Ravencoin is a specialized blockchain created to authenticate and confirm asset ownership. Accordingly, this platform was created based on a fork of Bitcoin by three individuals: Bruce Fenton, Tron Black, and Joel Weight.
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What is Ravencoin?
Ravencoin is a peer-to-peer blockchain built on a fork of Bitcoin, officially announced in January 2018 by Bruce Fenton, Tron Black, and Joel Weight. The platform is designed to optimize the transfer of assets between parties in the most efficient way possible.
In other words, the main goal of this platform is to develop a blockchain focused on providing coding solutions for specific use cases. This allows users to transfer crypto assets transparently and immutably, utilizing a branch of Bitcoin’s source code and the UTXO model.
Additionally, Ravencoin uses the proof-of-work (PoW) mechanism to secure the network, allowing transactions to be verified by nodes. This ensures the sender’s accuracy and the recipient’s validity, after which transactions are recorded in chronological order on the permanent blockchain.
What makes Ravencoin stand out?
Below is a quick summary of the most notable features of the Ravencoin platform:
- Launched on the 9th anniversary of Bitcoin through a fork of its source code, Ravencoin is the result of contributions from over 430 Bitcoin developers with more than 14,000 commits at the time of the project’s release.
- It is a platform optimized for asset transfers between parties, built on the extensive development and testing of the UTXO model from the Bitcoin protocol.
- Key differences from Bitcoin include a block time of 1 minute, adjustments in the number of tokens issued while maintaining the same proportional distribution schedule, and the addition of asset creation features.
- As an open-source and completely free platform, all tokens are fairly issued and mined publicly and transparently through the Proof of Work (PoW) mechanism using the x16r algorithm, developed specifically for Ravencoin, without any private allocations for the project team or any ICO sales.
- It places a high priority on security, privacy, and censorship resistance, allowing users to add additional features based on their needs, and is open for use and development in any jurisdiction.
Ravencoin development team information
As mentioned earlier, the Ravencoin project was created by three key developers: Bruce Fenton, Tron Black, and Joel Weight. Based on the information we were able to gather, here’s what we know:
- Tron Black: Considered the core developer of the platform, Tron has over 5 years of experience in the blockchain industry and is currently the lead software developer at Medici Ventures. He has also been the President and CEO of Blue Squirrel for over 17 years.
- Bruce Fenton: Known as the platform’s main blockchain advisor, Bruce has more than 23 years of experience in the financial industry and 3 years in the blockchain space. He has also served as an advisor to the Bill and Melinda Gates Foundation.
- Joel Weight: A co-founder of the project, though specific information about him is currently unavailable.
Additionally, the Ravencoin whitepaper acknowledges the contributions of more than 430 anonymous developers from the Bitcoin community.
What is RVN?
RVN Coin is currently the native token of the Ravencoin blockchain, which can be used for many different roles in this ecosystem.
Specifications
- Token Name: Ravencoin
- Ticker: RVN
- Blockchain: Ravencoin
- Total Supply: 21.000.000.000 RVN
- Circulating Supply: 11.381.189.550 RVN
Distribution rate
According to the information we have collected, RVN Coin is not currently allocated to anyone or any specific unit.
RVN Use Cases
RVN can be used for the following main tasks:
- Pay transaction fees within the network.
- Block rewards for miners.
- Create Unique Tokens.
- Messaging Stakeholders.
- Participate in voting.
How to own an RVN?
If you want to own RVN Coin, the first way you can use it is to mine through the proof-of-work (PoW) mechanism.
The second way is by buying it, the best crypto exchanges we can recommend for you are Binance, Huobi,…
Where should an RVN be stored?
To be able to store RVN, you can use the project’s official storage wallet, currently available on 3 operating systems Windows, macOS, and Linux, as well as available on Google Play and Appstore.
However, if you still want to use e-wallet services from third parties, here are some of our recommendations: Atomic Wallet, Cobo Wallet, Crypto.com Wallet, Exodus Wallet,…
Conclusion
We’ve finally concluded all the exciting Ravencoin-related content. Hope you enjoy this content and see you again in newer content from AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
