Best time to invest in Raven Coin(RVN)

Devendra Singh Khati

What is the Raven coin?

Ravencoin is a standing coin built on the model of UTXO-19 Bitcoin. Developing Bitcoin code to combine certain abilities is not practical but Ravencoin is a schedule made from a key fork and resulting in newly mined RVN. Ravencoin will be supplementing assets, prizes, unique assets, messaging, and choosing.

Best time to invest in Raven Coin(RVN)

The Raven rules skills will be rolled out in phases which will be done as a planned hard fork upgrade. Users and developers can utilize the codebase to maintain a secure, decentralized, and tamper-resistant network.

The Ravencoin project can also serve as a base and starting point for projects, second layer solutions, experiments, and business ideas that might benefit from either the Bitcoin-based code base with adjustments or the native additional features added to the Ravencoin blockchain.

The high level of protection provided by encoding assets in the Bitcoin blockchain is an advantage. Many folks believe that Bitcoin is the most secure blockchain because it has a massive amount of distributed mining power that secures each block with a “high difficulty hash.”

Because the distributed Bitcoin nodes recognize the level of effort to create a high difficulty hash, this makes it nearly impossible to re-write or modify the blockchain without prohibitively high mining investment. To tamper with the Bitcoin blockchain, to rewrite or modify its ledger, an investor at the level of a nation-state would have to expend significant effort.

How does the Raven coin work?

The solution is to build a fully asset-aware bitcoin-like system. A system that is asset aware has two major advantages. First, it allows the client and RPC commands to protect the asset from being destroyed accidentally.

Second, it enables the assets to be issued, tracked, and transferred using a single native client. Finally, in order to provide security for the underlying assets, the bitcoin-like system relies solely on a market value, a large mining community, and widespread distribution. Assets are tokens that can be issued by users of the Raven protocol without the need to be mined.

Users of the Raven protocol create these assets and decide their purpose and rules independent of the protocol. These assets or tokens exist on the Ravencoin blockchain and could be whatever name, denomination or purpose selected by the creators of each asset, coin, or token. The tokens are transferable and move with the same ease as bitcoin, or other similarly functioning cryptocurrencies.

In Ravencoin, an asset is just a limited quantity of a unique symbol, and transferable to any Ravencoin address. Assets have been available on other platforms for some time, including Open Assets, Mastercoin, Counterparty, and as an ERC20[7] or ERC223 [8] token on Ethereum [9]. Assets created using the Raven protocol have several advantages: they are easier to use, have a tighter fit, and are more secure.

Best time to invest in Ravencoin

Token holders can create unique assets by using unique tokens. Unique tokens, like ERC721 tokens, are guaranteed to be unique and only one will exist. Ownership of unique tokens can be transferred by sending the unique token to the address of another user.

  • Assume an art dealer issues the asset ART. The dealer can then create one-of-a-kind ART assets by affixing a name or serialized number to each piece of art. These unique tokens can be transferred to the new owner along with the artwork as proof of authenticity.
  • A software developer can issue the asset with the name of their software ABC GAME, and then assign each ABC GAME token a unique id or license key. The game tokens could be transferred along with the license. Each token ABCGAME:398222 and ABCGAME:423655 is distinct.
  • In-game assets. A game ZYX GAME could create one-of-a-kind limited edition in-game assets that the game player owns and uses. ZYX GAME: SwordOfTruth005 and ZYX GAME: HammerOfThor are two examples. These in-game assets could then be saved, traded with other players via QR codes and wallets, or uploaded into an upgrade or new version of a game.

Is 2021 the best time to invest in Ravencoin?

Ravencoin price in India at writing time is 9.26 INR, with a 24-hour trading volume of 4,348,710,810 INR. Ravencoin has decreased by 2.41 percent in the last 24 hours. With a live market cap of 93,297,369,505 INR, CoinMarketCap currently ranks #92. It has a total supply of 21,000,000,000 RVN coins and a circulating supply of 10,070,085,000 RVN coins.

Ravencoin, as a fork of the Bitcoin code, has four key differences: a modified issuance schedule (with a block reward of 5,000 RVN), a block time reduced to one minute, a coin supply capped at 21 billion (a thousand times more than BTC), and a mining algorithm (KAWPOW, formerly X16R and X16RV2 respectively) intended to mitigate mining centralization caused by ASIC hardware. Ravencoin seeks to address the issue of asset transfer and trading on the blockchain. Previously, if an asset was created on the Bitcoin blockchain, it could be accidentally destroyed when the coins used to create it were traded.

RVN coins are intended to be used as network currency and must be burned in order to issue token assets on the Raven chain. The assets can represent anything: real-world custodial objects like gold or physical euros, virtual goods and objects, a share of a project like stocks and securities, airline miles or an hour of someone’s wage, etc.

Why invest in Ravencoin?

Ravencoin is a fork of Bitcoin, so it is protected by the power of decentralization and mathematics. It employs the KAWPOW proof-of-work mining algorithm, which will replace X16R and X16RV2 on May 6, 2020. This not only ensures security, but it is also ASIC resistant.

The X16r algorithm group initially employs 16 different hashing algorithms for each mining block, but the order in which they are used varies from block to block and is determined by the last 8 bytes of the previous block’s hash. The requirement to adapt each cycle was thought to give ASICs no advantage over CPUs and GPUs.

However, ASICs for it were eventually developed, and Ravencoin was forced to switch to an entirely different algorithm, KAWPOW, which was a slightly modified version of ProgPow, which itself was an evolution of Ethash and is optimized for mining on GPUs.

This, combined with the commitment to fair distribution and no pre-mine, is intended to ensure that no single individual or organization has or will be able to have enough hash power to attempt a 51 percent attack or create any sort of artificial market price shocks.

Unfortunately, there was a successful known hack of the Ravencoin blockchain, which was disclosed to the public on June 3, 2020.During the attack, hackers managed to instantly mint i315 million RVN coins, which constitutes about 1.5% of Ravencoin’s supply cap of 21 billion. At the moment of the announcement, the price of the stolen RVN was estimated at USD $5.7M. None of the existing coin holders was directly affected by the attack.

Conclusion

Ravencoin is a platform coin built on the UTXO [19] model of Bitcoin. It is not practical to modify Bitcoin code to add these capabilities, but Ravencoin is a platform built from a code fork and issuing newly mined RVN.

Ravencoin will add assets, rewards, one-of-a-kind assets, messaging, and voting. The Raven protocol’s capabilities will be rolled out in phases which will be done as a planned hard fork upgrade. The codebase is intended to enable users and developers to run a secure, decentralized, and tamper-resistant network.

The Ravencoin project can also serve as a base and starting point for projects, second layer solutions, experiments, and business ideas that might benefit from either the Bitcoin-based code base with adjustments or the native additional features added to the Ravencoin blockchain



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