Ravencoin (RVN) — An improved version of the original bitcoin protocol
The blockchain technology is immutable, decentralized ledger that has the power to support cryptocurrency. Since the emergence of bitcoin, many projects have appeared bringing innovative ideas with them and are backed by blockchain technology. The purpose of these projects is to introduce something that is missing or limited in existing projects.
Some projects are forks of bitcoin which means that they have cloned the code of the original bitcoin and made alterations in it to introduce a project with new capabilities. The source code of bitcoin helps them to lay out a foundation for their project. Ravencoin (RVN) did the same thing and mined genesis block in honour of bitcoin on its ninth anniversary (January 3rd, 2018).
As we all know, Ravencoin is a fork of bitcoin but what makes it different is that it was efficiently designed for only one goal and that is to make instant transactions (you can create digital assets by using RVN tokens but it isn’t their primary function). It is a community-driven open-source project and that is the reason why no ICO or any donations were made. Although it shares many similarities with bitcoin, there are certain key changes made in its block time, total supply, the block reward, and its mining algorithm.
Along with these modifications, some others were also made to ensure the process runs smoothly. If you want to trade RVN you can go to Binance, DigiFinex, Bittrex, Upbit, Escodex, and many other exchanges. Ravencoin also offers official wallets for desktop platforms, Android, iOS, paper, and web so you won’t have to rely on other third-party wallets.
X16R- Mining algorithm
If we talk about Ravencoin’s mining algorithm X16R. It is an upgrade to X11. The reason for implementing this algorithm was to eliminate mining centralization. This algorithm can constantly disrupt the hashing order of the algorithms which in turn makes this algorithm ASIC (hardware mostly use for mining in Bitcoin) resistant.
The major thing lacking in bitcoin was its scalability. Ravencoin tries to remove it by:
- Improving block time speed from ten minutes (in bitcoin) to only one minute (in Ravencoin).
- Increasing the total coin supply from 21 million (bitcoin) to 21 billion (raven coin).
Ravencoin which is a fork of bitcoin has a lot to offer as compared to bitcoin. The project was started with only a single main goal which is to make instant transactions. Its market cap is at USD 170,077,891 and the circulating supply is at 4,264,290,000 RVN.
Ravencoin also can support monetary assets, commoditized, non-fungible. The community is working on this project and made this project ASIC resistant by applying X16R mining algorithm.