical painting. It also serves as proof of authenticity since the coin is unique and specific to that particular painting.
Ravencoin also envisions its system being used to facilitate shareholder voting in public companies.
"A public company that issues Nasdaq stock, as an example, would have to pay a quasi-monopoly company to obtain the mailing addresses of its shareholders at a certain point in time,"
the developers wrote,
“Physical mail (dead tree) should then be sent to shareholders with information on how to vote along with a proxy voting form.”
Ravencoin could potentially eliminate this system with messaging capabilities. Token holders are notified that a vote is scheduled to take place and then new voting tokens are issued at a 1:1 ratio with their original tokens. The actual voting can then be largely automated by sending voting tokens to specific account addresses.
How will the fork affect the rate?
This is a simple fork that changes the mining algorithm and should not affect the coin rate in any way. However, there may be a slight increase in price.
For example, during the last fork of Raven, which took place on October 1, 2020, the price of the coin was $0.0303, on October 14 – $0.038, and in early August the price of the coin became ~$0.05, that is, for the most part there was a drop in the rate.
At the time of writing, the RVN coin is trading at $0.015.
Despite this, there was a slight increase in the rate after the fork in 2020.
Conclusion
Before we wrap up, it's worth saying that this is one of the most active communities Discord has ever had. If you want to be a part of this project, you should check out the Ravencoin community on Discord.
Ravencoin began as an experimental project, and since it is completely open, anyone can freely suggest ideas or contribute. For this reason, it is open source with a unique idea behind it.
Additionally, there is news in which the CEO of Overstock is injecting “millions of dollars” into the Ravencoin project. It is unknown what the CEO of Overstock thinks and why he decided to invest so much money there and what we have not yet understood or seen in this coin.
In general, the Ravencoin (RVN) cryptocurrency can be considered quite promising, given the functionality and support. It’s definitely not worth registering her as a scam.
Where to buy Ravencoin cryptocurrency?
The Ravencoin cryptocurrency can currently be purchased on two exchanges. Current available exchanges where you can buy Ravencoin cryptocurrency:
- Crypto Bridge
- Nanex
Soon it is going to be launched on Komodo's decentralized exchange platform called Barterdex.
The price of Ravencoin (RVN), the exchange rate that the cryptocurrency currently has, the rate chart can be viewed here.
