Ravencoin (rvn) Review: A Decentralized Bitcoin Fork
Don’t underestimate ravencoin just because it has a below-the-radar team and never held an ICO — that could be just what leads it to success. This humble cryptocurrency might be yet another Bitcoin fork, but it can be mined relatively easily compared to its predecessor and boasts a feature few other protocols provide: asset trading.
Intrigued? Let’s take a look at this decentralized, community-driven coin to see if it lives up to its reputation of being fair and effective. But first, we’ll dig into the price history of ravencoin.
RVN coin price
The limited fanfare surrounding RVN might sound dull to some, but this has been precisely what RVN’s core fanbase like about the protocol. However, it has to be said that the value of ravencoin is yet to take off.
Ravencoin was launched in March 2018 at a price of around $0.031. It’s now worth around $0.06, which represents an increase of around 93.5%. Not too shabby, but not great either — other cryptocurrencies boast triple-digit (or even four-figure) returns.
There have also been some spikes and dips along the way.
If you’re a crypto enthusiast, you’re probably already well aware of the crypto bull run in May — followed by a sharp fall in June. RVN wasn’t immune from this, although it was slightly ahead of the general trend: the cryptocurrency hit an all-time high just under $0.24 in April 2021, before crashing down to $0.05 two months later.
What’s the reason behind the poor returns so far? It likely comes down to the somewhat limited scope of ravencoin. It’s very decentralized, and it works great for asset transfers, but it doesn’t do much else. Along with the lack of promotion, it’s not enough to get everyone excited about.
However, its strengths are worth looking into.
RVN coin review
Heard stories about the monster, heavy-duty computers needed to mine bitcoin effectively? You won’t need any of that with ravencoin — you can just use a regular GPU.
If you know anything about crypto, you’ll recognize what a big deal that is. And if your knowledge is limited, you just need to look at how many major exchanges list RVN coin (Binance, anyone?) and how much it’s grown (93.5% since launch).
So, let’s take a look at what makes it special and how it got to where it is today.
Despite its relative anonymity, ravencoin actually has a extensive history.
It was created back in 2017 (on the anniversary of Bitcoin, to be precise), and the coin launched a few months later. This is where things get interesting — it had no ICO or premine, which is the usual protocol for new cryptocurrencies.
Why? The team wanted a “fair launch,” meaning everyone had an equal chance of getting their hands on RVN; regardless of computer power or money.
It’s the kind of genuine commitment to decentralization that many have called for.
Ravencoin’s founders are ex-investment banker Bruce Fenton, software developer Tron Black, and Joel Weight, who has held C-suite positions at various major companies (including Medici Ventures).
Each founder has significant technological and business acumen in their own right. What more could you hope to find in the team that aims to take RVN to the heights it deserves?
RVN versus BTC
Ravencoin was made as a fork of Bitcoin, meaning it uses the same code with a few amendments:
- Different reward schedules (5,000 RVN block reward rather than 50 BTC).
- Different block formation time (one minute instead of ten minutes).
- Different coin supply (ravencoin supply is ten times higher than Bitcoin)
- The use of x16r mining algorithm
- The ability to issue, transfer, and create assets
If point four made you think “what on earth?” then hold up a second. While only a select number of computers can be competitive in mining bitcoin, ravencoin’s x16r algorithm uses greater randomization to give everyone a chance.
Yet it keeps the same Bitcoin Proof-of-Work schedule to ensure security (all transactions are verified by other users). Genius!
Now let’s jump to point five (arguably the most important): the creation and transfer of assets.
Whereas bitcoin is designed as a medium of exchange, RVN coin’s key offering is letting you trade assets digitally. In other words, bitcoin wants to replace fiat currency, and ravencoin wants to make it easier for us to transfer other assets — think real estate, gold, and oil (which are popular components of diversified investment portfolios).
For instance, if you wanted to sell a house, you could create an asset to represent it on ravencoin then transfer it to the buyer. Since each token is unique (and can’t be duplicated, modified, or destroyed), it serves as the perfect stand-in.
Overall, ravencoin is a fairly straightforward coin, which makes it a breath of fresh air compared to some of the needlessly complicated coins out there.
Is ravencoin worth getting excited about?
Just because the price has followed a disappointing trajectory so far, it doesn’t mean that the future of ravencoin is set in stone.
RVN has a clear use case, which is both its greatest strength and its biggest weakness. Some cryptocurrencies can be overly complex, which tend to make crypto traders and investors skeptical or confused. Ravencoin’s simplicity is a stark contrast — anyone can get their head around what it does.
But this also makes RVN vulnerable. If another project comes along that does what ravencoin is doing but with better marketing or superior technology, the cryptocurrency will be in trouble. We don’t know of a better competitor yet, but never say never.
Also, as we’ve mentioned before, ravencoin does have a strong core base of enthusiasts. Just look at its subreddit (more than 46k users) or Twitter followers (over 65k) — these could both stand the protocol in good stead for the future.
Taking the next step
Now we’ve dished out all our RVN wisdom, it’s up to you to decide whether ravencoin is a good investment. It’s vital to do your own research before making your decision. If you want to learn more about investing in the coin, you’re also probably wondering where to buy ravencoin.
The cryptocurrency is available on most major exchanges, including Binance and Huobi. But don’t just leave it sitting in a wallet gathering dust — put your investment to good use by harnessing it to access even more cryptocurrencies.
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