Exchange Ravencoin

Ravencoin is a blockchain network launched in January 2018 to enable the creation and transfer of digital assets, particularly focused on facilitating the issuance and transfer of unique tokens. The project's name is inspired by the fictional "Ravens" from George R.R. Martin's "A Song of Ice and Fire" series, known for carrying hidden messages.

Ravencoin is built on a fork of the Bitcoin codebase, which means it also possesses some of the security and decentralization features of the Bitcoin network. However, it has its unique features and goals. In particular, Ravencoin releases new coins differently, with a reward of 5,000 RVN for each block created. It processes transactions more quickly, taking just one minute per block. 

Ravencoin was launched in January 2018. The White Paper of the project was created and published by Bruce Fenton, Tron Black, and Joel Weight. Bruce Fenton is a well-known person in the blockchain and cryptocurrency space. He is an entrepreneur, public speaker, and advocate for blockchain technology. Fenton was one of the early proponents of Ravencoin.

Tron Black is a software developer with a background in blockchain technology. He has been actively involved in the development of the Ravencoin network. Joel Weigh is a software developer who started his career at the time of the dot-com bubble after graduating from the University of Utah. Weight also serves as the Chief Technology Officer at Overstock.com, a well-known online retailer. 

The project's primary goal from the inception was to address the need for a blockchain platform that could make it easier for users to create and manage unique tokens representing various forms of ownership, value, and information. Ravencoin's focus on asset creation and transfer has made it suitable for multiple use cases, including the tokenization of real-world assets and the secure transfer of these tokens.

The project was launched in the fairest and most transparent way possible without ICO or pre-mined tokens, and there are no coins held for the founders and the development team. 

Ravencoin allows users to create and issue their own digital assets. These tokens can represent various forms of ownership, value, or information. These assets can be customized with unique attributes and metadata. The platform allows for the secure and fast transfer of these digital assets between users. 

Additionally, Ravencoin allows attaching metadata to tokens, making it possible to associate additional information with a digital asset, such as product details, legal documentation, or other relevant data.

Ravencoin uses a Proof of Work consensus mechanism, just like Bitcoin. But Ravencoin employs a unique mining algorithm named "KAWPOW." The technology was introduced to prevent the centralization of mining that happened with other cryptocurrencies like Bitcoin. It replaced the previously used X16R and X16RV2 on May 6, 2020. The original X16r algorithm group initially used 16 distinct hashing algorithms for each mining block. The algorithms were applied in the ever-changing order that was determined by the last 8 bytes of the previous block's hash. The idea was to keep ASICs from gaining an advantage over CPUs and GPUs since they would have to adapt to the random cycles.

Bitcoin mining is often dominated by specialized hardware known as ASICs, but Ravencoin's KAWPOW algorithm is intentionally less susceptible to ASIC dominance. By prioritizing the use of general-purpose computer graphics cards (GPUs) as the primary mining hardware KAWPOW fights the dominance of ASICs. This strategy is used to create a more decentralized mining environment, so more participants can contribute to the network's security and earn new RVN coins through mining.

Unlike Bitcoin, where specialized mining hardware called ASICs (Application-Specific Integrated Circuits) can dominate the mining landscape, Ravencoin's KAWPOW algorithm is designed to be more resistant to ASIC mining. It achieves this by favoring general-purpose computer graphics cards (GPUs) as the primary hardware for mining. This approach promotes a more decentralized mining ecosystem by allowing a broader range of participants to engage in providing the network's security and earn new RVN coins through mining.

Ravencoin accentuates user control and ownership of digital assets. Users hold the private keys to their assets, having full control over their ownership and transfer.

A significant security breach on the Ravencoin blockchain took place on June 3, 2020. At the time of the incident, hackers exploited a vulnerability in the Ravencoin codebase and created a large number of RVN coins (about 1.5% of the maximum supply). To fix the situation, the Ravencoin community decided to burn the illegitimately created tokens. As the attack primarily involved the creation of new tokens, the breach didn’t directly impact the Ravencoin community. The attack highlighted the importance of regular code audits, security assessments, and ongoing development measures to maintain the integrity of the blockchain.

Ravencoin (RVN) is the native cryptocurrency of the Ravencoin network, that serves both as a means of transferring value within the network and a fundamental component of the platform's asset creation and transfer features. To issue new tokens on Ravencoin, users need to burn a certain amount of RVN as collateral. Thus the network is protected from spam and misuse. The amount to be burned depends on several factors, including the requested token attributes. 

RVN token is also used to cover the network fees when transacting the tokens. 

The total supply of the RVN coins is capped at 21 billion which is 100 times more than Bitcoin. 

The average fees on the Ravencoin

Ravencoin (RVN) transaction fees are generally quite low, making it an attractive option for transferring digital assets. The transaction fees on the Ravencoin network vary based on factors, including network congestion and the complexity of the transaction. 

For example, standard straightforward transactions on Ravencoin are usually not more than fractions of RVN. The fees increase if you want to create an asset on the Ravencoin blockchain. 

The RVN token fees

Numerous wallets can be used to store the RVN tokens, including the official wallet of the network Raven Core Wallet, and also popular crypto wallets like Trezor, Ledger, Coinomi, Trust Wallet, Magnum Wallet, Atomic Wallet, Coinbase, Exodus, Guarda Wallet, etc.