What is Ravencoin? A Comprehensive Guide

What is Ravencoin?

Ravencoin is a digital peer-to-peer (P2P) network that aims to implement a use case specific blockchain, designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork of the Bitcoin code, Ravencoin was announced on Oct. 31, 2017 and released binaries for mining on Jan. 3, 2018 with what is called a fair launch: no premine, ICO or masternodes. It was named in reference to a TV show Game of Thrones.

The Features of Ravencoin

The biggest change in Ravencoin is its development team, which has decided to use their own cryptographic algorithm, Serpent, that has a theoretical proof-of-stake implementation. While it is more expensive to make a new node than make a block, the creation of a new node is faster, resulting in lower energy consumption and much lower mining fees. Additionally, the inflation rate has been capped at 4.5%. Other changes include a $2M crytpocurrency address (to be used for fundraising or donation for charity purposes), instant transaction confirmations and block tracing. A masternode works much like a regular mining rig, except that it is run on the Ravencoin network and is monitored by the network itself.

How to mine Ravencoin?

Ravencoin mining requires you to run a computer program on your machine that is specialized to solve computational problems. You can read more about the process at coinhive.com. According to bittrex.com, you need at least a CPU with an Intel i5 or i7 CPU and 16GB of memory to mine on Ravencoin.

Where to store your coins?

Typically, most of your coins should be in your wallet. This can be stored on the same computer you use for mining or it can be kept in an online wallet, also called an exchange, which stores your coins in a way you can easily access and manage. Typically, you should use an exchange to keep your coins separate from your regular currency. That way, if someone is able to get their hands on your coins and drain them, you will still be able to convert them back to their original value. Some of the most popular exchanges include Bittrex, Bittrex, and ShapeShift. Importantly, you should never send your coins directly to another person. You need to purchase them first and they will be listed on an exchange to ensure you can immediately sell them if they go down in value.

How does it work?

Your standard blockchain, such as Bitcoin or Ethereum, is a distributed ledger and the most common applications of a blockchain. It has the ability to record transactions of assets, without having to trust the network. In the blockchain, the owner of the asset is identified, and the ledger is publicly accessible and auditable by all users of the network. Assets can be an item, a reputation, or any other item. In order to transfer an asset from one person to another, transactions must be recorded to the network, which could be a payment or payment in a cryptocurrency such as Bitcoin or Ether. The problem with transferring assets to another person is that some transactions can take a long time to register on the network, and some trades require multiple people.

Ravencoin Price

For day to day price of Ravencoin you can check coinmarketcap.

Conclusion

This article presented a new type of cryptocurrency, the first crypto-to-crypto token exchange and explained a new type of coin that aims to function as a global transaction system for anyone around the world. The strategy is one of the smartest I’ve seen in the space in a very long time.

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