Ravencoin (RVN)
Rank #353
Market snapshot
- Price
- $0.00282764
- Market cap
- $46.4M
- 24h volume
- $3.9M
- Circulating supply
- 16,410,855,240.9127
- Total supply
- 16,410,855,240.9127
- Max supply
- 21,000,000,000
What is Ravencoin?
Ravencoin is a blockchain protocol that allows users to generate RVN through the process of mining. It is designed to facilitate the transfer of assets from one party to another and enables the issuance of tokens on its blockchain.
How Ravencoin works
Ravencoin operates as a blockchain that allows users to create and transfer assets. Users can generate RVN through mining, utilizing the KAWPOW algorithm, which supports decentralized mining by allowing consumer-grade GPU hardware to participate. The protocol is based on a fork of the Bitcoin code, incorporating features specifically for asset transfer.
Key information
- Symbol
- RVN
- CMC rank
- #353
- Network / platforms
- N/A
- Categories
- Mineable, Proof of work
- Date added
- Mar 10, 2018
Key characteristics
Ravencoin is an open-source project with a focus on asset transfer. It features a mining algorithm called KAWPOW, which enhances decentralized mining capabilities. The protocol is designed to allow the issuance of tokens on its blockchain, addressing the centralization issues associated with ASIC hardware.
Documented uses
Ravencoin is designed to implement a use case-specific blockchain, efficiently handling the transfer of assets from one party to another. It serves to carry statements of truth regarding asset ownership, enabling instant payments globally.
Official resources
Risks
Digital asset prices can be volatile and can change materially. Users should verify the contract address and network before transferring assets. Self-custody requires secure private-key and recovery-phrase handling. Centralized platforms can involve operational, custody, and counterparty risk. Availability and regulatory treatment can vary by jurisdiction. Transaction finality and reversibility can differ by network.
Transfer and custody notes
Verify the asset name, network, and the destination details before transferring. Verify destination address and network before sending assets. Review the custody method, including self-custody versus a third-party platform. Understand that transfers may be irreversible and that CoinLoom does not confirm exchange availability.
FAQ
- What is Ravencoin?
- Ravencoin (RVN) is a digital asset designed for the efficient transfer of assets, built on a fork of the Bitcoin code.
- How does Ravencoin operate?
- Ravencoin operates by allowing users to generate RVN through mining and facilitating the transfer of assets on its blockchain.
- What are the technical characteristics of Ravencoin?
- Ravencoin features an open-source design and utilizes the KAWPOW mining algorithm, which allows for decentralized mining.
- What are the risks associated with transferring Ravencoin?
- Users should verify the asset and network before transferring assets, and understand that transfers may be irreversible.
- Where can I find official resources for Ravencoin?
- Official resources for Ravencoin can be found on its website at ravencoin.org.
- What are the use cases for Ravencoin?
- Ravencoin is designed to handle the transfer of assets and carry statements of truth about asset ownership.
