Bitcoin is the pioneer cryptocurrency there is no doubt about that. As expected, there will be more to follow in its footsteps as we have seen with many creations of new cryptocurrencies. Some even branch out from the old block BTC itself. Well, Ravencoin (RVN) is one of those that branch out from Bitcoin. The protocol is a hard fork of the Bitcoin cryptocurrency. Let’s discover “What is Ravencoin?”, “What are RVN key features?” and “How to swap Ravencoin at the best rates?”
Ravencoin is a P2P protocol that wants to establish a use case specific blockchain. This blockchain will be built in a way to handle one precise role efficiently. The role is transferring assets from one person to another.
The Ravencoin protocol went live on January 3, 2018. The mining binaries were released on January 3, 2018, with no master nodes, ICO, or premine. This coincided with the 9th anniversary of BTC. The community wanted a fair launch for the RVN coin. The coin was originally announced at the Texas Bitcoin Conference, MIT, social media as well as other industry events all in that same month.
RVN crypto is a bit similar to Bitcoin given that it is a fork of BTC; it uses a Proof-of-Work mechanism initially modeled on the X16R algorithm before it was upgraded to what we know as KAWPOW. This new RVN algorithm makes it easy to mine the RVN token with GPUs. Mining the RVN coin can either be done via pools or solo mining. Since launching the Ravencoin protocol, the network hash rate has developed substantially. It started with 100 miners just a day after launch to thousands in a week to tell you how well the protocol was received by the crypto community. Ravencoin protocol is permission-less, and as such, you can build on it without anybody’s permission.
The Ravencoin protocol is community-run and volunteers support its development, as the project is open source. The project has seen serious donations in terms of funds and time from several individuals and organizations. The biggest donor is a blockchain investment company called Medici Ventures.
The protocol’s native token is the RVN token, and it is generated through mining rewards, as there was no ICO and premine. This is to promote a trustworthy approach to the protocol. As mentioned earlier, RVN and BTC both share similarities utilizing the UTXO model. Nevertheless, both cryptos are different regarding inflation, distribution, and maximum supply.
As of January 23, 2022, the RVN crypto is trading at a price of $0.06511 with a verified circulating supply of 10.47B RVN and a daily trading volume of $53,574,927. The RVN coin is currently ranked at number 95 on CoinMarketCap with a maximum supply of 21 billion RVN and a market cap of $681,722,009. The Raven token cab be stored in the RVN wallet.
The RVN token is the brainchild of Tron Black and Bruce Fenton and the team running the protocol tried following the Bitcoin pattern of launch. In the sense that no token was allotted in advance to certain members. There was also no private or public sale of the RVN crypto to any investor.
Ravencoin tokens are created as a native coin for the Ravencoin protocol to allow developers to issue tokenized assets on its blockchain. For developers to do this on the chain, they must burn their token. Tokens created on the Ravencoin chain can represent virtually anything. There are also plans in the pipe for the network to introduce voting and an integrated messaging system.
Four main features differentiate Ravencoin from Bitcoin
The block time in Ravencoin is reduced to one minute per block compared to the 10 minutes per block for BTC. This means that the transaction rate on Ravencoin is very much improved, clocking in at somewhere close to 116 transactions per second.
The aim was to introduce a mining RVN algorithm that was resistant to ASIC style mining to prevent uneven distribution of the RVN crypto by the dominant ASIC rigs. To solve this, the Ravencoin community voted to bring in a modified mining RVN algorithm called KAWPOW derived by modifying ProgPOW and Ethash.
Unlike BTC which is capped at 21 million, Ravencoin’s maximum supply is 1,000X more capped at 21 billion RVN. This means that it will take much longer to reach maximum supply ensuring miners are incentivized to stay on mining for longer.
The RVN crypto is issued 100X more than the first mined Bitcoin block. For Bitcoin, the genesis block produced 50 BTC as a reward while the RVN coin produced 5000 RVN. The Ravencoin had the latest halving event to take place on January 6, 2022.
RVN swap is easy as pie if you visit Swapzone. The exchange aggregator for the best Ravencoin value in the market presents the best exchanges with the best price. Before you proceed to select the exchange you want, ensure you have an RVN wallet where you can store the RVN crypto that you buy.
Ravencoin is a protocol that mirrors Bitcoin but aims to stand out. Ravencoin protocol has a goal of solving some of the issues that have surfaced with the use of Bitcoin such as centralized monopolies of the mining pool by ASIC miners, improving transaction time and block rewards. There are more things that also make this protocol unique and different from BTC.
