At the same time, the developers took care of the distinctive features and even set themselves a global goal. It is about maximizing real blockchain use cases. Otherwise – the opening of the introduction of technology into the life of ordinary users.
The mining algorithm differs from convert ravencoin to ethereum– here it is X16R, not SHA256. The coin network is protected from ASIC miners that threaten the decentralization of projects.
The formed cryptocurrency is based on the basic principles for most digital projects – decentralization, reliability, publicity, open access and anonymity of use. Ravencoin developers strive to improve this money from a technical standpoint.
The main development priority is the formation of its own X16R hashing algorithm. Ravencoin’s founders strive to make it ASIC-resistant and keep cryptocurrency mining available on the CPU and GPUs.
Compared to Bitcoin, a number of changes have also been made to the technical parameters of the cryptocurrency:
- block formation speed – 1 minute, which to a certain extent increases the speed of data processing and transactions;
- the reward for mining is 5000 RVN, the amount is quite large, but acceptable against the background of the total emission;
- the maximum emission volume is 21 billion – this amount provides the potential for large transactions, however, the user reduces the demand for cryptocurrency.
Ravencoin developers pay special attention to the publicity of the initial data. Thanks to this, it is emphasized that everyone can take part in the development – all resources and codes are in the public domain and can be used to improve the functionality of digital money.
How to buy RVN?
With a market cap of over $ 1 billion at the time of this writing, RVN is one of the most popular cryptocurrencies in the blockchain space. There are several options for investors and users interested in buying RVN. In terms of centralized exchanges, RVN is available on the world’s top liquidity exchanges such as Binance, Huobi, and Bittrex.
However, being a decentralized currency, it is easy to buy RVN on a decentralized exchange. One of the easiest ways is to use AtomicDEX, an exchange powered by Komodo that promotes peer-to-peer atomic swaps and decentralized storage options. Decentralized exchanges are a great way to maintain complete control over your assets as you never have to rely on a third party to secure and store your wallet’s private keys.
What’s the best way to store RVN?
In general, there are two ways to store cryptocurrency: through a hot or cold wallet. Both have their pros and cons, and the choice depends on what the user plans to do with their coins. If a user intends to transact or actively use their RVN, a hot wallet (such as a desktop wallet or mobile wallet) may be most appropriate as it offers easy accessibility.
Most benefit from a combination of hot and cold storage options as RVN is supported by a variety of digital wallets. If you prefer mobile storage, there is also an official Ravencoin mobile wallet. Whichever one you choose, you get world-class storage and transaction capabilities with the app offering an easy-to-use interface. The desktop wallet is available for Windows, Mac and Linux, while the mobile wallet is available for Android or iOS devices and covers all aspects.
- If you look at the trends over the past few years, it is likely that prices will rise in the first half of 2021. We have already seen how this happens before, and there may be some pattern here. If we do not take into account the damage caused by the pandemic to the price of Ravencoin, the coin could enter 2021 with a price higher than $ 0.21. To date, I believe that an increase of more than $ 0.02 is delayed until mid-2021.
- This trend should continue in the future, and we could see an increase of 1 to 1.5 cents a year. It’s okay to see ups and downs, but the average price should rise and continue this trend over the next few years. Fast forward a few years and the price is likely to be around $ 0.07 in 2025.
Overall, I don’t think Ravencoin will hit 10 cents in the near future. It also means that it seems impossible to achieve a price over $ 1 at the moment. Please be aware that the prediction here is based on my personal opinion and analysis of the omg crypto price prediction. There are many factors that come into play when it comes to the price of a cryptocurrency, so there is a chance that we will not see any price rise at all.