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Blockchain technology has revolutionised our banking and financial transactions practices for good. We all know that the most trusted cryptocurrency is bitcoin but do we know about other vital coins? These are referred to as altcoins, e.g. etherium, litecoin, revencoin etc. Today we see a significant increase in investments in cryptocurrency due to its unparallel advantages. This article explains the story of Ravencoin and its various benefits.
What is a Fork?
Do you know that there are 105 forks of BTC (Bitcoin)? But what exactly a fork means, and why is it important to know about forks while discussing Ravencoin? A fork refers to a split that happens in a transaction chain, predominantly based on different user’s opinion. Ravencoin coin is also a fork of bitcoin. Out of 105 BTC forks, only 74 are regarded as active projects, and Reavencoin is one such exemplary project.
The Rise of Ravencoin:
We celebrate Ravencoin’s birthday on 3rd January. It was introduced in 2018. The operational structure of Ravencoin is similar to Bitcoin. However, Ravencoin provides us with a platform to create different tokens relative to virtual assets and transfer such assets efficiently. X16R algorithm is the mother of Ravencoin. It is effortless to mine Ravencoin using ASICs.
Ravencoin’s use cases:
Each cryptocurrency wins the trust of investors by providing some use case. For instance, the BNB token helps reduce the transaction fee on trading crypto assets on Binance. Similarly, Ravencoin helps you generate payment tokens or gaming tools or assets. Have you heard about NFTs? An NFT is a Non-fungible token. It is your unique property in the virtual world. Raven platform helps you build, claim, own and authenticate such NFTs as well.
How to own Ravencoin:
A common phrase among crypto enthusiasts is, Buy the rumours and sell the news. Today everyone is talking about purchasing BTC and investing more and more in bitcoin. Although Ravencoin is not much talked about today, its use cases and long-term holding benefits outrank every other cryptocurrency in the market. Kawpow mining algorithm allows everyday users to mine Ravencoin easily, and you can add pools for mining ravencoin in massive proportions. The blockchain block reward is currently set to 5000 RVN in 1 minute. Hence it is advisable to invest in Ravencoin before its next halving, scheduled in January 2022. Halving means bifurcating rewards obtained on each block.
Future of Ravencoin:
According to the white paper of ravencoin, the quality of RVN is to issue certificates of authenticity of different tokens. Furthermore, the Raven platform can also be used to distribute profit share among its investors. Another important aspect is the ravencoin’s ability to tie tokens with real-world events. Indeed the fundamentals lie in the concept of decentralisation, public ledger and open-ended access to everyone. Raven ecosystem complies with all fundamentals, and the future looks bright to me.
The ravencoin operates based on its burning in place of various tokens generated. Hence, the opportunities are endless with their utility. It is my sincere advice to invest as much as possible in this project while it is cheap.