What is Ravencoin Cryptocurrency and RVN Coin?
Ravecoin is an open-source project launched on 3rd January 2018, nine years after the launch of Bitcoin. Ravecoin project is aimed at easing instant payments and cross-border transactions as its platform enables the tokenization of assets.
The primary aim of the project which specifically for transferring assets makes it distinct from other blockchains like Bitcoin, and Ethereum that also have the asset transfer features but it is not their major focus, making Ravencoin a king in that realm.
The Ravencoin token (RVN) is a fungible and non-fungible digital asset. Ravecoin is often compared to Ethereum due to the specialization of the project in one major area.
History of Ravencoin (RVN)
The Raven Bird which was where the name Ravencoin was coined out could be traced back to well-known civilization just like the Romans and the Persians. The Raven bird was used for messaging up to the First World War due to its instinctual behavior.
The characteristics of the Raven Bird as a fast and secure means of messaging form the basis on which Ravencoin was developed. Ravencoin was developed by a team of programmers led by Tron Black and Bruce Fenton. Launched in the year 2018, it was regarded as an open-source fork of Bitcoin because it has an architecture that is similar to Bitcoin.
Ravencoin had however been upgraded to handle Bitcoin’s scalability problem, this in return accord Ravecoin miners quicker block time and higher rewards. According to the Ravencoin whitepaper, the coin’s goal is to provide an asset compatible solution through a Bitcoin-like platform. With Ravencoin protocol, it becomes easier for the crypto enthusiasts to uniquely name their assets and token without having to worry about mining.
Features of Ravencoin
Aside from all the aforementioned unique aspects, the Bitcoin fork project offers several features which makes it distinct among other Blockchain platforms; here is a look at what you would enjoy on the Ravencoin platform:
- No Smart Contracts
The exclusion of the ability to perform smart contracts directly on its blockchain distinguished Ravencoin from Ethereum. Instead of the smart contract, Ravencoin included a second layer option that will support smart contracts via RSK and enable the platform to focus on task completion rather than executing codes.
- Multiple Asset Types
Two different assets are supported by Ravencoin; they are Unique assets and Sub-Assets. The Unique Assets are token issuers that create a single unique token while Sub-Assets are token issuers that release sub-assets after the release of an initial asset.
- Lightning Network
The lightning network is supported by Ravencoin; this implies that users will experience superfast transactions.
- External Metadata References
The crypto community has recently experience actions from security tokens, the Ravencoin external metadata reference allows users to reference documents outside the network.
Holders of RVN can send and receive messages from coin issuers. This feature accord each party the ability to communicate with each other. The absence of an opt-out option on the messaging system makes it a specific open communication asset within the platform.
Those holding RVN can receive messages from the coin issuer, which gives them the ability to communicate with holders. Issuers can also initiate elections and interact with investors. The messaging system does have an opt-out option and can be used to create specific assets that open communications channels within the platform.
- Voting Feature
With the messaging system, issuers can interact with investors, initiate an election, and let them know when it’s time to vote. Investors are then issued voting tokens which will be used to represent how they intend to vote. Issuers would then create a voting protocol address where investors can cast their votes according to their will, alerts will be sent to investors who are now holders of the voting token to notify them of when to vote.
- Dividends Sending
The Ravencoin blockchain allows for direct sending of RVN dividends directly to token holders, the feature which allows a token issuer to easily reward investors remain one of the supercritical features that provide additional security for the RVN platform.
Advantages of Ravencoin
Tokenizing assets has remained a fast-growing space in the crypto world. Although there have been many competitors in the market before Ravencoin, the project had set itself aside with the many distinctive features it offers users.
Ravencoin being a community-centric project has completely abstained from ASIC mining, hence it allows miners to come into the fray and start mining immediately with a fair shot of permitting them to make use of consumer-grade hardware.
Ravencoin is designed to make asset tokenization possible; it is specifically programmed to assign a unique branding to an asset. Once an asset has been uniquely branded, it becomes impossible to be owned by another project or individual.
