Ravencoin is a blockchain dedicated to the creation and peer-to-peer transfer of assets. Like Monero, which focuses solely on privacy, Ravencoin specialises in asset transfers. So, what exactly does the project offer, and what do analysts have to say about the RVN coin? Read this Zatrun.com article to learn the answers to these questions.
What is Ravencoin (RVN) and How Does It Work?
Ravencoin is a Bitcoin hard fork established in 2018, allowing users to easily create tokens. RVN is designed as a Proof-of-Work (PoW) blockchain and operates as a P2P network. The network offers users the opportunity to receive payments in RVN coins for software and NFT sales.
The platform provides the ability to create tokens with ERC-721 smart contracts. The generated tokens can be used in many ways and for various purposes, allowing users to conduct real-time asset transfer transactions. Additionally, they can also create NFTs. Analysts say that the blockchain works similarly to Bitcoin but utilises higher technologies. Therefore, the blockchain does not contain some critical errors present in the BTC network.
As a fork of Bitcoin code, Ravencoin has four significant changes. First, the RVN supply is different from BTC and has a block time reduced to one minute. Raven, which is more scalable than Bitcoin, is protected from centralised mining with the KAWPOW algorithm. Thus, it eliminates Bitcoin problems such as slow speed and centralised mining.
Is RVN a Good Investment?
RVN token is a cryptocurrency used to transfer tokens. Tokens can represent virtual products, shares, rewards, gold, and more. Ravencoin also allows for the creation of NFTs as a wallet platform for RVN offered by MangoFarmAssets. The BNB Chain offers its users a tokenised version of RVN, and RVN coin can be used for trading, lending, and borrowing in DeFi applications.
While most blockchain projects focus on many areas, Ravencoin offers only tokenised asset transfers. This singular focus is not a bad thing. When projects try to solve a group of problems simultaneously, they usually produce half-baked solutions. RVN coin avoids this by focusing on a single area.
The project has an active community and the support of one of the most respected names in the online retail sector. There is an open trend towards tokenising all types of assets, and Raven is leading the way in this area. The asset has a market value of around 296 million dollars, making it the 119th largest cryptocurrency project.