What is Ravencoin? Is Ravencoin a good investment? A good buy in 2021?

Table of Contents

What is Ravencoin?Is Ravencoin a good investment?

Ravencoin is a digital cryptocurrency that was forked from Bitcoin. The project was launched on the ninth anniversary of Bitcoin’s nine-year existence. It allows users to easily create tokens of any type and transfer ownership to other users. The network allows tokens to have any property that the issuer chooses. You can create payment tokens, tokens that represent real assets like NFTs, and tokens that are virtual goods in a gaming environment. We will look at a few more options a bit later.

It is a Proof of Work coin, much like Bitcoin. Mining it with ASICs became feasible after its original construction on the X16R algorithm. Kawpow is a new mining algorithm that allows consumers to mine the cryptocurrency with their GPUs. It also makes it ASIC-resistant to encourage decentralization. It is possible to mine Raven solo, but the majority of mining is done via pools.

Ravencoin is a fork of Bitcoin. However, it offers miners some unique differences. BTC has block rewards of 50 BTC, while the block rewards for Ravencoin is 5,000 RVN. Additionally, block times are reduced by 90% to one minute instead of 10 minutes.

Block 2,100,000. will be the first block to receive a halving of its block rewards. This block will occur in January 2022. Every subsequent block of 2.1m results in another halving. The halving may occur once every three years.

Ravencoin is very community-driven. It is completely open-source and managed by community-led nodes. Another coin that does not incentivize the running of a node to promote decentralization is this one. It didn’t have an ICO, and its developers never premined it. This made it much more fair than many coins. Since the developers did not have any coins, the community holds the majority of the circulating supply.

Potential of the Ravencoin

Tokens can be used by an art dealer to verify authenticity of any work they sell. A token can be also created. To identify specific works, a serial number can be attached to the token. These tokens can also be used to replace physical certificates of authenticity.

Another way to use RVN is to pay dividends in RVN to those who support a project.

One thing that I am thinking about is the possibility of tying tokens to tickets for real-world events. This gives you full ownership of your ticket and allows you to sell or purchase tickets without fear. This is just one example of what can be done, but it’s a practical use I could see this helping with.

The issuer must select a unique name to create a token and then burn the appropriate amount RVN. They can then determine the number, decimal places and whether they will be issuing more tokens in the future. You can view any tokens created in one of the asset explorers.Token holders also have governance options and messaging capabilities.

How to invest in Ravencoin

Paribu, OKEx and Upbit are the top-ranked exchanges for 24 hour volume. Ravencoin has its own specific crypto wallet, further more, it is also supported by many other wallets as well as cold wallets, such as Trezor.

Running nodes is one of the best ways you can get involved in the project. A larger network of nodes is a benefit to any blockchain project. A larger number of nodes encourages decentralization, which in turn promotes network reliability. It does not require much resources and can be used on a Raspberry Pi.

Last Thoughts

This disclosure is to say that I have been very involved in the project. There is so much potential in asset management. It is a quieter option to NFTs, and I believe there is real world potential.

The project is still quite quiet and hasn’t received much attention. However, this is slowly changing. It has held steady over the past month, making it a reliable investment. These are my thoughts, and you should do your own research.

The project community is constantly growing and extremely dedicated. Regular developer meetings are held to discuss the future. It is clear that the developers are still hard at work. I believe in the team and that the project will grow as more features are added.