Ravencoin RVn Coins – How Does it Works? (Easy To Understand)

Ravencoin RVn Coins - How Does it Works (Easy To Understand)

The name of the Raven marker is translated from English as “raven”. The raven is not just a bird; in different cultures it is also a very significant symbol that denotes transformation.

Ravencoin cryptocurrency is a bitcoin hardfork, and perhaps the developers wanted to give their brainchild just such a value. Ravencoin is more than a bitcoin code branch. This project is based on the use of original and sustainable code, but with the addition of new features that can organically expand the functionality and intrinsic value of the coin.

Ravencoin Signs

History of creation

The Ravencoin project was announced last fall, but it appeared quite recently, in January 2018, when the Bitcoin software code was split. Everything happened very quietly, without marketing hype. No prior distribution of markers, no presale. The network is supported only by miners.

RVN coins appear as a result of classic PoW mining, using X16R algorithm resistant to specialized microchips . Thanks to this organization, the project very quickly gained popularity, even before the release of the project card or technical documentation.

The Ravencoin coin was launched on the basis of hard work and the constant efforts of more than 400 Bitcoin developers. Only thanks to a stable foundation, diligence in creating a secure network, development and support of free software, and the availability of available software code, the new Ravencoin cryptocurrency could be born.

Ravencoin – Project Features

Ravencoin is a decentralized open source P2P network designed for a single task — processing a function that transfers assets from one side to the other.

Many users will say that with the advent of such digital platforms as Bitcoin and Ethereum, the task of transferring monetary units between different parties has already been solved, but this is not quite so. Neither Bitcoin nor ethereum was created to facilitate the ownership of digital assets, their projects had other goals.

A blockchain is a distributed registry by which you can determine the value of something and be able to change this value. It is the blockchain that informs users about who owns the asset and what features it has. This is beautifully implemented in the Bitcoin system.

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The success of the marker Ethereum ERC 20 shows the demand for tokenized assets that use a different function of the block circuits. Tokens have the advantages of traditional shares, which have a mechanism for participation, a quick transfer and control function without the involvement of a third party.

Ravencoin is a one-piece blockchain designed to effectively manage the transfer of assets between users.

The fact that the technology blockchain can truly change the global economic system, probably heard by many. But few people understand that it is able to perform a very important function of our daily life with you – with its help we can easily and completely safely send money transfers in a matter of seconds, internationally and without the participation of third parties. This is the tip of this revolutionary iceberg.

Ravencoin aims to introduce a blockchain that is optimized specifically for the use of assets such as tokens. Based on extensive Bitcoin development and testing, Ravencoin has its key changes:

  • faster block reward time;
  • change in the number (and not the weighted distribution schedule) of coins.

Ravencoin cryptocurrency is based on free, open source code. It will be generated clearly and transparently, without pre-production, without reserves for developers, investors or partners. Ravencoin pays a lot of attention to user control, privacy protection and censorship.

Specifications:

  • name on the stock exchanges: RVN;
  • hashing algorithm: X16R;
  • consensus mechanism: PoW;
  • total coins: 21,000,000,000 RVN;
  • block generation time: 1 minute;
  • block reward: RVN 5,000;
  • current network complexity is 467 GH / s.

Mining cryptocurrency

The X16R protocol consists of 16 random hashing algorithms that work on a chain with order depending on the hash of the previous block. It is ASIC-resistant, so GPUs are best suited for mining RVN coins. Before you start the mining process, make sure that:

  • you have the latest drivers for your GPU;
  • extraction software is excluded from the anti-virus list.

Pula

Today, it is advisable to mine any cryptocurrency only collectively, in the mining pool. Theoretically, you can start solo mining, but payments will have to wait a long time, sometimes a whole month. Therefore, the first thing to do is decide on the pool.

Participation in pools is not free, the service keeps the commission fees from mining (1-2% of all mined coins), but the blocks here are mined several times a day. Of course, not all earnings go to you alone, but frequent, albeit small payments will bring earnings much faster than with individual production. The payout amount will depend on the share of your power in the total mining.

