Ravencoin is one of the newest coins to emerge in the crowded cryptocurrency space. What makes Ravencoin so unique to propel its name to one of the most popular coins over the last few weeks? I explore what makes this open source project so exciting and what we can expect from the development team over the coming weeks and months. This is a rare opportunity to get involved in a project early and contribute to something great.
What is Ravencoin?
Ravencoin is an open source project that is driven by suggestions and involvement from the Ravencoin community. The project focuses an idea to utilize the blockchain to facilitate the transfer of assets which in turn can provide security and functionality improvements on various projects.
The development team behind Ravencoin is focused on working on the code first, similar to how Bitcoin was first developed. They are not rushing to get listed on exchanges, there is no premine and no ICO! Those last two points I feel are extremely important. In a time where every coin is trying to raise millions of dollars before they even have a product, Ravencoin is doing the opposite. They provided a vision of where they see Ravencoin going and opened up contributions to the development to everyone utilizing their Github.
So why is this important, while Bitcoin utilizes the blockchain with the purpose of being a decentralized currency, Ravencoin is built solely around the function of publically transferring assets from what party to another. This project will assist in ensuring that transactions can be independently verified without having to rely on regulatory bodies controlled by a government. This is an important step to ensure that cryptocurrency can remain decentralized, especially given the current movements of many government to pass laws and regulations regarding cryptocurrency transactions.
Details of Ravencoin
The details of Ravencoin from their announcement thread from Bitcointalk
Block Time: 1 minute
Block Reward: 5000 RVN
Total Coin Supply: 21 Billion
Founders Reward: No
ICO: Hell no.
RPC port: 8766
Complete Node List: http://threeeyed.info/network
Where to Get Ravencoin?
Great news as of 4 March 2018 you can now trade Ravencoin on Crypto-Bridge. This is a huge step forward to seeing the value of Ravencoin continue to rise. Before 4 March you could only get Ravencoin by mining it or buying in their discord channel from other users. This of course raised the risk of getting scammed unless you used a known escrow. Crypto-Bridge takes all the risk away and now anyone has access to Ravencoin at anytime. I can’t wait to see where the developers continue to take this coin and other major exchanges pick it up.
How to Mine Ravencoin?
Over the last few days, the mining pools for Ravencoin have been growing at a crazy rate of almost 90% increase in hashrate per day! For a coin that is still in development and not listed on any major exchange, this is amazing to see! There is currently only a Nvidia miner for Ravencoin. An AMD miner is in the works with an active bounty for completion for those developers out there who want to contribute and earn a few hundred thousand Ravencoin.
Ravencoin works of the X16r algorithm that constantly switches between 16 different algorithms. This makes it ASIC resistant which is something I am a huge fan of seeing! Because of this, you need a special miner. You can find the latest version release on their Github miners page. The current release as of the time of writing is 2.2.5. It’s important to use the latest version as the previous version will result in a large decrease in hashrates. You can see below the different algorithms that Ravencoin utilitzes.
If you using SMOS you can find a great walkthrough on how to mine Ravencoin using SMOS on Steemit.
Ravencoin Mining Pools
As of 28 Feb 2018 below are the currently available mining pools and examples on how to configure them. I am currently mining this coin on Cryptoparty with no issues at all.
Important Ravencoin links
Stay up to date on the latest news from the Ravencoin team at the below links.
Block Explorer: http://threeeyed.info/
Bitcointalk Announcement Thread: https://bitcointalk.org/index.php?topic=2752467.0
What’s Next for Ravencoin?
Ravencoin relies on support from not only the developers but also the community of interest. If you want to help out and support the development of Ravencoin visit Bitcointalk thread where there are many different bounty campaigns that are looking for support. You can also join their Telegram, Discord, or any other medium listed about to inquire about how you can support the team. The easiest way to support the network is to download the QT wallet from their Github to support the strength of the network. After using the QT wallet for a week now it is one of the best functioning version I have used out of various coins.
I am not a paid advocate for Ravencoin and as always you should conduct your own research before you invest any money. Please do not invest any more than you can afford to lose and ensure you are diversifying your portfolio. If you are unsure how to best research new coins you can look at our Guide to researching altcoins before investing.