Ravencoin (RVN) is yet again among the top performers in the market this morning. Today marks the fifth day since RVN saw substantial gains in an overall sideways moving crypto market. RVN has seen nice increases since it’s low of $0.017 on October 15 to its current high of $0.06 at the time of writing.. In other words, it has grown 300% in less than a week.
This move upwards represents a significant step forward for Ravencoin (RVN) as the crypto hasn’t seen such a price surge in nearly four months and it’s generating a lot of interest. Is Raven the first of many?
RVN’s recent price rise came to be, due to Binance’s listing of it on October 12. Binance accounts for nearly 90% of the RVN/BTC 24 hr trading volume. Just before the RVN coin listing, Binance’s CEO, Changpeng Zhao (CZ) recently tweeted:
“Back to listing. Ravencoin, no ICO, community project, humble people, no listing fee.”
Therefore, regarding this tweet, RVN was not required to pay a listing fee and Binance’s CEO seems to be very fond of the RVN project.
Furthermore, another reason for RVN’s recent price rise is the anticipation of the Mainnet for asset issuance that is set to launch at the end of October 2018. The Ravencoin team Twitter announcement read:
“Mainnet for the asset issuance capabilities of the Ravencoin platform should be launched in one month. Be ready to reserve your unique asset, token or project names. Name reservation is first to come, first serve and cannot be reassigned by any central party once reserved.”
What is it all about, or, what is Ravencoin (RVN)?
Ravencoin is an open-sourced public blockchain project which allows its users to issue and transfer assets in a decentralized peer-to-peer electronic network. The asset transfer is made using the project’s protocol that’s built from a fork of Bitcoin’s code. In addition to the asset issuance and transfer functions of Ravencoin, users can send messages in a secure messaging channel for peer-to-peer communication.
The Ravencoin name was inspired by the hit TV series, “Game of Thrones.” As found on the Ravencoin website, the founders of RVN explain their project like this:
“In the fictional world of Westeros, ravens are used as the messengers who carry statements of truth. Ravencoin is a use case specific blockchain designed to carry statements of truth about who owns what asset.”
All in all, the Ravencoin protocol aims to make it easier for people to conduct real-world asset transfers of valuables such as gold or land deeds. It’s also going to be used for the transfer of digital assets like software, gaming items, collectibles, etc. Also, it will be used for the secure communication between two parties in an electronic peer-to-peer network.
Ravencoin (RVN) Technicalities
While Ravencoin’s primary use case is for peer-to-peer transfers, the project prioritizes user control, security, privacy, autonomy, and strives for resistance against censorship. Therefore, the project maintains the same properties as Bitcoin and improves the code with various aspects to set the project apart from Bitcoin.
For instance, RVN is resistant to the application-specific integrated circuit (ASIC) mining rigs as the block reward time is only 1 minute. This promotes efficient energy consumption and is more resilient to centralization in mining. Also, some additional differences from Bitcoin is the issuance schedule of 5000 RVN block rewards, a coin supply of 21 billion, and the mining algorithm (X16R).
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