About Ravencoin

In the fictional world of Westeros, ravens are used as messengers carrying statements of truth. Ravencoin is a use case-specific blockchain designed to make "statements" about the truth about who owns what asset.

The following topics will be covered in this article:

  • What is Ravencoin?
  • How does Ravencoin work?
  • Where can you buy Ravencoin?

What is Ravencoin?

Ravencoin (RVN) is a digital peer-to-peer network that aims to implement a use case-specific blockchain designed to efficiently handle one specific function: the transfer of assets from one party to another. Built on a fork with the Bitcoin code, Ravencoin was launched on January 3, 2018 and is a true open source project (no ICO or masternodes). It focuses on building a useful technology, with a strong and growing community.

How does Ravencoin work?

A message on Medium of November 2017 refers to Game of Thrones when introducing RVN. Launched on the ninth anniversary of the launch of bitcoin, Ravencoin is an open-source project designed to enable instant payments to anyone around the world. The aim of the project is to blockchain specifically optimized for the transfer of assets such as tokens from one holder to another.

Ravencoin has four major changes from bitcoin:

  • Block reward (miners reward) of 5.000 RVN
  • One minute block interval
  • 21 billion coins are put into circulation
  • Mining algorithm (X16R)

This algorithm aims to address the centralization of mining by ASIC hardware. In the X16R algorithm paper, the team behind the currency explains that the fixed order of common hash algorithms lends itself to building ASIC miners.

The X16R algorithm tries to overcome this problem by constantly disrupting the order of the hash algorithms - it uses the same algorithms used in X15 and SHA512, but the order of those algorithms is changed based on the hash of the previous block .

Where can you buy Ravencoin?

At the moment Ravencoin is not yet for sale with iDEAL. You can exchange other cryptocurrencies such as bitcoin or bitcoin cash for RVN on an exchange like Binance.