Furthermore, Ravencoin offers investors the opportunity to enter a space where they will experience significant profit on their capital within a short period, as Ravencoin has more potential growth opportunities when compared to some others.
Ravencoin did not take part in any ICO and has no founder holding majority of the RVN coins, hence Ravencoin decentralization is like no other. Ravencoin is a proof-of-work project, this means anyone regardless of location can mine Ravencoin.
Ravencoin and STOs
Security tokens have in recent times made huge impacts in the cryptocurrency community. This has pushed many projects to begin to focus on supporting Security Token Offerings (STOs). TokenizeEU recently chose Ravencoin over Ethereum because of its security token offerings, which pointed to many features rendered on the Ravencoin platform. TokenizeEU is a European based company whose job is to help companies structure their STOs following the European Union Regulations and requirements.
Where Can You Buy Ravencoin?
Ravencoin and be found on various prominent cryptocurrency exchanges, and here is a list of where you can find RVN.
Binance exchange is well known for its multi-language support and high liquidity ratios; you can buy RVN on Binance in exchange for other cryptocurrencies e.g. BTC, ELF, ETH.
Another popular exchange where you can get RVN is on Bittrex. Bittrex supports USD and wire transfers, which makes it easier for buyers to purchase RVN with USD. It is also possible to exchange other cryptocurrencies with RVN.
CryptoBridge is another decentralized crypto exchange where you can buy Ravencoin. The exchange supports more than 80 pairings, which include BTC, ETH, BCH, ELF, and BCO.
Other exchanges where you can buy RVN include:
ChangeAngel, Changelly, ChangeNow, CoinSwitch, SimpleSamp, SwapSpace, Swapzone, Custodial exchanges, Bittrex, OKEx, Vertbase, tZero, Digifinex, Upbit, ProBit, BarterDEX, Graviex, QBTC, Altilly, Bitrue, Bitladon, Coinall, CoinSpot, Indodax, bitqist, ATAIX, DEX Trade, Diger, Gazua
Where to Store RVN
The fact that Ravencoin is not an ERC20 token and does not participate in an ICO makes its storage limited to a few wallets, the following are lists of wallets that can be used in storing RVN.
Official Ravencoin desktop wallet: can be downloaded from Ravencoin official website and use on windows, Mac OS and Linux.
Trezor: An hardware wallet and happen to be among the most secured wallets, it can be used to store RVN and other coins.
Ravencoin paper: A QR code generating mobile wallet for storing and transacting Ravencoin.
Ravencoin wallet with miners: A third-party wallet that allows users to mine Ravencoins on their wallet.
Tron Black – Core Developer. He doubles as the president and CEO at Blue Squirrels, a software developing company that developed SQURL which was at a time the Google of the internet.
Bruce Fenton – Advisor. A Blockchain economic advisor for over 23 years with working experience with Bill and Melinda Gates Foundation.
Contributing companies include MEDICI ventures and OVERSTOCK.
RVN Trading History
The Ravencoin blockchain has grown quickly over the past few years and even though the project is yet to be well-known it has a bright future ahead. Ravencoin has an All-time high of $0.078895 which was recorded on 3rd July 2019. Ravencoin currently holds a market cap of $122,182,894, it hit an all-time low of $0.00893232 on 13th March 2020.
Ravencoin has a total supply of 21 Billion RVN. However, due to some loopholes observed in the code of the coin recently, some hacker found their way into the Ravencoin code and mined beyond the Coinbase of the cryptocurrency, making way for the creation of addition RVN beyond the total supply.
The Ravencoin development team outlined an 8 phases master roadmap, of which they have tremendously recorded remarkable progress over time. This is uncommon among the cryptocurrency majority. The Ravencoin development team has completed the first four phases of their highlighted roadmap and currently working on phase 5. The following is the list of the phases as mapped out by the development team.
- Phase 1 – Proof-of-work
- Phase 2 – Asset
- Phase 3- Reward
- Phase 4 –Unique Assets
- Phase 5 – Messaging
- Phase 7 – Compatibility Mode
- Phase 8 – Mobile Wallet compatible Mnemonic Seed