Ravencoin: what one of the possible heirs of bitcoin is and how it works
Ravencoin is an open source peer-to-peer network created as a fork of bitcoin. That is, the fork is a modification of the original code, the purpose of which is the improvement of a digital currency, but which, not being shared by all developers, gives rise to a new cryptocurrency with the desired characteristics. Ravencoin was launched on January 3, 2018 to efficiently manage the transfer of assets from one party to another. Since ravencoin was forked from bitcoin, it shares some similarities with bitcoin, although there are some key differences between the two.
Ravencoin is backed by Medici Ventures, a subsidiary of Overstock.com, and seeks to provide fairer and more decentralized access than other projects do. The ravencoin whitepaper was published by three experienced business people and developers, Bruce Fenton, Tron Black and Joel Weight. Ravencoin was first introduced in November 2017 as an experimental currency.
In a blog post by the Ravencoin founders on Medium, they referred to the popular drama TV series, Game of Thrones, saying, “In the fictional world of Westeros, ravens are used as messengers carrying truths. Ravencoin is a specific blockchain, designed to carry truth statements about who owns which assets.
The main goal of ravencoin, therefore, is to allow users to process almost instant transactions without interruption. Its main feature is its ability to be extracted from a normal computer. Like bitcoin, ravencoin uses the Proof-of-Work (PoW) consensus mechanism to secure its network. However, its hashing algorithm differs from Bitcoin’s SHA-256 algorithm.
The project was developed to create a mining ecosystem that would not allow those using specialized crypto-mining hardware, including so-called ASICs and FPGAs, to have a significant advantage over average computers.
Ravencoin allows anyone to issue tokens on its network for various reasons as long as the primary purpose of that token is to be used as a means of transfer. Ravencoin is the project’s native cryptocurrency. It has a maximum supply limit of 21 billion coins, compared to 21 million bitcoins. Unlike bitcoin, ravencoin has a block reward of 5,000 RVNs, and over 9.6 billion RVNs are currently mined. Its block time is also reduced to one minute. The reward will also decrease gradually. The first halving was set for January 2022, at the 2,100,000 block, when the reward for each block processed will drop from 5,000 to 2,500 RVN.
In addition, to ensure fairness, ravencoin was launched without an initial offering of coins, pre-mines or master nodes. This way all members of the network, both project founders and developers and investors, were able to start mining at the same time, and all had an equal opportunity to earn RVN when it was launched.