Beginner’s Guide to RavenCoin

RavenCoin has one of the most fascinating stories in the cryptocurrency landscape. This cryptocurrency was born as the original Bitcoin fork. As a result, CuervoCoin has retained most of the original technological features of BTC with slightly new variations.

Unlike Bitcoin, RavenCoin uses another algorithm to mine a slightly average computer. However, their goal is to achieve the original vision of decentralized Bitcoin and break through traditional energy and hardware barriers in mining.

Background and objective

RavenCoin launched as a fork of Bitcoin in 2018. Behind it are developer Tron Black and entrepreneur Bruce Fenton. RavenCoin team predicts a future in which more assets will become tradable and transferable between countries. So you want to be at the heart of the industry when that happens.

What is RavenCoin?

RavenCoin is a blockchain-based decentralized cryptocurrency with no government control. hallmark of the Raven is its unique mining process, which even a standard computer can process.

RavenCoin originally started as an experimental digital currency through Medium, the blogging platform. Subsequently, its founders managed to connect their digital currency with the popular television show. Game of Thrones. Right after this connection, RavenCoin was launched on January 3, 2018.

RavenCoin Essence

RavenCoin is code that participants run to create a network. RVN platform works on a self-selection basis that generates more help, speculation, volunteering and sympathy.

mechanics of RavenCoin

Although RavenCoin uses Bitcoin code, the platform has its own protocol, assets, and network rules. RavenCoin modified some of the original parameters. Additionally, it incentivized communication and asset insurance for specific token owners on the network.

RavenCoin uses KAWPOW, which is a modified PoW (Proof of Work) consensus mechanism. Minimize the barrier to entry to the mine on the RavenCoin network. Like Bitcoin, Raven uses KAWPOW on a computer network. You can use RavenCoin software to ensure network security and validate the extracted RVN transactions.

Users first have to destroy or burn a specific RVN coin to create a new asset class with regard to token insurance. Additionally, users must provide a unique new name for their currency to establish a new asset class. After creation, users can focus on specific features of the token. se include used tokens and fractional decimals on their fungibility.

Token issuers have the right to distribute RavenCoin rewards to specific token holders. Additionally, token issuers can create community-based incentives or find a unique approach to issuing dividends. Since RavenCoin coins are transferable, owners can transfer their vote to other users on the network. At the same time, token holders can sell their community share whenever they want.

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How RavenCoin stands out

While RavenCoin doesn’t abandon some of the best aspects of the Bitcoin code, it does offer a new set of features. Precisely, RavenCoin removes four critical unsurts from the Bitcoin code. For example, remove the one minute block reduction. Additionally, it removes the ability for users to issue custom assets with a reward block of 5,000 RavenCoin tokens.

RVN also limits a token supply of approximately 21 billion, 1,000 times higher than the maximum supply of Bitcoin. Unlike BTC, RavenCoin uses KAWPOW hash that mitigates the impact of centralized mining through ASIC hardware. RVN has recently added new functionality that allows token holders to send messages to other token holders. And they can do it using JSON and IPFS to display the messages.

A token-based voting system allows owners to ask questions, collect votes, and conduct surveys. In the end, RavenCoin’s focus comes down to decentralization. It is the main reason why RVN did not opt ​​for an early sale or early mining of its tokens.

RavenCoin wants its users to mine RVN at home and on an average computer. This is possible without government control when it comes to the money supply of token holders. Instead, RVN circulates the token supply as soon as it comes to light through mining.

RVN understands that the incentives that make cryptocurrency mining successful are at an all-time high. Since its inception, the platform has encouraged token holders to take advantage of its new set of features and capabilities.

RavenCoin addresses the traditional blockchain problem that requires high computing power and expensive hardware. And it does this by creating computational problems that an average hardware computer can solve. For example, it uses a custom set of algorithms to reduce the need for special equipment to mine tokens.

RavenCoin Mining

When mining RavenCoin, you will first need to go for a digital wallet with a unique wallet address. After a quick digital wallet setup, you can choose from a wide range of mining pools associated with RavenCoin. As of the fourth quarter of 2021, there are more than 21 billion RVN coins in circulation.

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Furthermore, the community has already mined more than 10 billion tokens. On the other hand, there are also mining rewards that are reduced to half the story. 5000 RVN translates to a single block reward, and as soon as RavenCoin reaches 2.1 million, the halving will begin in early 2022.

current estimate suggests that the total RVN supply of 21 billion will be fully mined by 2080. But to achieve this mark, the community must extract 50% of the market capitalization by the end of 2022. In addition, it will have to extract 75%. in the next four years. This cycle will have to continue until 21 billion RavenCoin is mined. And just like Bitcoin and other blockchains, RVN miners can count on incentives throughout mining.

RavenCoin Wallet

You can go for a dedicated RavenCoin wallet for your Mac, Linux, or Windows operating system. In addition to the digital wallet, RavenCoin also offers a paper wallet generator on its site. You can also count on RVN to be compatible with various types of third-party digital wallets.

Ideally, hardware or cold wallets serve as the best option for storing RVN tokens due to offline backup and storage capabilities. But these wallets are expensive and require technical knowledge. Still, cold wallets make perfect sense for seasoned users to store their extensive collection of RVN tokens.

most affordable and accessible option for storing RVN tokens would be to opt for software wallets. You need a desktop or smartphone app to choose between custodial or non-custodial options. For example, custodial digital wallets come with manageable private keys. In custodial digital wallets, service providers are responsible for backing up data on behalf of token holders.

In contrast, non-custodial digital wallets use device security features to store and protect private keys. Although this approach is much more convenient than hardware or cold wallets, it creates security vulnerabilities. best course of action is to go for hardware wallets to mine small pieces of RVN.

RavenCoin Mining: Is It Worth It In 2021?

With each passing year, it becomes clear that RavenCoin is one of the most viable and practical mining cryptocurrencies. But in 2021, the crypto market will reap the benefits of unprecedented growth and may lead RVN into a new light.

Interest in mining and investing in cryptocurrencies is at a record high, and many newcomers want to be a part of the cryptocurrency craze. You can expect to see more people dive into resource permits, individual mining, or group miners. RVN works around a dedicated blockchain that drives institutional investment. In fact, it makes RVN highly desirable in the crypto world and generates enough interest to keep it going for years to come.

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Final thoughts

RavenCoin has become a unique program that stimulates administrative power and control in standard computer networks. In fact, RavenCoin aims to train more users to implement a new asset class. It is a perfect mechanism that allows producers to interact with the original token owners. At the same time, it alerts specific incumbents to vote on various proposed reforms.

In essence, RavenCoin is a use case-based blockchain that facilitates the exchange of digital assets from one participant to another. RavenCoin project explores the possibility of whether a development effort or use-case-based blockchain can offer code that can improve the current structure of Bitcoin or expand its use cases.

fact is, RavenCoin expects digital transactions to be completely seamless in the years to come. People want top-notch efficiency when it comes to “how” they transfer large amounts of money. And RavenCoin intends to level the playing field.

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