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Choose your quick section of our RavenCoin review below.
A Quick Overview of our RavenCoin Review:
RavenCoin came as the result from a fork of the Bitcoin code, and it consists of four key changes namely a modified issuance schedule and a block reward of 5 000 RVN, the reduction of block time to one minute, coin supply which is capped at 21 billion, and a mining algorithm that mitigates the centralisation of mining through ASIC rigs.
RavenCoin Live Price
What is RavenCoin?
RavenCoin is a digital peer-to-peer (P2P) network that focuses on the implementation of a blockchain for various use cases. RavenCoin was designed to handle one function in mind: the transfer of assets from one user to another.
Key Features and Takeaways of RavenCoin
RavenCoin is one of the most popular cryptocurrency projects in the crypto space that has the following key features and takeaways:
RavenCoin came as the result from a fork of the Bitcoin code, and it consists of four key changes namely a modified issuance schedule and a block reward of 5 000 RVN, the reduction of block time to one minute, coin supply which is capped at 21 billion, and a mining algorithm that mitigates the centralisation of mining through ASIC rigs.
RavenCoin aims to solve the challenges that asset transfers face in addition to trading over blockchain. Previously, if an asset had been created on the Bitcoin blockchain, it could be destroyed accidentally if someone traded the coins that the asset was created with.
The native token for RavenCoin, RVN, are designed as internal currency in the network which are burnt so that token assets can be issued on the Ravenchain, the blockchain of RavenCoin.
The assets created on the Ravenchain can represent anything from gold or physical currency, virtual goods, a share of a project like stocks, airline miles, or even an hour of a worker’s wage.
RavenCoin was created through a phased development schedule and it work on the blockchain continues to this day, with developers having achieved several milestones, including advanced mining capabilities.
The development team of RavenCoin have also developed a unique algorithm known as X16R, updated to X16RV2, which allows for Proof of Work consensus while ensuring resistance to ASIC.
X16RV2 is unique as it uses 16 different hashing algorithms, choosing between these on which one to use. This randomisation makes it difficult for an ASIC rig to be designed and developed that could take advantage, and exploit, the X16RV2 algorithm, allowing anyone to partake in RVN mining without having to compete, and lose, against ASIC rigs.
There are many assets which are stored on Ravenchain and one of the primary objectives that RavenCoin strives for is to ensure security. The Ravenchain functions in the same manner as Bitcoin and it shares that same level of security offered by Bitcoin.
RavenCoin operates with the support of a strong community as well as wide distribution. Privacy is an aspect that includes, subsequently taking advantage of the inherent separation of user identity and the wallet address.
RavenCoin Mining
Ravencoin uses a Proof of Work (PoW) consensus mechanism along with a X16VR2 algorithm which makes it ASIC-resistant, which means that anyone can mine RVN. In the PoW consensus, miners are needed to maintain the decentralised nature of the network and to ensure that it remains secure.
The X16VR2 algorithm was first introduced as X16R and it allows for mining without having to use significant amounts of computational power, unlike mining Bitcoin, Ethereum, or Litecoin.
The basic principle involved with mining RVN, is that the network uses miners to validate transactions in a block before these blocks are added onto the Ravenchain. This way, the network remains decentralised, and miners are rewarded with a block reward of 5 000 RVN for their efforts.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Tokenised assets is an exciting venture and addition in the crypto space and even though there are many blockchains competing, RavenCoin is one of the leading projects in this aspect | RavenCoin is in direct competition with other powerful players such as Polymath |
| RavenCoin ensures that there is consistent ASIC resistance, making it easy for anyone to mine without having to compete against dominant ASIC miners | |
| Disruption of the securities market as tokenised assets will allow creates to reward holders for their stake |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | 3 RVN for transactions up to 9 RVN |
| Withdrawal Fees | 5 RVN |
Should you buy RavenCoin?
The cryptocurrency project space is flooded with a variety of projects that are working towards becoming the next Bitcoin or Ethereum, however, even as a fork from Bitcoin, RavenCoin focuses on providing its users with an easy and reliable way to create and transfer assets on its blockchain.
RavenCoin presents an excellent and promising opportunity to get into a space which will be loaded with capital soon, especially as more users design, create, and distribute assets over the network.
When compared to other projects such as Polymath, NEM, Waves, and other smaller projects, RavenCoin is undervalued in terms of market capitalisation, given that this is a new space waiting for widespread adoption.
However, once this starts trending, RavenCoin will undoubtedly become a key player and a leader in this specific field, especially as it has a strong community and solid decentralised model that backs it.
There is a concern with some investors when it comes to the circulating supply of RVN versus its maximum supply. Any limited asset or limited resource that enters the market will have a lower value of existing supplies, however, if the project continues its path towards expansion and growth, the price may not be affected as supply starts to diminish.
How to buy RavenCoin (RVN)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase RavenCoin/RVN and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
RVN can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading RVN.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading RVN, select the option from the “Trade” Menu. Enter “RVN” into the search bar to see which trading options are available.
For spot trading select RVN_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair RVN/USDT.
Here, you will see that you have the option to buy or sell RVN either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy RVN through via Limit Order
To buy RVN and create a limit order for it, you can enter the amount of RVN you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell RVN through via Limit Order
To sell RVN, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, RVN that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was RavenCoin first launched?
RavenCoin was announced in October 2017.
Who founded RavenCoin?
The whitepaper for RavenCoin was published by Bruce Fenton, Tron Black, and Joel Weight.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was RavenCoin’s ICO and how much did it raise?
RavenCoin did not have an ICO.
Is RavenCoin legit?
Yes, RavenCoin is legit.
What is RavenCoin’s total supply?
There is a total supply of 21 billion RVN tokens.
What is the purpose of RavenCoin?
To ensure the efficient, fast, and reliable transfer of assets from one party to another.
On which blockchain is RavenCoin based?
RavenCoin is based on its own blockchain, Ravenchain.
Does RavenCoin work with smart contracts?
No, Ravencoin does not work with, or support, smart contracts.
Does RavenCoin have potential to become more valuable?
Yes, with more widespread adoption, RavenCoin is poised to become more valuable.
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