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Here are some resources for co-mining Ravencoin:

Having decided on the pool, you need to choose a miner program for Nvidia or AMD, depending on the manufacturer of your video card.

Mining on Nvidia video cards

Due to the wide range of crypto-production software, it is important that you choose the best miner for your GPU. After several tests conducted by community members, programs with better performance were identified.

Raven Enemy Miner – this miner is mainly used for NVIDIA cards. It is a closed application that contains a commission of 1%. You can use the alternative options: Suprminer 1.6 or Nevermore 0.2.2.

Links for downloading from GitHub:

Nevermore 0.2.2:  https://github.com/brian112358/nevermore-miner/releases

Suprminer 1.6:  https://github.com/ocminer/suprminer/releases

Mining on AMD video cards

The best Ravencoin Miner software for AMD graphics cards is the Avermore miner, although the processors from this manufacturer are a bit slower compared to NVIDIA, but they also allow you to consistently mine RVN coins.

Link to github:  https://github.com/brian112358/avermore-miner/releases

The file will need to be downloaded and unzipped. After installation, the miner should connect to the pool and start mining the RVN. If the program does not start, make sure that it is not blocked by your antivirus software.

Unlike the other algorithm, the hashrate will not be stable in X16R. Due to mixed algorithms, the extraction rate will fluctuate greatly, sometimes there will be noticeable spikes in production, and sometimes falls. GitHub has instructions for optimizing power.


Ravencoin – How profitable is mining?

To find out the profitability of Ravencoin mining, you should visit any convenient site calculator, for example, WhatToMine.com.

Ravencoin-How-profitable-is-mining

Here you select the desired algorithm and enter the technical parameters of your equipment (parameters can be found on the manufacturer’s website). It is possible to specify the number of GPUs, and the program will automatically substitute the values.

You will also need to enter data on the cost of electricity in your area, production schedule and run the calculation. The result will contain all possible options and will be displayed in the consolidated table:

RVN Value

RVN Value

On August 23, 2018, the coin had the following meanings:

  • 0,016970 USD;
  • 0.00000265 BTC;
  • 1,15 RUB.
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It occupies 151 positions in the CoinMarketCap ranking with such indicators:

  • market capitalization – $ 28,388,547;
  • trading volume for 24 hours – $ 437,415;
  • total in circulation – 1 670 775 000 RVN (12.5%).

Where can I buy Ravencoin

There are 9 cryptocurrency exchanges, the listing of which contains the RVN cryptocurrency:

  • QBTC;
  • Bittrex;
  • Upbit;
  • CryptoBridge;
  • Cryptopia;
  • IDCM;
  • TradeOgre;
  • Nanex;
  • Graviex.

List of trading pairs:

  • CNY;
  • BTC;
  • USDT;
  • SMART;
  • LTC;
  • NANO;
  • DOGE;
  • RVN.

Where can I store RVN?

Ravencoin has a wallet that functions just like a bitcoin store. There is also a paper wallet. On Github, you can download the archives of the latest versions of wallets for all supported operating systems (Linux, Mac, Ubuntu and Windows):

  1. Download your wallet version:  https://github.com/RavenProject/Ravencoin/releases/
  2. Unzip the file and install the program in the right place on your PC.
  3. The application will start synchronization with the network.
  4. Go to File – Receiving address, and create a new address for your Ravencoin wallet.
Raven-Core-Wallet

In order for your assets to have a high degree of protection, it is recommended to encrypt the wallet.

Conclusion

Since the work of Ravenko is built on a decentralized model with independent miners, the coin will have a high chance of dispersing in the community, rather than gathering on one wallet.

Ravencoin Bitcoin-like system has three main advantages:

  • allows you to conduct transactions more quickly;
  • has increased user control and resistance to censorship;
  • there is no need for a trusted third party.

The system knows the assets well and recognizes their values. Ravencoin is software that makes all actions with markers easy and fair.


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