Ravencoin, even though it started out as a hard fork of Bitcoin, is definitely trying to leave its mark in the market surpassing the $1B Market Cap in February 2021.
An exchange rate is the rate at which one cryptocurrency can be exchanged for another through a certain crypto exchange provider. Cryptocurrency exchange rates on Swapzone reflect current prices of crypto assets and are updated every 30 seconds for you to keep track of any market changes and fluctuations to profit when buying the dip or going with the best exchange rate and the lowest exchange fees. All cryptocurrency exchange providers have their own rates, which depends on supply and demand, mining rewards, costs and so on. See what else might affect the rate in our article on prices.
There are two types of exchange rates aggregated by Swapzone – fixed rates and floating rates. To receive the exact amount of crypto that is displayed at the beginning of the exchange and shield yourself against the market's volatility, opt for fixed-rate offers. If you're ready to take a risk and receive less or more than the sum displayed, go with floating-rate offers but bear in mind that floating rates may drastically change any second. You can refresh your memory on how to get the best exchange rate here.
Crypto transaction fees may vary depending on the network (Ethereum transaction fees tend to spike during the congestion on the network), your chosen cryptocurrency, an instant exchange provider as well as its transaction processing speed and internal policy. These fees may be relatively low but it’s crucial to know they may be imposed in the first place.
If you want to exchange cryptocurrency with the lowest fees, beware of the offers with a grey-colored “Transaction fees are not included” label displayed under the exchange rate. To avoid having to pay an unexpected amount of fees during the exchange, opt for those that do not have that label. Read our articles to learn more about how to exchange cryptocurrency with the lowest fees and find out which assets have the lowest transaction fees.
Transactions usually take from 5 to 30 minutes to be processed, especially if you choose currencies with speedy networks. However, there are several factors that may affect and slow down the exchange process, i.e. transaction volume, blockchain capacity, network updates, cryptocurrency itself and the capacity or chosen exchange platforms.
The processing may take longer due to the large transaction volume, congestion of the network, blockchain overload and market overload, technical issues or system failures, lack of liquidity or network maintenance.
The transaction may be also stuck if you forget to add a required Extra ID, mistake networks or use the wrong wallet for a chosen crypto asset. If you worry that the exchange processing is taking too long, please, contact us at [email protected] or via our live chat on the landing page.
To exchange, buy, sell or trade cryptocurrency and store your crypto keys safely and securely, you need a crypto wallet. Choosing the best cryptocurrency wallet is a question of preference and need. To learn more, read our guide on how to choose the best cryptocurrency wallet for your needs.
There are several types of wallets for different crypto assets and tasks. Software wallets, or hot storage wallets, are connected to the Internet and come in many forms: Web, Desktop, Mobile or Browser Extensions. If you want to build a large crypto portfolio, you might want to look at multi currency wallets like Exodus, MetaMask, TrustWallet, Atomic or Guarda. If a coin or a token of your choice isn’t available there, you can always opt for a single-currency wallet that is usually designed by the project that launched the asset.
If you take safety and security matters seriously, go for hardware wallets, or cold storage wallets, like Ledger or Trezor, or even paper wallets. We strongly recommend you to do your research before creating a wallet: read the reviews to see what the community thinks, learn about the fees a particular wallet imposes for performing transactions, check out supported currencies and networks and see its security policy.
There are loads of different crypto exchange services, with new platforms emerging every month. Exchange providers differ by supported currencies, liquidity providers, fees, customer support, user interface, level of privacy and anonymity and customer support, which makes it hard for beginners to understand which one to choose. To learn more about what these exchanges offer and how you can assess them, read our guide on how to choose the best exchange platform.
To navigate them through the field full of services, we conduct research and thorough analysis of the market & list both prominent and promising exchange providers, keeping in touch with their teams 24/7. We give you all the necessary data on the offers they provide as well as their brief history, KYC/AML policies, reliability and advantages, while also indicating their downsides so that you don’t have to do that yourself.
Swapzone is an instant non-custodial cryptocurrency exchange aggregator that helps users make an informed choice when exchanging crypto assets. To make this possible, we gather the information on the exchange providers, select the parameters for comparison, aggregate and sort available deals & give an option to make a swap through providers' APIs in the same interface with a common user flow for every exchange. Still have doubts? Here's 9 reasons why you should use Swapzone to exchange crypto.
Learn how to exchange cryptocurrency with the lowest fees or zero fees as well as how to find the best crypto exchange rates and choose the safest cryptocurrency exchange provider.