RavenCoin is sat in a comfortable place at the moment. It is currently one of the top 50 cryptocurrencies on the Coin Market Cap and it is also one of the most exciting coins in the industry too. The currency is actually inspired by George R. R. Martin’s Westeros, and it was also one of the strongest performing coins on the market too. This is especially the case when you look at the bear market.
The Birth of Ravencoin
Ravencoin came onto the market in 2018. This coincided with Bitcoin’s 9th year. Ravencoin was developed from an open-source fork and this happened when the Bitcoin network enabled easy to transfer funds. This included non-fungible and fungible assets. It forked off from the Bitcoin protocol and when this happened, it carried some of the features of the premier currency. This happened to include POW. The early members of the system made sure that they did the right thing by tweaking the coin’s own DNA until it was perfect. It also made the coin able to circumvent one of the biggest obstacles for Bitcoin, which as everyone knows, is scalability. Sure, the maximum supply is currently at 21 billion, but Ravencoin is now touching at its all-time high value. Some of the ways that Ravencoin differs is the fact that it has a much faster block confirmation level. One minute against 10 for Bitcoin.
So how does Ravencoin’s utility compare to the ravens of Westeros? When you look at the fictional world of George R. R. Martin’s books you will soon find that ravens are used as valuable messengers. It is their job to carry statements of truth back and forth. They use blockchains to carry truth to all of those who own assets. Ravencoin has the ultimate aim to try and develop a blockchain network and they are also going to try and transfer seamless asserts as well. This is especially the case when you look at physical assets and digital assets too. This can be done as an open source and it is not pre-mined either. When you look at XRP and even TRON you will soon find that it is not a pre-determined amount either. This ensures that the risk that comes with centralization are completely centralized on the blockchain overall. When you look at the Medium post by the project you will soon see that Ravencoin is a use-case blockchain and that it is designed to handle one function alone. They want to transfer funds from one party to another. In this global economy, borders and even jurisdictions are going to be less relevant and assets are now going to be tradable too. This is going to help create frictionless trading and it will also help people to move huge amounts of wealth instantly. This can be done in the blockchain but it’s safe to say that the same level of efficiency can be demanded. This is especially the case when you look at the securities and even the similar asset holdings.
The above suggests that Ravencoin is not the competitor for Bitcoin. Rather, they aim to serve a different purpose entirely and it is a force that is going to change the world of Bitcoin forever.
Another characteristic is that Ravencoin has a different mining algorithm when compared to Bitcoin. The website has stated that Ravencoin uses the X16R to try and mine any tokens. The algorithm is designed to try and address the issue with mining that has been caused by any ASIC hardware. It is trying to circumvent the entire ASIC mining process by disrupting the algorithm for hashing. Ravencoin does not have a distribution schedule and it instead has a house messaging system. This is exclusive to RVN token holders. When you look at halving, you will soon find that the whitepaper states that by the year 2023, the block height will stand at 2,100,0000. The block rewards for miners are going to be reduced and this will happen until it is no longer possible to have the rewarded amount.
There is no denying the fact that the market in this day and age has been flooded by a huge number of projects. They all have a vision to change the world, but now analysts are working hard to make sure that not all of them are given the same value. It’s safe to assume that only 5% of these cases will actually survive the market force. Adoption and even ease of use are two of the main issues that blockchain workers face and they need to overcome them soon if they want to become mainstream in the future.
So, this brings about the question, is it possible for Ravencoin to endure the thrill ride? If you want to find the answer to this question, then you need to look beyond the real-use case. You also need to take into account how Ravencoin has developed over the years.
Ravencoin’s whitepaper shows that there have been an array of use-cases for the coin. These however are only suggestions and you need to take them at face-value where possible. The whitepaper has stated that it should be possible for you to send almost any asset over the main Ravencoin blockchain. This is because the entire network is geared to try and facilitate this. It is done on a tangible level and even on an intangible level too. This is especially the case when you look at the distribution ledger for the technology as a whole.
Items which can be transferred over the network can include a physical storage or even non-physical assets. This can include in-game currencies or even e-tickets for sporting events. The transfer of each asset can be represented by the blockchain and it is a non-mineable token.