Currency name(s): Ravencoin (RVN)
Genesis Block: October 2017
Total Supply: The current supply of Ravencoin token is around 3.8 billion, and all of it is in circulation. The maximum supply is 21 billion tokens
Features: secure peer-to-peer asset transfer, decentralized, accessible cross-border trading, open-source
Although a relatively new cryptocurrency network, Ravencoin has gained recognition very quickly and is now among the top networks in the cryptocurrency space. The Ravencoin network is built on a Bitcoin code fork, and the goal behind its creation is to further digitize the financial industry. Ravencoin fully operates on its own, standalone network, but unlike Bitcoin or Ethereum, which can be used asset and security trading to a certain extent, this network is only focused on assets and securities.
Although Bitcoin was created as a concept that would one day completely abolish regular, fiat currencies and usher in the new, improved and more trustworthy cryptocurrency, the currency in itself represents only a part of the whole financial world. That is where Ravencoin is introduced – with the ability to allow for the tokenization of assets, commodities, and other various valuable collectibles, this network is paving the way for the blockchain technology to revolutionize asset and commodity trading across the globe.
Our Ravencoin network market analysis has shown that this network uses proof-of-work consensus but uses x16r algorithm instead of SHA-256. This algorithm is different from the one found in Bitcoin, as it does not allow ASIC mining. This x16r algorithm works as both a hashing as well as a limiting mechanism, meaning that it prevents dominance when mining, as it constantly changes so that the blockchain generation process is decentralized and can grow gradually.
However, simply owning a Ravencoin token is not enough for transferring an asset. In order to create an asset token, the user must burn a few of the original Ravencoin tokens in order to provide a unique token name. Then, the owner of the unique token determines its characteristics, such as whether they can issue more of these unique tokens in the future, how many unique tokens are issued and the number of decimal places. This is especially useful for enterprises that wish to distribute dividends, rewards, software licenses, virtual goods such as online tickets, or anything else that holds value but is not used to immediately make the payment. Even land deeds, company shares, or royalties can be shared in this way by using the Ravencoin network.
Once a unique token is created, the unique token holder then receives an option to share another token with those involved, and that is the VOTE token found only on the Ravencoin network. These VOTE tokens belong to a special layer used only for communication within the network and are used to notify all holders of a unique token that their say is needed in the process. This method is often seen in publicly traded companies, except the voting is done either via phone, email or mail, and the shareholder must be notified in written form, in almost all cases via mail. The Ravencoin network offers a much simpler, encompassing and automatic way to hold a vote, and it is all in digital form only. More so, all votes, notifications, and decisions are recorded on the blockchain, thus minimizing the possibility for errors to occur – such as incorrect recipient address, too complex voting mechanisms, etc.
Due to the fact that the Ravencoin network is a relatively new addition to the cryptocurrency world, there is not as much data to look at as there is with other coins to see what might be expected of this token. That said, the current price per one Ravencoin token is around $0.03 and its current market cap is around $145 million. The highest price per token was recorded in January this year when price reached $0.08. The lowest price recorded was $0.009 when the whole cryptocurrency market experienced a correction. Currently, Binance, Bittrex, and Bitforex offer Ravencoin trading pairs, and interested parties can buy and sell it for other cryptocurrencies. Fiat currency pairs are yet to be introduced for this token.
As it is still young compared to other well-established cryptocurrencies found in the markets, Ravencoin has already made a name for itself. Being in the top 50 observed tokens on various lists speaks about how much the community wants to revolutionize and digitalize as many aspects of the financial world as possible. The Ravencoin network didn’t lay dormant as DigiByte did, but from its beginning, it started to develop the necessary solutions so that blockchain and cryptography technologies can be brought to asset and commodity trading. It is a very niche-specific token, so we have yet to see how much it will be accepted in the financial industries as such. Regardless, a good holding position for this token is medium to medium-long, so that the investors interested in this token can witness its adoption and, ultimately, the increase in price this valuable token may see from it. If it does receive adoption and is accepted as a standard method of asset transfer, we can expect some amazing and groundbreaking changes to occur in many stock and asset trading platforms.
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