RVN

Overview of RVN

Ravencoin, or RVN, is a peer-to-peer blockchain protocol designed to facilitate the efficient creation and transfer of assets from one party to another. Launched in 2018 by main founders Bruce Fenton, Tron Black, and Joel Weight, the Ravencoin project offers users the ability to create and manage a variety of asset types on a secure and decentralized blockchain ledger. The RVN token is the native cryptocurrency of the Ravencoin platform and serves as the underlying utility token that powers the platform. It is represented with the short name 'RVN'. Binance, Bitrex, Huobi, and several other exchanges support RVN for trading. For storage, Ravencoin Core Wallet and Trust Wallet, among others, can be used.

Pros and Cons

What Makes RVN Unique？

Ravencoin (RVN) distinguishes itself within the cryptocurrency space primarily via its focus on digitized asset transfer and asset democratization. Unlike typical cryptocurrencies, which primarily focus on being a medium of exchange or a store of value, RVN is designed with the core objective of tokenizing assets to facilitate their transfer on the blockchain.

Ravencoin's blockchain is essentially a fork of Bitcoin - but it includes several changes that facilitate its core functionality. One such alteration is the introduction of a unique asset issuance system. Any RVN holder can issue assets that track and represent real-world, digital, or intangible items, thus making it possible for virtually anyone to create and manage their own crypto-asset.

Furthermore, Ravencoin's block time is one minute, significantly quicker than Bitcoin's ten-minute block time, allowing for faster transaction confirmations. It also adopted a different hashing algorithm, known as X16R, which was designed to prevent immediate domination by mining pools and maintain fairer distribution of coins.

How Does RVN Work？

Ravencoin (RVN) operates on its own blockchain platform that employs a Proof-of-Work (PoW) consensus mechanism. The PoW system provides security to the blockchain by requiring miners (participants in the network) to solve complex mathematical problems to validate new transactions and add them to the blockchain. Successful miners are rewarded with RVN tokens.

The primary principle behind Ravencoin is focused on the creation and transfer of digital assets. Anyone can generate a unique digital asset on the Ravencoin platform by burning some RVN tokens. These assets can represent real-world items, contracts, digital items, or even other cryptocurrencies. Once an asset is generated, it can be transferred between any parties on the Ravencoin network.

The unique feature of RVN's working mode is its decentralization and democratization of asset issuance. Rather than requiring permission or depend on intermediaries for asset creation and transfer, Ravencoin allows any user to freely create and manage their assets. This system enables non-expert users the opportunity to tokenize and transfer assets on a secure, decentralized network.

Ravencoin's block time is significantly quicker (one minute) than Bitcoin's (ten minutes), leading to quicker transaction confirmations. Moreover, it uses the X16R hashing algorithm to provide a more equitable mining landscape. The algorithm is more flexible to changes in hash rate, ensuring broad user participation in network security and coin distribution.

Exchanges to Buy RVN

Ravencoin (RVN) is supported by a wide range of cryptocurrency exchanges. Below is a non-exhaustive list of some exchanges offering RVN along with the significant currency pairs and token pairs they support:

1. Binance: This exchange supports a variety of pairs for RVN, including RVN/USDT, RVN/BTC, and RVN/ETH.

2. Bitrex: Bitrex offers the RVN/USD and RVN/BTC pairs, providing users the option to trade against fiat currency or Bitcoin.

3. Huobi: On Huobi, users can trade RVN against several popular cryptocurrencies like Bitcoin and Tether, under RVN/BTC, RVN/USDT pairs.

4. OKEx: It supports RVN in the spot market with pairs including RVN/USDT and RVN/BTC.

5. Bithumb: This exchange supports RVN traded against South Korean Won (KRW) under the RVN/KRW pair.

How to Store RVN？

Ravencoin (RVN) can be stored in a variety of wallets, each offering different levels of security, convenience, and other features.

The most common type of wallet is the official Ravencoin Core Wallet, which is developed and maintained by the Ravencoin team. It supports the full range of Ravencoin features, including asset creation and transfer. However, it does require downloading the entire Ravencoin blockchain, which might not be feasible for every user due to its large size. This wallet is available for Windows, MacOS, and Linux.

Trust Wallet, a user-friendly mobile wallet available on both Android and iOS, also supports RVN. Trust Wallet offers the convenience of managing funds from a smartphone and includes security features like key encryption.

Hardware wallets such as Ledger and Trezor offer the highest level of security, as they store funds offline in secure hardware devices. This makes them immune to online threats such as hacking and phishing. For now, only Ledger offers support for RVN.

For those who prefer to store and manage their RVN holdings online, there are also web-based wallets such as SafeWallet.

Lastly, exchange wallets are a type of wallet provided by cryptocurrency exchanges where the RVN tokens are bought. While they offer a high degree of convenience, especially for traders, they generally are considered less secure than other wallet options since users do not have full control over their private keys.

Should You Buy RVN？

Buying Ravencoin (RVN) may be suitable for a variety of individuals based on their interest, investment portfolio, and risk tolerance. Here are some categories of individuals who might consider buying RVN:

1. Crypto Traders and Investors: Those with an interest in diversifying their cryptocurrency portfolio may consider investing in RVN. Given its unique asset issuance model and its potential for growth, RVN could potentially be a part of a well-diversified portfolio.

2. Blockchain Enthusiasts: Individuals with a special interest in blockchain technology, especially those interested in asset tokenization, might consider buying RVN, as Ravencoin's primary focus lies in the seamless and efficient transfer of assets.

3. Developers: For developers who wish to enter the ongoing blockchain revolution, the open-source and participatory nature of the Ravencoin community could provide an interesting opportunity. Apart from buying RVN tokens, they may contribute to the project's development.

FAQs

Q: What is the main function of Ravencoin's blockchain？

A: Ravencoins blockchain primarily facilitates the creation and peer-to-peer transfer of assets.

Q: How are new RVN tokens created and distributed？

A: New RVN tokens are created and distributed through a Proof-of-Work (PoW) mining process.

Q: Which exchanges support the trading of RVN tokens？

A: Ravencoin (RVN) tokens can be traded on multiple exchanges, including Binance, Bitrex, Huobi, and several more.

Q: How can I store and manage acquired RVN tokens safely？

A: RVN tokens can be securely stored and managed on various wallet options, including the Ravencoin Core Wallet, Trust Wallet, Ledger, and others.

Q: What is the main advantage of RVN's asset issuance system？

A: RVN's asset issuance system allows any user to create and manage their own crypto-asset on the platform in a decentralized manner.