What Is Ravencoin (RVN)?
The Ravencoin platform is a peer-to-peerblockchain network that handles the formation and transfer of digital assets from one token holder to another. The whitepaper states that Ravencoin is open-source and can be used by anyone. Ravencoin aims to prioritize user control, security, censorship resistance, and privacy. The Ravencoin platform is a Bitcoin-like system that enables users to issue and incorporate assets within the blockchain. The platform is open to use and development in any jurisdiction while enabling simple extra features for users depending on their needs. The platform has been named in reference to Game of Thrones, a popular TV show.
In addition, Ravencoin seeks to solve the issues of trading and transfer of assets on the blockchain network. The platform also aims to be a use-case-based blockchain and is specifically designed for transferring the assets from one asset to another asset. Ravencoin offers a platform on which users can effectively issue assets they can control according to the rules they create on the blockchain network.
As stated in the whitepaper, one of the issues with the current financial system in the US is that every share is held in a street name, which makes it difficult to hold a vote. In such cases, public companies have to send mail to all their shareholders with information on how to vote along with a proxy voting form. Thus, by utilizing a messaging system, the token holders can be informed of the vote, and by automatic issuance of a VOTE token to all the token holders, the vote can be automated either from the client or via mobile or web interface implementing the protocol created into Ravencoin.
Based on the wide-ranging development and testing of the Bitcoin protocol’s UTXO model, Ravencoin is created on a fork of Bitcoin code. UTXO refers to the number of cryptocurrencies a user leaves behind after carrying out a digital currency transaction such as with Bitcoin. Some key changes in Ravencoin include one-minute block reward time and an alteration in the number of issued coins. The platform offers 5,000 RVN tokens as block rewards to its users instead of 50 BTC. Also, the assets built on Raven's protocol have various benefits. They aim to be easy to use, secured with fair proof-of-workmining, tightly incorporated with a native token, and open-source code not operated by any central organization. In Ravencoin, an asset is considered a limited number of unique symbols that can be transferred to any address of Ravencoin. The project of Ravencoin also acts as a starting point and base for various projects, experiments, business ideas, and layer 2 solutions that might benefit from either additional features added to the blockchain of Ravencoin or other code base based on Bitcoin.
The native token of Ravencoin is RVN. The one who issues a token burns the RVN token and provides a unique name for the token. Burning in cryptocurrency implies removal of tokens from circulation, which minimizes the total number of tokens in use. Moreover, the issuer is responsible for determining the quantity to be issued, the total number of decimal places, and whether they can issue more numbers of the same token in the coming days. The platform enables the payment of rewards in the form of RVN tokens.
History of Ravencoin (RVN)
Ravencoin was launched on the ninth anniversary of the launch of Bitcoin, which was on January 3, 2018. However, the announcement for Ravencoin was made on October 31, 2017. There was no ICO or pre-mine, and no coins were reserved for founders’ or developers’ rewards.
The total supply of RVN tokens is 21 billion.
How Are Ravencoins Created?
The Ravencoin platform is based on the mining algorithm KAWPOW. The KAWPOW algorithm aims to look into the centralization of mining caused by ASIC hardware. ASIC stands for application-specific integrated circuits, which are designed to perform specific use cases.
RVN tokens are distributed to those enhancing the Raven network through mining Raven tokens. Reward capabilities are added to enable payment in RVN to every asset holder. Also, payment of RVN is distributed to every asset holders’ pro-rata, which helps pay dividends or reward token holders.
