Among the large number of cryptocurrencies found on the market, there are those created under the influence of TV shows and games. In particular, this includes the Ravencoin (RVN) cryptocurrency.
Description of Ravencoin (RVN) cryptocurrency
Ravencoin (RVN) cryptocurrency was created under the influence of the famous "Game of Thrones" saga. In this series, ravens played the role of heralds and heralds of truth in the kingdoms. According to the creators of the cryptocurrency, it should perform the same function, only in the blockchain sphere.
The currency appeared in January 2018. The basis of its technology is UTXO, which was first implemented in the ecosystem. Blockchain The cryptocurrency project operates on the well-known Proof-of-Work consensus algorithm. During the existence of the project, the team changed the mining protocol 2 times. The first fork took place 2 years ago, then the cryptocurrency made the transition from X16 to X16Rv2, the second fork took place a year ago. After that, the cryptocurrency began to operate on the KawPow algorithm. This is the “asic-resistant” algorithm of ProgPow, modified exclusively for this asset.
Once it was created for the Ethereum blockchain, but the creators of Ethereum decided to immediately make the transition to PoS mining. On the basis of ProgPow, the blockchain developers launched peer-to-peer networks, and then, after certain improvements, they began to use it for the Ravencoin cryptocurrency.
Note that the price of an asset is not rigidly fixed, and it is determined by the balance of supply and demand in the market. Every 4 years, halving is carried out in the ecosystem (a two-fold reduction in the remuneration to miners for a signed block). With regard to the payment network, we can say that it differs from others in that it is open and decentralized.
There are no masternodes in it, devices engaged in industrial mining cannot connect to it. The platform makes it possible to create an unlimited number of coins.
As stated earlier, kriptovalyuta is a fork of the Bitcoin code, but has a few differences. The block time is 1 minute, the block reward is 5000 coins, the number of coins is limited to 21 billion, and the last difference is the KawPoW mining algorithm.
Also, among the features, you can indicate that the network is closed from ASIC miners, so as not to pose a threat to the emergence of centralization.
There was no ICO at launch. The team does not own the currency fund and no interest is charged on the issue.
Since the KawPow algorithm is extremely complex, the coin has become the most profitable for GPU mining, and mining for equipment on integrated circuits is not yet possible.
As for the mining itself, it operates on the KawPoW algorithm. The transition to it was made at the beginning of May last year. After the transition took place, ASIC miners were removed from the network.
What exactly is it possible to use for mining RVN cryptocurrency?
Cryptocurrency mining is possible on Nvidia and AMD cards. Note that the "red" video cards from AMD support TeamRedMiner and NBMiner. It is also possible to mine currency on Nvidia GTX 1030. Requirements for equipment very small.
How to buy Ravencoin?
You can buy cryptocurrency on several exchanges, including Upbit, Bittrex, DigiFinex, and Coinall. You can store it on the official desktop and mobile cryptocurrency wallet. We remind you that you need to create a strong password and mnemonic phrase for your wallet.
Also, the storage of cryptocurrency is allowed on several wallets, such as Exodus, Edge, and so on. Let's point out some of the advantages of cryptocurrency before assessing its future prospects.
The advantages include the fact that it has a high decentralization, mining is available for miners. The small volume of the blockchain ensures that cryptocurrency wallets quickly sync with the network.
Ravencoin cryptocurrency prospects
There are many differently directed assessments regarding the prospects of this cryptocurrency, both among users and in the expert environment. Let's express our point of view. There is a high probability that the coin has potential for further growth, but what it will be, it is difficult to say. There is no marketing campaign as such. However, this does not prevent the currency from being popular among the mining community.
There is no speculation on the value of the token, since speculators are barred from being able to manipulate the network. Mining hardware is inexpensive, which further strengthens RVN's position among users.
Therefore, the chances that the cryptocurrency will be in demand and its price will grow smoothly are quite high. At the same time, it is impossible to exclude the appearance of factors that can bring down the price of an asset. But this can be said about any other asset of the crypto market. Based on this, any forecast for cryptocurrencies will be approximate.
We will indicate several main pools. Ravenminer ranks first, with a commission of 0 percent. The pluses include the fact that the commission is small, and the servers are located in different countries.
Another pool is Suprnova and its commission is 1 percent. It is considered the largest pool, which controls at least 30 percent of the hash rate. To work in it, you need to register.
There is also a pool like Nanopool. It is considered one of the best, and the commission is also 1 percent PPLNS.
It is in these pools that miners prefer to work. However, there are others where you can also mine RVN cryptocurrency.