Ravencoin is a peer-to-peer (P2P) digital network that focuses on creating a blockchain tailored for a particular purpose: the seamless transfer of assets from one individual to another. Originating from a Bitcoin code fork, Ravencoin was introduced on October 31, 2017, and made its mining software available on January 3, 2018, with what is known as a fair launch, meaning no premine, ICO, or masternodes were involved. Its name was inspired by the television series Game of Thrones.
Who Founded Ravencoin?
The whitepaper for Ravencoin was authored by Bruce Fenton, Tron Black, and Joel Weight.
These individuals distinguish themselves in the cryptocurrency space due to their extensive business and development backgrounds prior to embarking on this venture.
Bruce Fenton gained recognition in the crypto world as a board member and executive director of the Bitcoin Foundation from 2015 to 2018. His pre-crypto career includes significant roles such as vice president at Morgan Stanley during the 1990s and managing director at Atlantis Consulting for 13 years. Presently, he serves as managing director of Chainstone Labs, a stealth fintech startup.
Tron Black is an experienced software developer with over three decades in the field, having led multiple software companies as CEO. Since 2013, he has been active in the cryptocurrency space, contributing to projects like Verified Wallet, CoinCPA, and t0. He currently works with Medici Ventures, a branch of Overstock.com focusing on blockchain technology.
Joel Weight holds the position of chief technology officer at Overstock.com, a prominent online retail company. He has previously held roles as COO and CTO at Medici Ventures. A veteran software developer, he launched his career in the midst of the dotcom bubble after graduating from the University of Utah in 1998.
What Sets Ravencoin Apart?
Ravencoin, being a derivative of Bitcoin's code, incorporates four significant modifications: a revised issuance schedule with a block reward of 5,000 RVN, reduced block time to one minute, a total supply limited to 21 billion coins (which is a thousandfold of BTC), and the use of a mining algorithm called KAWPOW (previously X16R and X16RV2) to prevent mining centralization by ASIC hardware.
The project addresses the challenges of asset transfer and trading on the blockchain. In the past, assets created on the Bitcoin blockchain could be inadvertently destroyed when the underlying coins were traded.
RVN coins function as the network's in-house currency and must be burned to generate token assets on the Ravenchain. These assets can symbolize a wide range of things: from real-world custodial items like gold or physical euros to virtual goods, shares in projects akin to stocks and securities, airline miles, or even an hour of someone's labor.
Future versions of the Ravencoin protocol are expected to include built-in messaging and voting systems.
How Many Ravencoin (RVN) Coins Are Currently in Circulation?
Ravencoin emphasizes a fair and transparent approach as much as possible for a new cryptocurrency, avoiding pre-mining, ICOs, or reserving coins for developers or founders.
In the three years since its launch (as of March 2021), 39% of the total 21 billion coins have been mined.
How is the Ravencoin Network Protected?
Ravencoin, derived from Bitcoin, is safeguarded by decentralization and mathematical principles. It employs a proof-of-work mining algorithm called KAWPOW, which replaced X16R and X16RV2 on May 6, 2020, designed to thwart ASIC domination.
Initially, the X16R algorithm group utilized 16 distinct hashing algorithms for each mining block, with the sequence varying based on the last 8 bytes of the previous block's hash. It was believed that this adaptability leveled the playing field, offering no advantage to ASICs over CPUs and GPUs. However, ASICs were eventually developed for this algorithm, prompting Ravencoin to shift to KAWPOW, a slightly tweaked version of ProgPow, which evolved from Ethash and is optimized for GPU mining.
This, combined with its fair distribution policy of having no pre-mine, ensures that no individual or entity can amass enough hashing power to carry out a 51% attack or manipulate market prices.
However, a known hack of the Ravencoin blockchain occurred, announced publicly on June 3, 2020. Hackers managed to instantly mint 315 million RVN coins, representing about 1.5% of the total 21 billion supply cap. At the time of the announcement, the stolen RVN's value was about USD $5.7 million. Existing coin holders were not directly impacted by this breach.
Where Can You Purchase Ravencoin (RVN)?
RVN is a tradable cryptocurrency with pairs against stablecoins like Tether (USDT), other digital currencies such as Bitcoin and Ethereum, and fiat currency.
The leading exchanges for trading Ravencoin include Binance, Huobi Global, OKEx, ZG.com, and VCC Exchange. Additional exchanges are listed on our crypto exchanges page.
If you're new to cryptocurrency and want to learn how to purchase Bitcoin (BTC) or any other token, find detailed information here.
