What is Ravencoin? (RVN)
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Ravencoin is a software seeking to incentivize a network of computers to operate a platform allowing users to create a new class of crypto assets.
The protocol is designed to facilitate the creation and transfer of tokens that represent real-world assets such as securities, collectibles, gold, event tickets or even airline miles.
Ravencoin was launched as an open-source fork of Bitcoin’s codebase, meaning its team copied and modified Bitcoin’s code to add additional features designed for different goals.
In addition to the ability for users to issue personalized assets on its network, other changes included one minute block times, a block reward of 5,000 RVN, Ravencoin’s cryptocurrency, and a maximum supply of 21 billion RVN.
In order to secure its network, Ravencoin uses a similar consensus mechanism to Bitcoin’s Proof of Work (PoW). However, rather than mining through specialized hardware, any user wishing to become a miner can do so with their own CPU.
Who Created Ravencoin?
Ravencoin was launched in 2018 through a fork of Bitcoin’s code by businessman Bruce Fenton and developer Tron Black.
The Ravencoin team, refraining from any public or private token sale to investors, attempted to mimic Bitcoin’s launch, meaning none of its token supply was set aside for others in advance.
At the time of launch, the core team was funded by Overstock.com subsidiary Medici Ventures.
How Does Ravencoin Work?
Ravencoin’s code was copied from Bitcoin but establishes its own unique network, asset and protocol rules. Other parameters were modified to incentivize asset issuance and communication between users of specific tokens on its network.
To keep its network in sync, Ravencoin uses a variation of the Proof-of-Work (PoW) consensus mechanism, called KAWPOW, aimed to lower the barrier to entry to mining on its network
Similar to PoW on Bitcoin, KAWPOW is used by a network of computers running the Ravencoin software to secure the network, validate transactions and distribute newly minted RVN.
To create a new crypto asset, a user must burn (or destroy) a certain amount of RVN coins and provide a unique name for their token.
Upon creation, issuers can also define special characteristics for their token such as the amount of tokens issued, the number of decimal places in which it may be fractioned and its fungibility.
Of note, any token issuer can distribute RVN rewards to their token holders, providing a way to issue dividends within an organization or create incentives within a community, for example.
Ravencoin also provides the ability for token creators to message anyone who holds their tokens, allowing specific holders to be notified when they might need to vote on new proposals.
Since all RVN tokens are transferable, token holders can not only delegate their vote to other users of the network, but they can also decide to sell their stake in a community when they choose to.
Why does RVN have value?
RVN is vital to maintaining and operating the Ravencoin network, as its cryptocurrency must be used to create new assets.
By owning and burning RVN, users gain the ability to issue custom tokens with predefined features and monetary policies.
Further, like any PoW mechanisms, Ravencoin rewards miners who add new data to the blockchain, once it is deemed valid and accepted by the network.
Kraken's Crypto Guides
- What is Bitcoin? (BTC)
- What is Ethereum? (ETH)
- What is Ripple? (XRP)
- What is Bitcoin Cash? (BCH)
- What is Litecoin? (LTC)
- What is Chainlink? (LINK)
- What is EOSIO? (EOS)
- What is Stellar? (XLM)
- What is Cardano? (ADA)
- What is Monero? (XMR)
- What is Tron? (TRX)
- What is Dash? (DASH)
- What is Ethereum Classic? (ETC)
- What is Zcash? (ZEC)
- What is Basic Attention Token? (BAT)
- What is Algorand? (ALGO)
- What is Icon? (ICX)
- What is Waves? (WAVES)
- What is OmiseGo? (OMG)
- What is Gnosis? (GNO)
- What is Melon? (MLN)
- What is Nano? (NANO)
- What is Dogecoin? (DOGE)
- What is Tether? (USDT)
- What is Dai? (DAI)
- What is Siacoin? (SC)
- What is Lisk? (LSK)
- What is Tezos? (XTZ)
- What is Cosmos? (ATOM)
- What is Augur? (REP)
Why Should I Use RVN?
Users may find Ravencoin appealing based on its ability to serve as a platform for digital tokens that represent real-world assets.
Ravencoin may also be interesting to projects seeking to apply Bitcoin’s security and transaction model to new classes of assets.
Investors may also seek to buy RVN and add it to their portfolio should they believe the market will one day favor blockchains where participants can create their own assets.