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What is Ravencoin (RVN)?
Ravencoin (RVN) is an open-source, peer-to-peer blockchain project launched in 2018. It's built on a fork of the Bitcoin code, meaning it shares many of Bitcoin's underlying principles but with specific modifications.
What is its Purpose?
Ravencoin's primary purpose is to efficiently handle one specific function: the transfer of assets from one party to another. Unlike Bitcoin, which focuses solely on its own currency, Ravencoin is designed to facilitate the creation and transfer of any digital asset. This can include:
* Real-world assets: Like shares of a company, real estate deeds, gold, or other commodities.
* Digital goods: Such as in-game items, collectibles, or digital art (NFTs).
* Other tokens: Like loyalty points or gift cards.
Key Features:
* Asset Issuance: Users can create their own unique tokens on the Ravencoin blockchain by "burning" (destroying) a small amount of RVN.
* Proof-of-Work (PoW): Similar to Bitcoin, it uses a PoW consensus mechanism to secure its network. It uses the KAWPOOW algorithm, which is designed to be ASIC-resistant, aiming to keep mining more decentralized and accessible to regular GPU miners.
* Decentralization: It was launched as a "fair launch" with no pre-mine, ICO, or masternodes, aiming for a decentralized distribution.
* Messaging and Voting: The protocol also allows for built-in messaging capabilities to token holders and can facilitate voting.
RVN Coin Utility:
The native cryptocurrency of the network is RVN. You need RVN to:
* Create new assets: A certain amount of RVN must be burned to issue a new token.
* Pay transaction fees: For transferring assets on the network.
* Reward miners: Miners who secure the network are rewarded in RVN.
In essence, Ravencoin aims to be a specialized blockchain for asset tokenization and transfer, providing a robust and secure platform for various digital assets.
