Ravencoin

Ravencoin saw a 30% price increase yesterday, and the cryptocurrency is gaining popularity. The growth of this cryptocurrency continues to rise another 25% today.

Raven coin is an open source project which was developed by 430 Bitcoin core developers, as well as fourteen thousand commits on GitHub. According to the RVN white paper, ‘there is no private, public, founder or developer allocation set aside.’ The name Raven is a reference to Game of Thrones, much like Golem is to Lord of the Rings. Ravens are designed to carry ‘statements of truths about who owns various assets.’

Ravencoin is built on a fork of the original Bitcoin code, which was based on the development and testing of the UTXO model of the Bitcoin protocol. Since Ravencoin is embedded as a Bitcoin fork, it has an effective core wallet, and very soon it will be open to the implementation of atomic swaps and the lightning network. Raven achieves transaction consensus through a X16r mining algorithm. This algorithm was uniquely designed for Ravencoin. The algorithm appears to be quite favorable, considering it is ASIC-resistant.

Like many other proof of stake cryptocurrencies, the X16r mining algorithm has the ability to maximize decentralization. It incentivizes GPU miners because the ASIC-resistant feature ultimately levels the playing field for miners. Other features include block rewards every minute, and a change in the number of coins issued. One concerning aspect of Raven is that it has a total circulating supply of 21 billion. Nevertheless, Raven has a lot of room for potential expansion, with a current circulating supply of 974,500,173 RVN.

Another favorable feature of Ravencoin is its primary investor. Patrick Byrne, the CEO of Overstock, has invested “millions of dollars,” according to an interview back in February. ASIC mining farms in China and other parts of the world have led to excessive amounts of electrical consumption. As mentioned throughout the Ravencoin white paper, an ASIC resistant mining algorithm is essential to both maximizing decentralization as well as minimizing electrical consumption. Later in the interview Byrne went on to compare Ravencoin to Bitcoin, “It’s Bitcoin, but a thousand times more energy efficient.”

Ravencoin’s purpose is to create a fully aware asset system. There are clear benefits to this system because it allows the client to protect the asset from being deleted accidentally. Additionally, the software is designed so users can create these assets for their own purposes. Some listed examples include the digital representation of gold, silver coins, physical dollars or euros. Aside from physical representations, Raven tokens also have the ability to represent a share of a project or a security.

Unfortunately, there is speculation that there may be future legal problems with issuing securities, which may make it harder for exchanges to accept Ravencoin. Initially, Ravencoin was extremely profitable to mine. But just within the last two to three weeks, mining profits have reduced prominently. While Ravencoin is still very profitable to mine in its early stage, it is obvious that more miners are flocking to the growing cryptocurrency.

While the premise of Ravencoin is not without competition, cryptocurrencies which offer the tokenization of assets will possess future value in the realm of blockchain technology.

Disclaimer: I am not a financial advisor. This is not financial advice. Please do your research independently and make object decisions. This article is intended to educate readers on the development and purpose of Ravencoin. Personality, I am a Raven coin Miner.