Since the 2013 boom, the crypto space has continued to grow rapidly. It has, over time, recorded increasing level of entries, thereby cementing its place as one of the biggest sphere in the digital economy. Occasioned by the increasing adoption of cryptocurrencies, more virtual protocols or projects are storming the space, availing users with many options. As of today, there are thousands of virtual projects, with many of them developing crypto as native tokens of their respective protocols. These protocols usually explore their native cryptocurrencies to fuel their networks owing to the fact that these tokens serve as a medium through which their users pay for the transactions carried out on those platforms. Ravencoin (RVN), for instance, is the native token of its platform, and by that virtue, usually facilitate the operations on the network.
Occasioned by the general volatility of the sphere, investors must always look before leaping. Today, investors explore cryptocurrencies to achieve different purposes. However, irrespective of how investors use cryptocurrencies, their most popular function is serving as an instrument for payment and investment. Just like other forms of cryptocurrencies, the Ravencoin remains one of the available crypto assets available for investors to explore within the sphere. With this article, new and existing investors will learn more about the rudiments of the crypto project, its background, protocol and its potential.
General Overview of Ravencoin (RVN)
Remarkably, RVN runs as the native token of its Ravencoin blockchain. It derives its value through its role of powering the platform. Notably, the native crypto serves as a medium through which its protocol reward participants on the network. To create new ravencoin, issuer must first burn a specific number of the tokens and provide a unique name for them. Afterward, the issuer is expected to determine the quantity of the token to be issued, and other necessary details. This simply means holders of RVN possess the capacity to customize tokens with their own distinctive features. Notably, ravencoin (RVN) has a total supply of 21 billion coins. Meanwhile, there are 11,819,382,940 of the tokens in circulation.
As earlier asserted, RVN’s native platform runs as peer-to-peer blockchain network. It usually allow the initiation and transfer of digital assets from one token holder to another. Its whitepaper described the project as open-source and usable by anyone. The whitepaper added that Ravencoin platform aims “to prioritize user control, security, censorship resistance, and privacy.”
Worth noting, Ravencoin platform shares huge similitude with Bitcoin. It team of developers explored Bitcoin’s codebase in developing the platform. Beyond this, they also added several unique features which enables the platform to allow the issuance of personalized assets on the blockchain with a block reward of 5,000. RVN, reduce block time to a minute and faciliate KAWPOW hashing algorithm, used to address the centralization of mining caused by ASIC hardware.
Generally, Ravencoin intends to resolve every challenges incurred in trading and transfer of assets on blockchain. It also seeks to be a “use-case-based blockchain, thereby simplifying the conveyance of virtual assets. Notably, the blockchain protocol enables users to effectively issue assets, allowing them to control according to the rules created by them on the network.
Meanwhile, every asset running on the protocol possess numerous prospects. Here, assets mean a limited number of differentiated symbols which can be sent or received by any address on the protocol. Apart from the fact that these assets are easy to use, they are also secured with balanced Proof-of-Work mining. More so, these assets are not governed or operated by an central authority.
Founding team of the project
Notably, Ravencoin project emerged in 2018 through the joint efforts of Bruce Fenton, Joel Weight and Tron Black. The trio launched the project through Overstock.com, which serves as the parent firm of Medici ventures. According to findings, Fenton previously served as a board member and executive director for Bitcoin foundation. Before dabbling into crypto and blockchain innovations, the co-founder was a banking expert and served as the vice president of Morgan Stanley.
Weight on the other hand, was a former chief operating officer with Medici ventures. He is a developer of softwares and currently serves as the chief technology officer with Overstock.com. As for Black, he possessed wealthy experience in the crypto sphere after working with numerous firms. As reported, the co-founder once served as CEO of CoinCPA and Verified wallets. Currently, he is serving as the president of the Ravencoin foundation. Worth noting that this foundation manifested in 2020 to assist and protect the project.
As one of the emerging projects in the cryptocurrency space, Ravencoin is gaining attention in the cryptocurrency space. The protocol of Ravencoin is a fork of the Bitcoin code, and it offers four notable changes. Among these changes is the modification of the issuance schedule, this modification comes with a block reward of 5,000 RVN. Also, like many other emerging projects, Ravencoin protocol seeks to reduce block time to enhance swift transactions. The protocol offers a reduction on block time to about one minute.
More so, among the key changes as a fork of the Bitcoin code, Ravencoin supply is bigger than Bitcoin’s by almost thousands. Ravencoin total supply stays at 21 billion. These changes include a mining algorithm known as KAWPOW that’s aimed to mitigate the centralization of mining triggered by ASIC hardware.
Additionally, the project intends to tackle problems resulting from asset transfer and trading over the blockchain. So, the Ravencoin protocol offers a solution to the problem that arises from the creation of assets on the Bitcoin blockchain. Users could mistakenly lose this asset if they trade the coin used to design the asset.
Now, Ravencoin became designed to effectively address these deficiencies. These notable changes helped the project to attract sizeable attention, contributing to its growth. To some extent, Ravencoin like many projects is enduring a difficult situation that the moment, due to the harsh implication of the downturn in the cryptocurrency market.
Sidenotes about Ravencoin (RVN)
The RVN token is a native currency of the Ravencoin protocol that facilitates the creation of token assets on the network. To issue these assets, the user must burn the RVN token. These assets can stand as a representation of real-life assets like Gold, Euro, Stock, Securities and others. In the future term, the team intends to use the Ravencoin protocol for integrated messaging and voting systems.
The token is struggling to gain relevance in the market because it lacks utility cases. RVN hasn’t attracted many users except those using it within the protocol. The lack of utility has contributed to the market struggles of the token. Meanwhile, like other cryptocurrency, Ravencoin is highly volatile. The lack of stability of this token has been reflected in numerous times based on the existing market atmosphere. This implies that the token usually rises in value whenever the market condition is good, and if it’s bad, it will plunge in value.
Despite these shortcomings, there are positive points to take from the recent market activity of Ravencoin. The growth and popularity of the project have helped Ravencoin to some extent. Future impressive market performance is likely to surface if the Ravencoin protocol attracts more users. So it’s fair to say that RVN possesses the tendency to grow in strength depending on the success of its protocol.
Utility for Ravencoin
Ravencoin is useful as a foundation and jumping-off point for projects, layer 2 solutions, business ideas, and pilot programs. This usefulness can come from a Bitcoin-based codebase with alteration or the added functionality incorporated into the Ravencoin protocol. Furthermore, Ravencoin is transferrable which implies that a holder can delegate their voting power to others. Holders can as well sell their stakes in a community relating to the project whenever they wish. Further, like other PoW consensus mechanisms, Ravencoin rewards validators that make an input to the blockchain, as long as it appears valid and accepted by the network.
Like many other native tokens, smart contracts on Ravencoin enable issuers to pre-design compliance procedures. These smart contracts set certain requirements that are mandatory for holders of Ravencoin to meet before taking any action within the protocol. Coins within the Ravencoin protocol can be utilized to ease the issuance and transfer of special assets. These assets can be utilized for different uses depending on the preference and needs of the investors. Meanwhile, RVN can be used to settle payments, on-chain charges, and incentives within the protocol.
The features of the project offer a transparent democratization that provides inclusiveness regarding new proposals on the protocol. With these, the project standout among its peers because of the innovative inclusion of message holders of the token on matters relating to the protocol. This posture gives a high sense of belonging to every holder of RVN.
With that, the project alongside its token looks likely to enjoy more attention in the nearest future. This attention could prove decisive in determining how RVN would fare in the market. Lastly, Ravencoin is more likely to attract more users due to some of its distinctive features.
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