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What is Ravencoin (RVN) and how does it work?

by Financial Economy

Allowing users to integrate their assets into the blockchain, Ravencoin also provides a messaging system for those who own this cryptocurrency. The Ravencoin network also allows personal assets to be registered. Ravencoin code is RVN. Detailed information about what is Ravencoin RVN and how does it work, how much it costs, how to buy, etc. can be found in the continuation of the article. You can browse here for information about QTUM coin.

What is Ravencoin (RVN) and how does it work?

Ravencoin was officially launched on January 3, 2018. Ravencoin, like many cryptocurrencies, is a fork of Bitcoin. In short, a Bitcoin fork is a cryptocurrency that uses Bitcoin’s code as a basis on which further development takes place. Forking from Bitcoin allows developers to spend time on custom development and without having to create the cryptocurrency from scratch.

Ravencoin has several unique features and is still in its infancy compared to large market cap cryptos. Despite being a fork of Bitcoin, Ravencoin has a lot to offer. With a block time of 1 minute and a block reward of 5,000 RVN, the transaction speed is quite fast compared to Bitcoin’s inefficient 10 minute block time. Moreover, the supply of 21 billion RVN increases usability as in most cases fractions of the coin will not be required.

The Ravencoin main roadmap outlines the 8 development phases. The community-led development team has made tremendous progress and is following the roadmap in a timely manner, which is unusual for most cryptocurrencies. The development team is currently working on Phase 5 – Messaging. Ravencoin also plans to tackle decentralized voting in phase 6. In summary, Ravencoin is a decentralized, community-driven platform with many potential features.

Can Ravencoin be mined? How much is Ravencoin (RVN) price?

Ravencoin is a mined cryptocurrency. Mining is done with proof of work. As of 01.07.2021, the price of 1 RVN is around $0.055.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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