What is Ravencoin (RVN)?

What is Ravencoin (RVN)

Ravencoin is software that aims to encourage a computer network to operate a platform that allows users to create a new class of cryptoactives.

The protocol is designed to facilitate the creation and transfer of tokens that represent real-world assets such as bonds, collectibles, gold, event tickets, or even airline miles.

Ravencoin was released as an open source fork of the Bitcoin base, meaning that its team copied and modified the Bitcoin code to add additional features designed for different purposes.

In addition to the ability for users to issue custom assets on their network, other changes included one-minute block times, a 5.000 RVN block reward, criptomoeda Ravencoin and a maximum supply of 21 billion RVN.

To protect your network, Ravencoin uses a consensus mechanism similar to Bitcoin's Proof of Work (PoW). However, instead of mining through specialized hardware, any user who wants to become a miner can do so with their own CPU.

Who Created Ravencoin?

What is Ravencoin (RVN)

Ravencoin was released in 2018 through a fork of Bitcoin code by entrepreneur Bruce Fenton and developer Tron Black.

The Ravencoin team, refraining from any sale of Tokens public or private for investors, tried to imitate the launch of Bitcoin, which means that none of its supplies of tokens were reserved for others in advance.

At launch, the core team was funded by Overstock.com subsidiary Medici Ventures.

Why Ravencoin (RVN) Have Value?

RVN is vital to maintaining and operating the Ravencoin network as its criptomoeda must be used to create new assets.

By owning and recording RVN, users gain the ability to issue custom tokens with predefined features and monetary policies.

Also, like any PoW engine, Ravencoin rewards miners who add new data to the blockchain as it is considered valid and accepted by the network.

Ravencoin price

 

How Does Ravencoin Work?

The Ravencoin code was copied from Bitcoin, but it sets its own unique network rules, assets and protocol.

Other parameters were modified to encourage the issuance of active and communication between users of specific tokens on your network.

To keep your network in sync, Ravencoin uses a variation of the Proof-of-Work (PoW) consensus mechanism, called KAWPOW, with the aim of lowering the entry barrier to mining your network.

Similar to PoW in Bitcoin, KAWPOW is used by a network of computers running Ravencoin software to secure the network, validate transactions, and distribute freshly mined RVN.

token issue

To create a new cryptoactive, a user must burn (or destroy) a certain amount of RVN coins and provide a unique name for their token.

On creation, issuers can also define special characteristics for their token, such as the number of tokens issued, the number of decimal places it can be fractionated, and their fungibility.

Importantly, any token issuer can distribute RVN rewards to its token holders, providing a way to issue dividends within an organization or create incentives within a community, for example.

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Ravencoin also offers the ability for token creators to send messages to anyone who owns their tokens, allowing specific holders to be notified when they need to vote on new proposals.

Since all RVN tokens are transferable, token holders can not only delegate their vote to other users on the network, but can also decide to sell their membership in a community whenever they want.

Why Should I Use RVN?

Users may find Ravencoin attractive based on its ability to serve as a platform for digital tokens that represent real-world assets.

Ravencoin may also be of interest to projects looking to apply Bitcoin's transaction and security model to new asset classes.

Investors may also look to buy RVN and add it to their portfolio if they believe that one day the market will favor block chains where participants can create their own assets.

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