RavenCoin has one of the most interesting histories in the crypto space. This digital currency was born the original Bitcoin fork. As an outcome, this crypto has retained most of BTC’s original technical features with slightly the latest variations.
Unlike BTC, RVN uses another algorithm for mining from a slightly average computer. However, its aim is to attain the real vision of decentralized Bitcoin and alter the traditional energy and hardware obstacles in mining. In this article, we are going to learn more about this crypto in detail. So without wasting any time, let us begin.
Definition, Background, And Aim Of RavenCoin
RVN is a decentralized cryptocurrency that is based on blockchain. The hallmark dimension of Raven is its unique mining procedure, which even a standard computer can process.
Traditionally, this crypto started out as an experimental virtual currency via Medium, which is the blogging platform. Later, its founders managed to connect their cryptocurrency with the famous television show Game of Thrones. Just after this linking, RVN was released on January 3, 2018.
RavenCoin was released as a Bitcoin fork in 2018. Behind it are developer entrepreneurs Bruce Fenton and Tron Black. The RavenCoin team portrays a future when more assets will turn transferable and tradable across nations. Hence, it wishes to be at the heart of the sector when that occurs.
The Essence And Mechanism Of RVN
RVN is a code that players execute to form a network. The RVN platform operates on a self-selection basis that offers more speculation, volunteerism, helpfulness, and friendliness.
Even though this altcoin uses Bitcoin code, the platform has its original protocol, asset, and also network rules. RVN modified some of the original parameters. Also, it incentivized asset insurance and communication for specific token owners on the network.
This crypto uses KAWPOW, which is a modified Proof-of-Work (PoW) consensus mechanism. It decreases the entrance barrier to mine on the crypto’s network. Like BTC, Raven employs KAWPOW in a network of computers. The user can use RVN software to assure the network security and validate mined RVN transactions.
Users first have to burn or destroy a specific RVN coin to form a new asset class that is related to token insurance. Also, users have to offer a unique new name for their coin to create a new asset class. After formation, users can aim at specific token features. These ones involved used tokens and fractionated decimals on their fungibility.
Token issuers have the right to distribute RVN rewards to specified token holders. Also, token issuers can form community-based incentives or find a unique strategy to issue dividends. Since RavenCoin coins are transferable, owners can also transfer their vote to other network users. At the same time, token holders can sell their community stake when they wish.
In mining RVN, you will first require to opt for a RavenCoin wallet along with a unique wallet address. After a quick digital wallet creation, you can select from a huge range of mining pools related to this crypto. As of Q4 2021, there are over 21 billion RVN coins that are being circulated.
Along with that, the community has already mined more than 10 billion tokens. On the contrary, there are also mining rewards that arrive at halving history. 5000 RVN changes into a single block reward, and as soon as this crypto hits 2.1 million, halving will start in early 2022.
Present prediction suggests that the complete RVN supply of 21 billion will surface via minting completely by 2080. But to attain this mark, the community has to mine 50 percent of the market capitalization by the end of 2022. Also, it will have to mine 75 percent in the next four years. This cycle will have to prevail until the community mines all the 21 billion RVN tokens. And like BTC and other blockchains, RVN miners can depend on incentives across the mining period.
RavenCoin Mining: Is It Worth It in 2022?
With every passing year, it becomes evident that this crypto is among the most viable and practical mining digital currencies. But in this year, the crypto market will reap the advantages of unprecedented increase and may push RVN into new heights.
The interest to invest and mine in digital currencies is at a record high, and many beginners wish to be part of the crypto space. You can anticipate seeing more people dive into this space as solo mining or pool miners. RVN operates around a dedicated blockchain that supports institutional investment. In fact, it enables RVN to be highly desirable in the crypto space and offers enough interest to keep it going for years to come. This is a type of RavenCoin price prediction. At the time of writing this, the RavenCoin price is $0.06297.
RavenCoin has turned into one of a kind program that boosts administrative power and also controls standard computer networks. In fact, RVN aims to empower more customers to roll out a new section of assets. It is an ideal mechanism that enables producers to engage with real token owners. At the same time, it alerts some holders to vote on varied proposed reforms.