By Daman Rao | Crescent City Capital Market Analyst Intern
What is Ravencoin?
Ravencoin is a blockchain and cryptocurrency platform launched in January 2018 with a primary focus on facilitating the decentralized transfer of assets. Built as a Bitcoin fork, Ravencoin incorporates features specifically designed for the creation and transfer of assets and tokens on its blockchain. It allows users to represent ownership of real-world assets, such as real estate or stocks, in a digital form. With an active community of developers and contributors, Ravencoin emphasizes principles of decentralized ownership and asset transfer, aiming to empower individuals to directly control and transfer ownership of their assets without the need for intermediaries. The expert software developer team of Ravencoin did not intend to sell tokens to the public initially. However, while launching this digital peer-to-peer network, they got enormous subsidies from Medici Ventures.
How does it work?
Ravencoin operates on the principles of blockchain technology to enable decentralized asset transfer. Users can create and transfer asset tokens representing ownership of real-world items on the Ravencoin blockchain. Employing the ASIC-resistant X16R proof-of-work mining algorithm, the platform encourages a more decentralized distribution of mining power.
Through blockchain transactions, ownership records are updated securely, eliminating the need for intermediaries and promoting direct control over assets. Ravencoin’s active community of developers contributes to its open-source project, facilitating ongoing improvements. Users interact with the platform through digital wallets, allowing them to manage RVN (RavenCoins native cryptocurrency) and asset tokens. The platform’s decentralized approach aligns with the broader goals of blockchain technology, providing transparency, security, and empowerment in asset ownership.
Ravencoin as of October 4th is trading at $.014 with a 24-hr trading volume of $5,863,857. The total circulating supply is 13,041,989,740 RVN.
Ravencoin, as a cryptocurrency, has notably diverged from traditional transaction methodologies within the cryptocurrency market. The native currency of Ravencoin, known as RVN, has achieved significant success and is actively traded on various exchanges, capturing the attention of millions of users worldwide. Its unique approach to asset transfer on the blockchain, coupled with features like the ASIC-resistant X16R mining algorithm, has set it apart in the digital currency landscape.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. Please conduct your own due diligence before making any investment decisions.
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