A better look at Ravencoin
Here at Crypto Caverns, we’re researching a variety of coins as we look toward expansion. And as we research, we’ll be keeping you in the loop on some standouts, and telling you a bit about them.
The first coin we will be talking about is Ravencoin (RVN). Ravencoin is a peer-to-peer network that aims to transfer crypto assets from one holder to another efficiently. It is a fork of the bitcoin code and features four key changes:
- The issuance schedule (original block reward of 5,000 RVN)
- Block time (1 minute)
- Coin supply (21 Billion)
- Mining algorithm (KAWPOW formerly X16R and X16RV2 respectively)
Ravencoin was launched in January 2018 by Bruce Fenton and Tron Black and is a truly open source project. According to a Ravencoin post on Medium from 2017, the name references the HBO hit show Game of Thrones:
“In the fictional world of Westeros, ravens are used as messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what assets.”
Ravencoin is a UTXO blockchain and has four important characteristics, according to its website.
- ASIC resistant: uses the KAWPOW hashing algorithm to discourage the development of ASIC hardware
- Fair launch: everyone has an equal opportunity to mine or purchase RVN since day one
- No pre-mine, no ICO, and no coins held for developer or founders rewards
- Community driven, and true open source
Ravencoin development is very active and has recently added tokens and is moving towards NFTs. RVN has a larger than average market capitalization and has been consistently high on the mining profitability calculators for the past several years. We’re happy to support this project for our customers who choose to mine it.
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