Ravencoin is a digital peer-to-peer network created to implement a blockchain that enables efficient transfer of assets between parties. It was launched in 2018 by the entrepreneur Bruce Fenton and the developer Tron Black. Ravencoin did not conduct an ICO, or pre-mine of its coins, and no RVN was set aside for developers, advisors, or other early project participants.
Ravencoin is built on a fork of the Bitcoin code but establishes its own unique network, asset, and protocol with additional features designed to allow token issuance on its blockchain. At its core, it utilizes Proof-of-Work (PoW) consensus mechanism to secure the network. However, Ravencoin relies on the hashing algorithm called KAWPOW, which is designed to allow more decentralized mining than Bitcoin’s SHA-256 algorithm. Further changes to the Bitcoin protocol include a reduced one-minute block time, block reward of 2500 RVN and 21 Billion max supply.
Ravencoin's core structure facilitates the transfer of assets across the blockchain with a consensus mechanism optimized for efficiency. Moreover, another main goal of the project is to facilitate the mint and secure transfer of digital assets across the network.
The KAWPOW hash function is designed to resist mining via application-specific integrated circuit chips (ASICs), expensive and specialized computer hardware that makes the mining process more profitable for industrial-scale operations.
The basic aim of the Ravencoin project is to create a blockchain optimized for token issuance. In particular, users are able to issue tokens with various characteristics such as being named without restriction and issued as security or as a collectible, in any quantity.
RVN coins are the internal currency within the network and must be burnt in order to issue token assets on the Ravenchain.
The KAWPOW algorithm was derived from ProgPOW and Ethash, with modifications, to improve the distribution of Ravencoin.
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