Ravencoin is an open source project using peer-to-peer technology and anyone can contribute to the development of the project. The coin was announced in October 2017 (for the 9th anniversary of Bitcoin) and released in January 2018 with minimal marketing. In a very short period of time and without a single marketing event, this coin has already gained a lot of popularity.
If you are interested in the process of mining this cryptocurrency, then you can find it here.с
In short, the following programs are suitable for mining Ravencoin. Please note that starting from 2020, the RVN coin works on a new mining algorithm – KawPow.
Since the advent of RVN, more and more miners are joining the project as this coin has strong community support and huge potential.
Ravencoin has an active development team that is focused on making this coin functional in the real world. However, their names are hidden.
Ravencoin Wallet Setup Guide for Beginners
Technology and community aside, Ravencoin has a great wallet that functions just like the Bitcoin core wallet. A paper wallet has already been created, but we recommend that you download and set up the Raven QT wallet.
Raven-Qt wallet is available for cenos7, fedora27, Linux, Mac, Ubuntu and Windows. We will go into great detail on how to download and set up the Raven wallet.
How to set up a wallet on Windows
Step 1: Go to Github Ravencoin Release and download the latest wallet.
Step 2: Once downloaded, extract the wallet to a convenient location on your drive.
Step 3: With the Raven wallet, you don’t need to worry about moving the wallet from the C:/ drive, as by default it asks for a place to store the blockchain and wallet files. Make sure you select a folder/drive where you have enough space.
Step 4: Once you download the wallet, it should open and start syncing with the network. If it doesn’t, it tries to add nodes.
Step 5: Next, to create a new address, go to File >> Receiving address and then create a new Ravencoin wallet address.
Step 6: After that, we highly recommend that you encrypt your wallet to keep your assets as secure as possible. Here is a guide to encrypting a wallet.
That’s all you need to know about the Raven wallet. Now you can store RVN coins. You can get them either through mining or by buying directly from exchanges.
Purpose of Ravencoin
The Ravencoin project is a fork of Bitcoin, born from the continuous efforts and hard work of several hundred developers. Ravencoin is based solely on the code of Bitcoin, with the exception of the new PoW algorithm – X16R, created to combat ASICs. So what does this coin offer other than X16R?
Ravencoin intends to implement Raven Core, the open source software that makes Ravencoin work.
While Bitcoin focuses on being more profitable, Ravencoin does not aim to become just another cryptocurrency. Instead, the Ravencoin blockchain is a specific use case for digital currencies, optimized for a single task – the transfer of tokenized assets from one party to another.
prospects
Ravencoin is one of the most active communities we have ever seen on Discord. If you want to be a part of this project, you need to be a member of the Ravencoin community on Discord.
Ravencoin started out as an experimental project, and since it is completely open source, anyone is free to suggest ideas or contribute to the development of RVN.
Other than that, there are many reports of the Overstock CEO putting “Millions of Dollars” into the Ravencoin project.
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