Ravencoin Review 2020
The main reason why Ravencoin has become so popular these days is the fact that it facilitates the peer-to-peer transfer of assets through blockchain. It is specially designed for transferring assets. When you compare other cryptocurrencies with Ravencoin, the feature of transferring assets is a secondary aspect for them. Ravencoin blockchain allows users to form an RVN-backed digital asset where the asset ownership can be transferred to anyone, with the transaction charges paid in Ravencoin. As a result, theRVN ledger is revised with the new owner of that asset.
This project is still in its early years. Thus, getting a hands-on Ravencoin is not that easy as it is with other cryptocurrencies.
If you are interested in Ravencoin blockchain and want to know how to perform Ravencoin mining or where and how you can buy Ravencoin, experts at ChangeNow has provided detailed information in regard. Keep on reading.
What is Ravencoin?
At the core, the Ravencoin blockchain is the asset transfer and creation process. In order to start the creation and transfer process, you will have to create a token name and delete a set number of RVN. Once you do this, the next step is to identify the number of tokens, the number of decimal places, and whether more tokens can be or need to be issued in the future. A unique token will be created if it requires a token to be used for proving the ownership.
You need to understand that these tokens cannot be reproduced. Moreover, you can use the unique tokens for transferring assets like registering a vehicle or ownership of property, for a work of art, or gold bars – it is your choice.
Ravencoin is the advanced hard fork of the Bitcoin code. Therefore, the underlying architecture of the RVN protocol is similar to Bitcoin BTC. Nevertheless, changes and alterations can be made to the architecture for addressing the scalability problem of Bitcoin. This ultimately means that the Ravencoin block times are one-tenth of that of Bitcoin. The total coin supply of Ravencoin is one thousand times larger than BTC.
The centralization of ASIC mining is one of the key challenges of the majority of cryptocurrencies that Ravencoin addresses. The developers of RVN blockchain, in order to achieve this, have implemented an algorithm known as x16r, which is designed to make the blockchain resistant to ASIC mining.
The algorithm works in a way that it changes the order of the 16 hashing algorithms depending on the hash of the previous block.
Ravencoin is mined the same way Bitcoin is mined, and it didn’t hold an ICO. It was launched in 2018 with a total supply of 21 billion tokens. For buying and storing RVN tokens, RVN wallets are available for Android, iOS, web, and desktop.
Different Ways to Buy RVN
As with any cryptocurrency, you can buy Ravencoin through a wide range of cryptocurrency exchanges. You can buy Ravencoin through another cryptocurrency or via fiat currency. It will depend on the crypto exchange you are preferring. Some only prefer transaction using another cryptocurrency, some only prefer fiat currency, and some facilitates both fiat currency and digital currency.
Ravencoin RVN is available at the following exchanges:
A guide on how to buy RVN on ChangeNOW
ChangeNOW is a beginner-friendly instant crypto swap platform. The best part about buying Ravencoin or any other cryptocurrency from ChangeNOW is that the platform is custody-free, and it doesn’t require the users to create an account, unlike other platforms.
Ravencoin RVN is available for easy and quick swaps with more than 200 cryptocurrencies on ChangeNow. With that said, in this section, we will tell you how you can buy Ravencoin using ChangeNOW platform.
Let’s jump right into it.
To buy Ravencoin, follow these steps:
- Navigate to ChangeNOW homepage
- Next, you need to choose a currency that you would like to exchange
- Enter the amount you would like to deposit. Once you do this, ChangeNOW will automatically calculate the estimated amount of Ravencoin you will get
- Once the calculation is complete, click the Exchange Now button
- You will be directed to a page where you will see an empty address box. Here you will have to provide your wallet address in which you will receive your RVN tokens
- After providing the address, click on Next. Here, before you click Confirm, you will have to check all the details you have provided to ensure they are correct
- Finally, click Confirm and you will receive your RVN tokens to the wallet you have provided
If you are a first-time investor, we advise you to do your research and follow the market trends before making a decision. And it is always recommended to use a platform like ChangeNOW, where every process is streamlined.
To learn more about RVN price prediction, please visit the following Raven coin post in our blog.