Ravencoin (RVN) is one unique altcoin that is maintaining its service by simply working on acceptability. It aims to be the go-to asset transfer protocol within the cryptoverse with the activation of its Mainnet asset layer.
When Bitcoin first emerged lot of naysayers were predicting its demise yet despite their prediction it went ahead to thrive and dominate the cryptospace.
Ravencoin is yet another cryptographic project in the cryptoverse with the intention of making a difference with it laser beam focus on asset transfer.
From getting a Binance listing, launching its MainNet to activating the MainNet asset layer, Ravencoin (RVN) is judiciously constructing the best foundation of becoming the next whale in the crypto market. It should be understood that the activation of its MainNet asset layer implies that all the features that will help users to create their tokens if they so desire has become live.
The protocol of Ravencoin (RVN) is built to assist users in issuing tokens together with securities. It should be noted that Ravencoin is not a ‘securities token platform’. This is because the Ravencoin software does not know what a security is. The recognition of security is best done by issuers and service providers.
Ravencoin’s (RVN) Organizational Structure
Ravencoin has a different structure from what is obtainable with many crypto projects. It is free and open source software not an organization. Since open source software refers to software with source code that can be modified, inspected and enhanced by anyone. This implies that the source code can be manipulated to change how a program or application works.
With no centralized organization, there is no one to engage advisors. All those involve with the Ravencoin project are volunteers including developers and designers.
Power is distributed among the project’s developer same as it is for Bitcoin (BTC) as Ravencoin (RVN) operates without a CEO. Both Tron Black and Bruce Fenton are co-writers of the Ravencoin whitepaper
The Unveiling of Ravencoin (RVN)
The Ravencoin project made its debut on Oct 31, 2017 and the mining binaries were released in Jan 3rd 2018 to correspond with the 9th anniversary of Bitcoin’s launch.
This Cryptographic project has displayed a straightforward case of addition by subtraction. It has succeeded in distinguishing itself from the rest of the pack by dodging many of the common pitfalls that other projects manage to tumble into.
Ravencoin (RVN) had no ICO or Pre-mine, both of which has aided in preventing unfair balance of power and unethical personal enrichment for the creators of the coin- which is a high probable case with some other crypto project.
Interestingly, Ravencoin (RVN) vaunts a distinctive blockchain architecture to achieves its ASIC resistance. It uses an X16r hashing algorithm.
Crypto Hashing History
X16R is the next logical step in the evolution to finding a better mining algorithm.
Cryptocurrency hashing history started with SHA256 for Bitcoin, Litecoin’s Scrypt, Ethash for Ethereum, X11 for Dash, followed by X13, X15, and X17.
The essence for the changes to the Hashing algorithm is to reduce to the minimal the impact of purpose-built hardware on the mining ecosystem of a digicoin.
This is because from inception Bitcoin was originally intended to be mined by computers everywhere but this is no longer the case as these Application Specific Integrated Circuits (ASICs) had been able to dominate competing technologies thereby making it impractical to mine any other way. This has resulted in the unfortunate side-effect of these ASICs miners causing the centralization of mining which is against the decentralization goal of blockchain.
Ravencoin’s (RVN) Functionality and Key Features
When it comes to what Ravencoin (RVN) actually is, here are some of the chief functions and features of the project
It enables users to issue and transfer assets on a decentralized and secure blockchain
It Provides a secure messaging channel where users can communicate with each other
It decentralizes project governance by permitting users to vote on vital protocol decisions
Its users are paid dividends
It possesses ASIC resistance through a unique mining algorithm, enabling truly democratized mining
It is substantially more energy efficient than Bitcoin (BTC)
Where Bitcoin (BTC) purposes to be a global currency, Ravencoin (RVN) aims to be a protocol for global asset transfer.
This is the age where people can move substantial amounts of fortune instantly through the use of Bitcoin (BTC), the odds of global consumers demanding this same efficiency for their securities and similar asset holdings is immense.
Undeniably, Ravencoin (RVN) builds on what Bitcoin (BTC) excels at (e.g., censorship resistance) and improves on some of its weaker points at the same time. When taking into cognizance its superior energy efficiency, more transparent and democratic mining, and 1-minute block reward times as opposed to Bitcoin’s 10, there is a lot to like about this project.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.