What is Ravencoin (RVN)?
Ravencoin (RVN) is the native token of a Bitcoin fork named Raven Coin blockchain in reference to the TV show "Game of Thrones."" It uses a unique proof-of-work (PoW) consensus mechanism called KAWPOW and the X16R hashing algorithm. It is developed to facilitate a digital peer-to-peer network optimized for transferring assets, such as tokens, from one holder to another. Ravencoin also issues tokens that can be used for various purposes, like representing real-world assets and NFTs. Its design is similar to Bitcoin, but its supply, rewards, and mining algorithm are optimized for improved decentralization. Ravencoin was announced on Oct. 31, 2017, and released binaries for mining on Jan. 3, 2018, with a fair launch. The total supply of RVN coins is 21 billion.
How does Ravencoin (RVN) work?
The purpose of Ravencoin is to solve the problem of the transfer of assets and trading faced by the Bitcoin blockchain. Earlier, if someone created an asset on the Bitcoin blockchain, it could be accidentally destroyed if someone traded the coins that it was made with. To overcome this consequence, Ravencoin, a Bitcoin Fork, was built. It uses Bitcoin's UTXO model but with some fundamental changes. There are four main changes between Bitcoin and Ravencoin. The latter cut the block reward time from 10 minutes to 1 minute, increasing the maximum supply to 21 billion RVNs to 21 Million Bitcoin. It also updated the hashing algorithm from Bitcoin's SHA-256 algorithm to X16R to resist mining via application-specific integrated circuit chips (ASICs) and expensive computer hardware. This gives equal opportunity to everyone owning a CPU to mine RVN tokens. The fourth key change differentiating Raven Coin from Bitcoin is its block reward of 5000 RVN instead of 6.25 BTC in the blockchain.
When a user wants to create a new crypto asset, they have to burn (or destroy) a certain amount of RVN coins and provide a unique name for their token. The users can set the unique characteristics for their tokens, like the number of issued tokens, the decimal places to fraction it, and their fungibility. Ravencoin platform also facilitates the token creators to message holders of their tokens to notify them when they need to vote on new proposals.
How to Buy Ravencoin (RVN) in India?
There are many platforms where you can invest and trade Ravencoin (RVN) in India.
One such platform is Flitpay. To buy the Ravencoin (RVN) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.
After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy the Ravencoin (RVN), and execute the Ravencoin (RVN) purchase.
You can instantly convert your INR to Ravencoin (RVN) and Ravencoin (RVN) to INR and withdraw your INR through bank transfers whenever you want.
Flitpay also keeps introducing timely rewards for its users.
Why Use Ravencoin (RVN)?
Ravencoin (RVN) is the governance token of Ravencoin platform. This platform develops a digital peer-to-peer network for transferring assets, from one holder to another. It allows users to issue their own crypto tokens for a means of transfer by burning their RVN tokens. This means that RVN is the governance token of Raven Coin blockchain. This token is necessary for developers if they want to issue tokens that represent real world assets like gold, stocks and virtual goods by using the Raven Coin blockchain.
Since Ravencoin uses the same code as that of bitcoin with a number of modifications for efficient peer-to-peer transfer, it claims to get around the issues faced by the bitcoin transfer of assets.
FAQs
What is Ravencoin (RVN)?
Ravencoin (RVN) is the native token of a blockchain named Ravencoin that works for launching and transferring tokens. This blockchain is a Bitcoin code fork that allows anyone to issue tokens and digital assets by burning their RVN tokens.
What is the Ravencoin (RVN) price in India?
Check out the current INR price of RVN coin in India on Flitpay.
Which is the best platform to buy Ravencoin (RVN) in India?
The best bitcoin exchange in India to buy Ravencoin or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.
What are the Benefits of Ravencoin (RVN)?
The RVN tokens of Ravencoin provide an alternative blockchain option to the token issuers that depend on Ethereum. Its X16R hash algorithm and application-specific integrated circuit chips (ASICs) give a more decentralized mining framework and secure transfer.
Is it safe to invest in Ravencoin (RVN) in India?
Yes, investing and trading in Ravencoin (RVN) is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in RVN. It offers the most real-time prices and advanced investing features.
Is Ravencoin (RVN) a Good Investment?
The price journey of RVN has been full of ups and downs since its launch. It can be a good investment for the long term considering its unique approach and connection with Bitcoin codes. But cryptocurrencies can be highly volatile at times; hence one needs to be careful while making any investment decision.
