The Bitcoin Fork Ravencoin has grown by over 200 percent in the last seven days. One of many Shitcoins or the next big thing? Time to look under the wings of the “raven coin”.
Ravencoin, a fork of Bitcoin, is a relatively young token; it’s only since January 3, 2018 that it’s been hovering among the crypto currencies. But in the last seven days, the coin has attracted attention by rising by a good 220 percent, in the course of the month even more than 270 percent. The name is the fictitious one, is borrowed from the fictional world of Game of Thrones. This is how you read on the homepage:
“In the fictional world of Westeros, ravens are used as messengers that convey true statements. Ravencoin is a use-case-specific blockchain that is supposed to deliver true statements about who owns which assets.”
To achieve this, the Ravencoin blockchain is designed to serve specific purposes. On the one hand, it should help to determine ownership of assets in a flawless manner. On the other hand, Ravencoin, similar to Bitcoin, wants to make direct payments possible. As the open source project on the homepage emphasizes, it is completely decentralized: Neither master nodes nor especially no ICO are behind the project.
Ravencoin changes Bitcoin protocol
The community has changed the Bitcoin protocol in four main aspects:
Block Reward of 5.000 RVN
Block size (1 minute)
Amount of available coins (21 billion)
Mining algorithm (X16R)
With the modified mining algorithm X16R, the team wants to combat the increasing centralization of mining by ASIC miners. As you can see from the X16R white paper, X16R is based on the same algorithms as X15 and SHA512, but in a different order. ASIC miners may not be prevented by this, but it makes CPU and GPU mining more likely.
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Furthermore, the entire mining process is based on Bitcoin – instead of pre-mining as with many ICOs, there is a Genesis block, which exists from the start, after which theoretically anyone can mine the Ravencoin.
There is also a halving at Ravencoin – this takes place every 2,100,000 blocks – the reward is then halved from 5,000 to 2,500 Ravencoins, this is supposed to happen for the first time in about four years.
If you want to get started, you can create a paper wallet here and look around for mining pools here.
Currently, the project is in Phase 2. After a successful start, the Ravencoin community is in the process of implementing ways to transfer assets and ownership rights. In later phases, Ravencoin also plans to make messaging and elections possible. The entire roadmap can be found in the Github account.
Ravencoin – the new Bitcoin?
At Ravencoin, talking about the new Bitcoin is certainly still too early. Nevertheless, the project is more than just one of the many shitcoins that catch attention and then disappear again. All in all, Ravencoin is a project that convinces above all through its decentralisation and its strong orientation towards Bitcoin. The project is not backed by a team/ICO, nor has it been possible to centralise mining, as is currently the case at Bitcoin.
At the moment, the price for a Ravencoin is just under 0.06 US dollars. Within the last 24 hours it increased by 55 percent, in the course of 7 days almost 200 percent. Within the last month the Bitcoin Fork was able to increase by a full 275 percent and is currently the best performer.
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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner.