The world first heard about Ravencoin on the last day of October 2017, and mining started in early January 2018 – just on Bitcoin’s 9th birthday.
In early March, the coin showed excellent growth, having risen from $ 0.01 to $ 0.02, becoming the leader in the rate of increase rate per week. And this is despite the absence of any significant event that could trigger growth. Presumably, the influence was influenced by three news that appeared about the project, namely:
1. Ability to use a fully functional mobile wallet: it will be possible to issue tokens directly from a smartphone.
2. Positive feedback from experts: for example, the well-known financier Bruce Fenton believes that this development can significantly squeeze smart contracts and various complex programs, as well as reduce the importance of a computer in the process of work.
3. Fast implementation of the lightning network protocol. As you know, it significantly increases the scalability of the network. Ravencoin is fully LightningNetwork compatible because it matches Bitcoin technically.
On March 2, 2019, it was announced that the coin will be trading against the US dollar on the Vertbase exchange.
Features of cryptocurrency, technical implementation
Tokens comply with the ERC721 standard, they can change owners by transferring to another address.
Examples of using unique tokens in the Ravecoin blockchain network:
• An artwork provider creates an asset called ART and then assigns a title or serial number to each artwork. Unique tokens are transferred to the new owner along with the purchase of a work of art, serving as proof of authenticity. Tokens such as ART: VenusDeMilo and ART: MonaLisa are not fungible.
• A software developer can release an asset named for their software, such as ABCGAME, and then assign a unique identifier or license key. Game tokens can be transferred as proof of license. ABCGAME: 39822 and ABCGAME: 42355 are unique tokens.
• Game assets. In a computer game, functional assets can be used: ZYX_GAME: SwordOfTruth005, ZYX_GAME: HammerOfThor, etc. You can sell or buy such assets from other players using QR codes.
• Unique tokens can be linked to real assets such as gold.
In a word, there is an unlimited number of options – from car registration to licensing of intellectual property.
Advantages and disadvantages
The main advantages of Ravecoin:
1. The ability to issue and transfer electronic currency with great confidentiality and a high level of decentralization.
2. Integration of convenient and safe communication technology between users.
3. Numerous bonuses and awards to participants, especially those who help to find the weak points of the project.
4. There is no significant benefit from using ASIC miners yet.
5. Maintaining the network requires much less electricity than Bitcoin or other popular cryptocurrencies.
There are also several technical downsides:
1. The x16r algorithm is very dependent on miners; performance fluctuations can be up to 50 percent. To even out the process requires fine-tuning that novice users can’t do. Everything, right down to the operating system, affects performance.
2. Because of the changing hashing algorithms, it is much more difficult to work with benchmarks.
3. Periodic freezing of the farm during mining.
4. It is almost impossible to increase the speed of mining by overclocking.
It turns out that most of the disadvantages relate to technology, therefore, they are quite available for elimination. So, many problems with mining have already been eliminated, which made the process more comfortable.
Prospects and forecast
As always, the new coin has supporters and opponents. Experts talk about the numerous positive qualities of the Ravencoin cryptocurrency. In particular, there were no ICOs or large-scale advertising campaigns the developers were already confident in their brainchild without this. Of course, the lack of a marketing plan negatively affected the number of participants – their growth could have been much faster.
Simple mining of RVN provides it with good prospects among professional and novice miners. New investors are coming into the system even though there is no aggressive marketing. Therefore, at the moment, the prospects and outlook for Ravencoin look very optimistic.
