What Is Ravencoin & What Is RVN Used For?
Ravencoin is an open-source peer-to-peer public blockchain built for the creation, issuance, ownership, and transfer of real-world and digital assets such as shares or NFTs. Launched in 2018, Ravencoin is a Bitcoin fork that, unlike many Bitcoin forks, distinguishes itself through its native asset creation. The RVN token is used for transaction fees, asset creation, and rewarding miners who secure the network, similar to Bitcoin.
What Makes Ravencoin Unique?
Ravencoin is a Bitcoin fork, which makes it seem “useless” and unattractive to many investors who haven’t taken the time to dig a little deeper. Yes, most Bitcoin forks are absolute junk with absolutely no use case or trading volume. Many were created years ago to leverage the Bitcoin name and entice speculators. If you think speculation is out of control now, you should have seen it years ago.
At least many of the current speculative plays pretend to have a roadmap and use case. Many of the old Bitcoin forks are literally useless. I am serious; there is literally nothing there. Ravencoin is unique on several levels and should not be put in the same box as most Bitcoin forks. Most people who know Ravencoin know it for one reason: mining.
That’s right: Ravencoin is a popular option on NiceHash and others, and it could attract many new miners once ETH shifts to PoS. If you look around, you’ll find Ravencoin is a firm favorite among GPU miners. The trading volume across exchanges is also pretty decent. It’s far from impressive, but it’s pretty healthy, and that’s always an important metric to check. Is there demand?
Are people exchanging this coin? Considering that we are in a bear market compounded by the global crisis, the daily volume of approximately $6 million is fairly decent. RVN is currently ranked at number 129 on CoinGecko at the time of writing. Looking at RVN’s past performance, it behaves like an oscillator, similar to Dogecoin, making it an attractive asset for traders.
The graph above shows how the price action saw several surges to the upside before the 2021 bull market. Even after the initial bull market collapse, the coin has shown resilience and hasn’t simply collapsed. Many altcoins have taken a more direct route down to the current lows.
How Ravencoin Improves On Bitcoin’s Design
Ravencoin has a 1-minute block time compared to Bitcoin’s 10-minute block time. The total coin supply is 21 billion, compared to 21 million, and the block reward kicked off at 5000 RVN, compared to 50 BTC. There is a catch, though. All coins used to create assets are burned and removed from circulation. It costs 500 RVN to create any amount of your own token. Creating new assets on Ravencoin ultimately shrinks the available supply, which increases scarcity to some extent.
Faster block times, with the ability to create, store, and send digital assets, are nothing like Bitcoin, to be honest. I have seen several Ravencoin NFT marketplaces, but this aspect of Ravencoin hasn’t received much attention. As mentioned earlier, most people think of mining when they hear the name Ravencoin. The blockchain merely utilizes Proof-of-Work. However, that’s not its primary purpose, similar to Bitcoin’s focus on scarcity and value.
Ravencoin’s Fair Launch Without An ICO Or Premine
With so much attention on regulation and the SEC of late, especially in their battle with XRP, it seems likely this will escalate. Solana finds itself in a similar position now, and one can only wonder who will be next. Ravencoin is not only a fork of Bitcoin but also shares Bitcoin’s ethics. As with Bitcoin, Ravencoin had no premine or ICO. Other Bitcoin forks, such as Bitcoin Gold, had an element of premining.
It is also important to note that the number 2 crypto, Ethereum, had both a premine and an ICO. Something to bear in mind, if you were unaware. This could still become a potential hurdle for ETH down the road. Gary Gensler, the SEC Chair, has mentioned on numerous occassions that Bitcoin is the only cryptocurrency he views as a commodity.
Where To Buy, Trade & Store Ravencoin (RVN)
Among the most active exchanges for RVN are Binance and Bybit. Both are leading exchanges often chosen by traders seeking deep liquidity, security, and speedy execution. Gate is another strong option. The best way to secure your RVN coins is with a trusted hardware wallet. Ledger is often the go-to solution for RVN holders, as its devices support the cryptocurrency through compatible third-party wallet software.
Trezor is also a trusted brand that supports RVN via third-party software solutions. For ease of use, Tangem provides native support through its mobile application, making it simple to send, receive, and hold RVN. Visit the Hardware Wallet page to peruse a selection of Ledger, Trezor, and Tangem wallet solutions. Any discounts or promotions are offered at the respective company’s discretion and may change without notice.
For investors seeking a mobile (software wallet) self-custody solution, Trust Wallet is a good place to start. Another excellent mobile wallet is Exodus, which also supports RVN. SafePal is another option that offers both software and hardware solutions and adds an extra layer of security for S1 hardware wallets through its air-gapped technology.
Final Thoughts
Ravencoin definitely has a unique edge when it comes to creating digital assets. Top NFT chains such as Ethereum and Solana both had ICOs and don’t carry the same level of purity. What remains to be seen, though, is whether that will concern the market in the future. It might not mean much now, but that might change in the future. This is another coin that I am very slowly and modestly accumulating.
The tokenization of real-world assets is most likely one of the most significant technological advancements of our time, ultimately digitizing everything that carries some form of value. Ravencoin offers an inexpensive way of moving assets on-chain, whether physical or digital. All the best! See you next time!
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