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Ravencoin is a use-case-specific blockchain-based peer-to-peer digital network for asset transfer and its native cryptocurrency (RVN). It uses a Proof-of-Work algorithm KAWPOW, which makes it mineable with GPUs and resistant to ASICs.Ravencoin is a code fork of Bitcoin with changes made to fit its use case better: higher total supply, faster block time, and capabilities for messaging and asset creation.
Pros
Fair distribution
Ravencoin launched without a pre-mine, ICO or lock-ups for developers and insiders. Its mining algorithm is ASIC-resistant, making mining more accessible and less prone to centralization.
Best of both worlds
Ravencoin’s protocol eliminated issues with Bitcoin-based assets such as accidental spending. It enables asset tokenization on par with smart contract blockchains like Ethereum while based on Bitcoin’s secure model.
Community-built ecosystem
Ravencoin relies on a grassroots ethos and works without corporate influence. Most products in the ecosystem have been built by volunteers.
Cons
Security issues
In 2020, Ravencoin’s blockchain was hacked and 1.5% of the total supply was minted at once. The incident was acknowledged and not rolled back. At present, the hash rate in the Ravencoin network is higher than back then, after the transition of Ethereum to Proof-of-Stake.
Software limitations
Ravencoin is good for creating assets in the form of tokens on a Bitcoin-like blockchain but there seems to be a very limited demand for this in the market. Solutions that make it with the help of smart contracts (Ethereum) or even the Bitcoin blockchain itself (Ordinals) see more network activity and are perceived to be more valuable.
Ravencoin is a project built on the same ethical principles as Bitcoin but due to lack in promotion, remains somewhat obscure even with miners.
| Category | Rating |
|---|---|
| Security | 70/100 |
| User-Friendliness | 75/100 |
| Popularity | 45/100 |
| Supported Coins | 50/100 |
What is Ravencoin crypto?
Ravencoin (RVN) is a native cryptocurrency of the Ravencoin blockchain. It was created as a modification of Bitcoin’s protocol specifically for asset transfer.
What is the goal of Ravencoin?
Ravencoin’s protocol enables the creation of blockchain assets and tokens without the major drawbacks of Bitcoin-based assets.
Is Ravencoin good to mine?
Ravencoin is one of the better-known mineable coins as of 2024. It does not require costly equipment such as ASICs and can be mined with a decent GPU. Profitability of mining changes often, so it is best to consult mining-themed resources to learn if Ravencoin is profitable to mine right now.