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Ravencoin Price (RVN)

₹ 3.7090000000 -0.62 %

Low : ₹ 3.2500 High : ₹ 3.4500

Market Cap

₹46.97 B

1.0926 %

All Time High : ₹20.6900

All Time Low : ₹0.6746

Volume

₹2.92 B

Circulating Supply 13710100000
Max Supply 21000000000

Ravencoin (RVN) Price Live Chart

Ravencoin (RVN)

Ravencoin is a software solution aiming to encourage a network of computers to support a platform where users can generate a new category of cryptocurrency assets.


The protocol is intended to streamline the creation and transfer of tokens representing tangible assets like securities, collectibles, gold, event tickets, and even frequent flyer miles.


Ravencoin was introduced through an open-source derivation of Bitcoin's codebase, involving modifications to accommodate unique objectives.


Aside from enabling users to create custom assets within its ecosystem, other alterations were made, such as reducing block times to one minute, setting a block reward of 5,000 RVN (Ravencoin's cryptocurrency), and establishing a maximum supply of 21 billion RVN.


To ensure network security, Ravencoin employs a consensus mechanism akin to Bitcoin's Proof of Work (PoW). However, unlike Bitcoin's reliance on specialized hardware, any individual interested in mining can participate using their own CPU.


Founder

In 2018, businessman Bruce Fenton and developer Tron Black initiated Ravencoin by forking Bitcoin's code. Unlike typical projects, Ravencoin's team opted not to hold any form of token sale, be it public or private, to attract investors. Instead, they aimed to emulate Bitcoin's launch approach, which involved not allocating any portion of the token supply to external parties in advance.


What makes it unique?

Ravencoin, stemming from a fork of the Bitcoin codebase, introduces four notable modifications: an adjusted issuance schedule featuring a 5,000 RVN block reward, a reduced block time of one minute, a total coin supply limitation of 21 billion (a thousandfold increase compared to BTC), and the implementation of the KAWPOW mining algorithm (formerly X16R and X16RV2). This algorithm aims to counteract mining centralization resulting from specialized ASIC hardware.


The core objective of Ravencoin is to address the challenge of asset transfer and trading on the blockchain. In the past, assets created on the Bitcoin blockchain could unintentionally be invalidated when associated coins were traded.


RVN coins serve as the network's internal currency and are required to be burned (destroyed) for the issuance of tokenized assets on the Ravencoin network. These assets have a broad scope, encompassing physical assets like gold or tangible euros, virtual items, ownership shares in projects such as stocks and securities, airline miles, or even a portion of someone's hourly wage.


Network security

Ravencoin, being a fork of Bitcoin, inherits the robustness of decentralization and mathematical security. It employs a proof-of-work mining algorithm named KAWPOW, which took over from X16R and X16RV2 on May 6, 2020. This shift not only enhances security but also emphasizes resistance to ASIC mining.


Initially, the X16r algorithm group employed 16 distinct hashing algorithms for each mining block. However, the order of their usage varied for each block and was determined by the last 8 bytes of the previous block's hash. This approach aimed to negate any ASIC advantage over CPUs and GPUs by necessitating constant adaptation. Yet, ASICs were eventually developed for this algorithm, prompting Ravencoin's transition to the KAWPOW algorithm. KAWPOW is a slightly modified version of ProgPow, which evolved from Ethash and is optimized for GPU mining.


By combining this change with their commitment to equitable distribution without any pre-mining, Ravencoin strives to prevent any single entity or group from acquiring sufficient hash power to mount a 51% attack or artificially manipulate market prices.


Recent developments

This happened in January 2021, Ravencoin's Twitter activity surged on January 27, with a tweet highlighting its relevance in the changing landscape of stock markets, coinciding with pressure on traditional markets due to the r/Wallstreetbets movement and GameStop short squeezes.


Another tweet on January 29 emphasized Ravencoin's design for securities, suggesting that its distributed ledger technology could potentially address problems arising from flawed ledgers in public markets. This tweet briefly boosted RVN's price to $0.036, though it later corrected to $0.023.


Antecedent to the recent price surge, VORTECS™ data from Cointelegraph Markets Pro revealed a bullish outlook for RVN on February 17. The VORTECS™ score, a proprietary metric, combines various factors like market sentiment, trading volume, price movements, and Twitter activity.


The VORTECS™ score increased from 56 on February 14 to 84 on February 17, preceding RVN's price rise from $0.074 to its current value of $0.157. The rising price of RVN, coupled with surging trading volumes, has propelled the total market capitalization above $1.2 billion, elevating Ravencoin to the status of a cryptocurrency unicorn.


Future developments

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