Ravencoin is a cryptocurrency that was created in 2018 as a result of a fork of Bitcoin. It is relatively new. It utilises a large part of a similar innovation as Bitcoin, however, there are a few key contrasts. Regardless, Ravencoin is a blockchain-powered cryptocurrency that is independent of government control, just like Bitcoin. The primary component of Ravencoin is its capacity to be mined by a customary PC.
In November 2017, the blogging platform Medium introduced Ravencoin as an experimental currency for the first time. The founders of the new digital currency made the following connection in the blog post:
“Ravens serve as messengers who carry statements of the truth in the fictional Westeros. Ravencoin is a use-case-specific cryptocurrency made to carry true ownership statements of assets.
Special features of it
Ravencoin’s special features include the fact that it was made to be mined by any computer. As opposed to an administration controlling the cash supply as legislatures do, a flowing digital currency supply just increases as it is mined. For the majority of cryptocurrencies, miners use specialised hardware to solve difficult math problems to create new blocks. They may even be compensated for their efforts with a fee or block reward. For example, miners are reimbursed with 6.25 bitcoins for every block of Bitcoin that they mine and add to the blockchain. Although Satoshi Nakamoto, or a group of founders, intended for Bitcoin to be decentralised. The developed computing hardware and technological know-how required to mine it have resulted in centralised mining among a small group of miners. Since mining Bitcoin now requires a lot of energy, it has become more centralised in some areas of China, where cheap electricity is abundant, in recent years. Critics have pointed out that this centralization of cryptocurrency mining negates one of its primary uses: decentralisation.
A truly decentralised cryptocurrency would necessitate the cooperation of numerous mining nodes.
The Ravencoin blockchain attempts to address this issue by generating mathematical problems that the hardware of a typical computer can solve. In particular, Ravencoin utilises extraordinary calculations to forestall the requirement for specific equipment to mine the advanced cash. This keeps the puzzles from getting too complicated too quickly, which would discourage potential miners.
History of Ravencoin
Upon its launch in 2018, Ravencoin’s group was subsidised by Medici Adventures, a blockchain-centred auxiliary of Overstock.com.
Ravencoin was made specifically to create a mining ecosystem without the advantage of application-specific integrated circuit (ASIC) mining hardware, which is used for other cryptocurrencies.
Tron Black, the lead developer of Ravencoin, wrote in January 2020 that ASIC miners had circumvented Ravencoin’s initial algorithms, giving them an advantage over computers with standard processing power. The Ravencoin team further modified its algorithms to address this issue, requiring miners’ hardware to behave like standard computer hardware even if they chose to use ASICs. The playing field was effectively levelled, at least for the time being.
Instructions to mine Ravencoin
To mine Ravencoin, first make a computerised wallet and produce a wallet address. After setting up your wallet, you can choose from more than a dozen RavenCoin-affiliated mining pools.
Wallets
Not as many general wallets support buying or investing in Ravencoin. This is because a lot of other cryptocurrencies do. After all, the network’s creators claim that the absence of an initial coin offering (ICO) ensured a “fair launch”. This is without suspect incentives for funders or developers. Since Ravencoin works with its wallet, you don’t need to buy another one unless you already have one. On its website, Ravencoin lists several supported third-party wallets:
Transaction times
According to Bitni, a cryptocurrency exchange, Ravencoin transactions can take as little as one minute. For the genuine permanence of the exchanges, Bitni says exchange times somewhere in the range of six and 100 minutes are generally secure.
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