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Monday, April 15, 2024

Another New Coin on the Block: What is Ravencoin?

Another New Coin on the Block: What is Ravencoin?

There are more than 10,000 cryptocurrencies on the market and it can be difficult to determine which ones are worth trading your hard-earned money for. The big names, such as Bitcoin (BTC) and Ethereum (ETH), are obvious good choices. Just because they get most of the media attention does not mean they are the only good investments in the crypto world. Today, I want to talk about a particular cryptocurrency that I feel has a ton of potential: Ravencoin (RVN).

What is Ravencoin?

Before we jump into what Ravecoin is, you need to understand where it came from. While there has been more buzz about it recently, Ravencoin was actually founded in 2018. The coin’s founders are a businessman named Bruce Fenton and a developer named Tron Black. How they created Ravencoin was by copying Bitcoin’s open-source code and then adding their own features to set Ravencoin apart.

Ravencoin operates on a Proof-of-Work model where an independent decentralized network of computers secures the blockchain by solving complex equations. Where Ravencoin differs from Bitcoin is Ravencoin’s unique mining algorithm is resistant to ASIC mining machines.

ASIC stands for application-specific integrated circuits. These purpose-built machines do one thing and one thing only: run a specific cryptocurrency mining algorithm. ASIC miners are expensive and mostly used by large-scale mining operations to maximize profits. By being resistant to these types of professional mining machines, Ravencoin looks to keep the network in the hands of small independent miners like myself and not large operations.

What is Ravencoin Used For?

Ravencoin’s main focus is being a blockchain that is specifically designed for the creation and transfer of tokens. What that means is Ravencoin is essentially tailor-made for the creation of Non-fungible tokens (NFT). 

NFT’s may still be a hard concept for a lot of people to wrap their heads around. This is because most of what they see on social media are pictures of TimTheTatman taking his shirt off or apes in suits. In truth, the applications of NFTs are truly limitless.

The way NFT’s are being used at the moment is as trading cards that can be super expensive or completely worthless. They won’t stay that way for long though. As blockchain technology becomes more interwoven into our society, any manner of digital assets can be issued as NFT’s. This includes everything from stock shares to a matinee movie ticket.

Non-fungible tokens are still in their infancy at this point but the underlying technology is going to be huge in our increasingly digitized world. The price of Ravencoin is still low but is increasing in popularity with investors and miners, which are the backbone of the cryptocurrency market. 

Where Can You Get Ravencoin?

Ravencoin is available on several cryptocurrency exchanges, including Binance, Crypto.com, and a few others. I was personally going to use Crypto.com as my hub for Ravencoin when I start my long-term cryptocurrency mining project. Unfortunately, at the moment, Crypto.com only allows for buying and selling Ravencoin through the platform. No external deposits are permitted. So, I will be choosing to get my mining wallet straight from the source at Ravencoin.org

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