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About Ravencoin
- Ravencoin is a digital peer-to-peer (P2P) network that aims to efficiently handle the transfer of assets from one party to another.
- Founded by Bruce Fenton, Tron Black, and Joel Weight, seasoned businessmen and developers.
- Ravencoin features four key changes: modified issuance schedule, block time reduced to one minute, coin supply capped at 21 billion, and a mining algorithm (KAWPOW) intended to mitigate the centralization of mining caused by ASIC hardware.
- Ravencoin aims to solve the problem of assets transfer and trading over blockchain.
- RVN coins are designed as internal currency within the network and must be
About Ravencoin: A Revolutionary Blockchain for Tokenized Assets
Ravencoin (RVN): A Comprehensive Overview
Ravencoin is a decentralized, digital peer-to-peer (P2P) network that seeks to optimize a use-case-specific blockchain, tailored to facilitate the seamless transfer of assets between parties. Built upon a fork of the Bitcoin codebase, Ravencoin was officially announced on October 31, 2017, and subsequently released mining binaries on January 3, 2018, adhering to a fair launch paradigm devoid of premining, initial coin offerings (ICOs), or masternodes. The project’s nomenclature pays homage to the popular television series, Game of Thrones.
The Visionaries Behind Ravencoin: Unveiling the Founders
The seminal Ravencoin whitepaper was authored by the esteemed trio of Bruce Fenton, Tron Black, and Joel Weight.
Distinguishing themselves from the masses in the crypto sphere, they boasted a unique advantage: a team comprising seasoned businessmen and developers, each with a wealth of experience prior to embarking on this project.
Fenton is a prominent figure in the cryptocurrency sphere, having served as a board member and executive director of the Bitcoin Foundation from 2015 to 2018. Prior to his foray into crypto, he enjoyed a distinguished career in investment banking, holding the position of Vice President at Morgan Stanley in the 1990s and later serving as a Managing Director at Atlantis Consulting for 13 years. Currently, he occupies the role of Managing Director at Chainstone Labs, a cutting-edge fintech startup operating in stealth mode.
Tron Black, a seasoned software developer with an impressive tenure of over 30 years, boasts a distinguished track record of helming multiple software companies as CEO. Since 2013, he has been actively involved in the crypto sphere, spearheading various ventures, including Verified Wallet, CoinCPA, and t0. Currently, he is employed by Medici Ventures, a subsidiary of Overstock.com, where he focuses on harnessing the potential of blockchain technology.
Weight, a seasoned technology expert, currently serves as the Chief Technology Officer at Overstock.com, a renowned online retailer. Prior to this, he held dual roles as Chief Operating Officer and Chief Technology Officer at Medici Ventures. With a career spanning over two decades, Weight’s journey as a software developer began in 1998, amidst the dotcom bubble, following his graduation from the University of Utah.
Ravencoin’s Distinctive Features: A New Era in Blockchain Innovation
Ravencoin, a fork of the Bitcoin code, boasts four pivotal modifications: a revised issuance schedule featuring a block reward of 5,000 RVN, a reduced block time of one minute, a capped coin supply of 21 billion (a thousandfold increase compared to BTC), and a mining algorithm (KAWPOW, formerly X16R and X16RV2) specifically designed to counteract the centralization of mining resulting from ASIC hardware.
Ravencoin seeks to resolve the longstanding issue of secure asset transfer and trading on blockchain networks. Notably, in the past, creating an asset on the Bitcoin blockchain posed a significant risk, as it could be inadvertently destroyed when the underlying coins were traded.
RVN coins are designed as an internal currency within the network and must be burned in order to issue tokenized assets on the Ravenchain. These assets can represent a diverse range of entities, including but not limited to: real-world custodial objects such as gold or physical euros, virtual goods and objects, shares of a project akin to stocks and securities, airline miles, or even an hour of someone’s wage, among others.
Future iterations of the Ravencoin protocol are slated to incorporate seamless messaging and voting systems, thereby fostering a more interactive and democratic community.
The Circulating Supply of Ravencoin (RVN): A Closer Look
Ravencoin is steadfast in its commitment to fairness and openness, setting a new standard for cryptocurrencies. Notably, it has avoided the pitfalls of pre-mining, ICOs, and reserved coins for developers or founders, ensuring a truly egalitarian launch.
As of March 2021, a remarkable 39% of the total coin supply has been mined in just three years since its inception. The overall supply is capped at a finite 21 billion coins.
The Ravencoin Network’s Security Mechanisms: A Robust Defense
Ravencoin, a fork of Bitcoin, leverages the robust safeguards of decentralization and mathematical principles to ensure its integrity. The platform employs a proof-of-work mining algorithm known as KAWPOW, which superseded X16R and X16RV2 on May 6, 2020. This deliberate design not only guarantees security but is also engineered to be resistant to Application-Specific Integrated Circuit (ASIC) mining.
The X16r algorithm group, initially employed, harnesses 16 distinct hashing algorithms for each mining block, with the sequence varying for every block, derived from the last 8 bytes of the hash of the preceding block. It was initially thought that the necessity to adapt each cycle would negate any advantage ASICs held over CPUs and GPUs. However, ASICs were eventually developed for it, prompting Ravencoin to transition to an entirely different algorithm, KAWPOW, a slightly modified version of ProgPow, which itself evolved from Ethash and is optimized for GPU-based mining.
This synergy, coupled with a steadfast commitment to fair distribution devoid of pre-mining, is designed to preclude any single individual or organization from amassing sufficient hash power to attempt a 51% attack or manipulate market prices through artificial shocks.
Regrettably, the Ravencoin blockchain suffered a notable breach, which was publicly disclosed on June 3, 2020. During this incident, malicious actors successfully minted 315 million RVN coins, equivalent to approximately 1.5% of Ravencoin’s total supply cap of 21 billion. At the time of the announcement, the estimated value of the stolen RVN was around $5.7 million. Fortunately, none of the existing coin holders were directly impacted by the attack.
Acquiring Ravencoin (RVN): A Comprehensive Guide to Exchanges and Marketplaces
Raven Coin (RVN) is a freely traded digital asset, boasting a diverse range of trading pairs, including stablecoins like Tether (USDT), prominent cryptocurrencies such as Bitcoin and Ethereum, as well as traditional fiat currencies.
Presently, the premier exchanges for trading Ravencoin are Binance, Huobi Global, OKEx, ZG.com, and VCC Exchange. For a comprehensive list, please refer to our dedicated crypto exchanges page.
Embarking on your cryptocurrency journey and eager to acquire Bitcoin (BTC) or explore other tokens? Discover the intricacies of the process here.
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