How Ravencoin Makes Cryptocurrency More Equitable and Accessible to All. Overview of Ravencoin technology, exchanges, and wallets
The cryptocurrency space has seen thousands of new project launches over the years, many with the aims of repackaging an aspect of blockchain technology and promoting it to users in order to enrich the development team. However, once in a while, a project is initiated with the community’s needs solely in mind. This is how Ravencoin comes in, a decentralized, peer-to-peer blockchain infrastructure that allows for efficient transactions and the creation of digital assets. Many aspects set Ravencoin apart from its competitors from a technical standpoint, but users should not overlook its financial characteristics as well.
What is Ravencoin?
Unlike most projects, Ravencoin never held an initial coin offering (ICO), a fundraising mechanism that oftentimes only benefits a small group of wealthy or connected investors. The project also never had a pre-mine or designated development rewards, demonstrating that the Ravencoin team wants the value of the network to remain in the hands of end-users. Ravencoin was established with a basic idea in mind - make transferring and creating cryptocurrencies as efficient and straightforward as possible. Ravencoin was inspired by Bitcoin, using its code base and hard-forking the network to enhance any drawbacks that may have dissuaded users from utilizing the digital currency. With this in mind, Ravencoin was born.
Although Bitcoin is the most popular cryptocurrency by market capitalization and trading volume, it still has technological limitations when compared to the capabilities of other blockchain platforms. Ravencoin wants to fix this, making it easier, faster, and cheaper to permissionlessly create cryptocurrencies and instantly transact with them worldwide. Unlike Bitcoin, on Ravencoin, developers create their own utility or security token, allowing for full customization so developers can introduce their desired features into each new project. Besides standard cryptocurrencies that are regularly interchangeable, Ravencoin is also used to develop non-fungible tokens (NFTs). NFTs are unique digital tokens that can represent a physical asset, a security, a digital collectible, and much more, all with the ability to distinguish themselves from one another on an individual basis.
Ravencoin uses RVN to power its platform, the native cryptocurrency of the network. RVN acts as the ‘gas’ of the platform, facilitating transaction costs and rewarding network validators to secure and verify Ravencoin transactions. Like BTC, RVN has a hard cap of tokens that it will ever produce, topping out at 21,000,000,000. Opposite to Bitcoin, RVN has implemented much shorter block times, one minute compared to Bitcoin’s ten minutes, so that the Ravencoin network can process more transactions in a faster manner.
Ravencoin has also established a more egalitarian cryptocurrency mining method through the x16r mining algorithm. With Bitcoin, which uses the SHA-256 algorithm, specialized and expensive computing hardware called application-specific integrated circuits (ASICs) are needed to validate the network. This leaves out most regular users from this passive income opportunity, as the setup costs and operations are expensive, energy intensive, and require advanced knowledge of the process. Ravencoin allows for fair mining using GPUs, much more accessible hardware that is easier to acquire and use, leaving the network’s validation to the masses instead of a select few.
How Do I Buy RVN?
With an over $1 billion fully diluted market cap as of this writing, RVN is one of the most popular cryptocurrencies in the blockchain space. For investors and end-users interested in purchasing RVN, there are several options to choose from. In terms of centralized exchanges, RVN is available on the top exchanges in the world with ample liquidity, such as Binance, Huobi, and Bittrex.
However, as a decentralized currency, it is easy to purchase RVN on a decentralized exchange. One of the easiest ways is through AtomicDEX, a Komodo supported exchange that promotes peer-to-peer atomic swaps and decentralized storage options. Through AtomicDEX, users gain access to cross-chain liquidity, clearing the way for anyone to purchase RVN with practically any cryptocurrency. Decentralized exchanges are a great way to maintain full control over your assets, as you never have to rely on a third party to protect and store your wallet's private keys.
What’s the Best Way to Store RVN?
In general, there are two ways to store cryptocurrencies, through a hot wallet or a cold wallet. Both have their pros and cons, with the choice revolving around what the user plans to do with their coins. If a user intends to transact with or use their RVN actively, a hot wallet (e.g. a desktop wallet or mobile wallet) may be most suitable, as it offers simple accessibility. If someone is planning to hold their RVN for a long time with no plans to move it, a cold wallet (e.g. a hardware wallet) would be preferred, as it ramps up user security.
For most, a combination of both hot and cold storage options is beneficial, with RVN supported by a variety of digital wallets. For hot wallets, iterations are produced by the Ravencoin team, offering easy-to-use options on multiple platforms. If you want to store your RVN on your desktop, you can use the Official Ravencoin Desktop Wallet. If you prefer mobile storage, there is also an Official Ravencoin Mobile Wallet. Regardless of which one you choose, you receive world-class storage and transaction capabilities with an application offering an easy to use interface. The desktop wallet is available for Windows, Mac, and Linux, while the mobile wallet is available for Android or iOS devices, covering all bases.
As far as hot wallets go, there are many third-party wallet providers, showing the widespread industry adoption of this cryptocurrency. These wallets are easy to download and use, offering users magnified access to their digital asset holdings. Some of these wallets include the Atomic Wallet, the Cobo Wallet, the Crypto.com Wallet, and many more. There are also hybrid wallets like the one available on AtomicDEX, allowing for multi-coin storage and trade execution from within the wallet.
If you are looking for a more secure wallet that isn’t connected to the internet, RVN is accepted by the top hardware wallets globally, such as Ledger and Trezor, allowing for a seamless storage and transfer process. If you own these wallets, all you have to do is download the Ravencoin extension to store your cryptocurrency. Want to take it one step further? You can also keep Ravencoin on paper wallets, the most primitive but potentially most secure storage solution.
No matter which way you cut it, interacting with Ravencoin and the digital assets on the network is easier than ever. Ravencoin offers many capabilities that were not being realized by Bitcoin, putting the cryptocurrency in an enviable position to significantly enhance cryptocurrency user operations.
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