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Note: this cryptocurrency is not available for withdrawal to external crypto wallets. It can be bought, held, and sold on Uphold.
About Ravencoin (RVN)
Ravencoin is a digital P2P network boasting of a singular purpose, that is, to efficiently transfer assets from one party to another. The Ravencoin network was built upon a fork of the Bitcoin network, thus providing it with the decentralized security of Bitcoin’s algorithms.
The RVN token was designed as an internal currency for the Ravencoin blockchain, facilitating transfers.
Ravencoin has introduced four new primary capabilities to the code: a modified issuance schedule (with a block reward of 5,000 RVN); a block time reduced to one minute; a coin supply capped at 21 billion (a thousand times that of Bitcoin); and the mining algorithm KAWPOW (a combination of the formerly named X16R and X16RV2 algorithms) that intends to mitigate the mining centralization associated with ASIC hardware. Additionally, the use of KAWPOW algorithms enhances the security of the network as it is resistant to ASIC hardware.
Acting as a competitor to the likes of Ethereum and Solana, the Ravencoin network seeks to streamline asset transfer and simplify token issuance (for which the Bitcoin network is not ideal).
On the Ravencoin network, projects and developers can create tokens that represent anything they want tokenized. Whether NFTs, stock shares, an hourly wage, a virtual item in their possession, the possibilities are said to be endless.
When was RVN created and how much was it worth?
RVN first began trading in March of 2018 at around $0.02772 before reaching an all-time high of $0.2854 in February of 2021. It has since shed over 89% of its value, according to CoinGecko.
How is the price of RVN determined?
Total maximum supply of RVN is 21 billion tokens. RVN entered the market without having done a pre-mine, nor having staged an initial coin offering (ICO); no allocation was set aside to reward developers and founders.
As of March 2021, 39% of the total supply of coins had already been mined, per CoinMarketCap.
The value of RVN in part owes to dynamics surrounding the burning of tokens as projects and developers begin to issue new tokens on the Ravencoin blockchain. In order to issue a token on the blockchain, developers and projects must burn specific volumes of RVN to facilitate deployment. Acting as a deflationary extension to their existing tokenomics structure, this allows RVN scarcity to increase, thus in theory, driving value upwards.
Why does RVN have value?
RVN maintains value thanks to its deflationary aspects (i.e. mandatory burning to facilitate new token deployment) but could appreciate over time provided the Ravencoin network achieves wider adoption.
Is RVN secure?
Being built on a fork of the Bitcoin network affords the Ravencoin network with security protection courtesy of Bitcoin’s decentralization and algorithms, such as KAWPOW.
The Ravencoin network is protected by the Proof-of-Work (PoW) mining algorithm, KAWPOW, which is the rebranded union of X16R and X16RV, which is resistant to standing mining (ASIC) hardware. This means that no individual or organization will ever have or be able to have enough hash power to try and attempt a 51% attack or create any artificial market price shocks.
However, there was a successful breach of the Ravencoin blockchain in June of 2020. Hackers, CryptoPotato reported, were able to mint 315 million RVN coins (1.5% of the total supply), allowing them to steal an estimated $5.7 million.
What are the main benefits of RVN?
- The project is often lauded for its singularity of focus. "Just as Monero is solely focused on privacy, Ravencoin specializes in asset transfer, nothing more, nothing less," CoinGecko said.
- RVN facilitates the development and deployment of an asset based on any tokenized item, whether a share of a company’s stock or concert tickets or something less or not in any way tangible yet still deemed valuable.
- Eventually, the network says it intends to implement support for integrated messaging and voting systems to further decentralize and democratize the network.
What do critics say about RVN?
The absence of smart contract functionality and a relative lack of privacy, both knocks against Bitcoin, are also mentioned often in threads such as this one, discussing the downsides associated with RVN.
Meanwhile, WalletInvestor’s price prediction for RVN suggests merely tepid price growth over five years.
How to buy RavenCoin (RVN)
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