Ravencoin - Digital Asset Creation On A Unique Blockchain
Unique?
Ravencoin is a fork of Bitcoin, making it rather “useless” and unattractive to many investors who have not taken the time to dig a little deeper. Yes, most Bitcoin forks are absolute junk with absolutely no use case or trading volume. Many were created years ago, as a way to leverage the Bitcoin name and entice speculators. If you think speculation is out of control now you should have seen it years ago. At least many of the current speculative plays at least pretend to have a roadmap and use case. Many of the old Bitcoin forks are literally useless. I am serious, there is nothing there, literally. Ravencoin is Unique on a number of levels and should in no way be put in the same box as the majority of Bitcoin forks.
The Obvious Attraction
Most people who are aware of Ravencoin are familiar with it for one reason, mining. That’s right, Ravencoin is a popular option on Nice Hash and others and stands the chance of gaining a lot of new miners once ETH shifts to POS. If you check around you will discover that Ravencoin is a firm favorite of GPU miners. The trading volume across exchanges is also pretty decent. It’s far from impressive but it’s pretty healthy and that’s always an important metric to check. Is there a demand, are people exchanging this coin? Considering that we are in a bear market compounded by the global crisis, the daily volume of approximately $6 million is fairly decent. RVN is currently ranked at number 129 on CoinGecko at the time of writing. Observing the past performance of RVN reveals that it is behaving as an oscillator, similar to Doge.
Image Source – Coingecko.com
The graph above displays how the price action has seen a number of surges to the upside prior to the bull market of 2021. Even after the initial collapse of the bull market, the coin has displayed resilience and has not simply collapsed. Many altcoins have simply taken a more “direct” route down to the current lows.
Improving On Bitcoin
Ravencoin has a block time of 1 minute compared to Bitcoin’s 10-minute block time. The total coin supply is 21 billion as opposed to 21 million, and the block reward kicked off at 5000 RVN, compared to 50 BTC. There is a catch to the increased supply though. All coins that are used for the payment of asset creation are burned and removed from circulation. There is a cost of 500 RVN to create any amount of your own token. The creation of new assets on Ravencoin ultimately leads to a shrinkage of the available supply, which simultaneously increases scarcity to some extent. Faster block times with the ability to be able to create, store, and send digital assets is nothing much like Bitcoin, to be honest. I have seen a number of Ravencoin NFT marketplaces but there has not been much attention given to this aspect of Ravencoin. As mentioned earlier, most people think of mining when they hear the name, “Ravencoin”.
What Makes Ravencoin Unique?
With a lot of attention being given to regulation and the SEC of late, especially in terms of their battle with XRP, it seems likely that this is going to escalate. Solana finds itself in a similar position now and one can only wonder who will be next. Ravencoin is not only a fork of Bitcoin but shares the ethics of Bitcoin. Just as in the case of Bitcoin, there was no premine or ICO for Ravencoin. Other Bitcoin forks such as Bitcoin Gold had an element premining. It is also important to note that the number 2 Crypto, Ethereum, had both a premine and an ICO. Something to bear in mind, if you were unaware. This can still become a potential hurdle for ETH later on down the road. Gary Gensler, the SEC Chair, has mentioned on numerous occassions that Bitcoin is the only Cryptocurrency he views as a commodity.
Final Thoughts
Ravencoin definitely has a unique edge when it comes to creating digital assets. Top NFT chains such as Ethereum and Solana both had ICOs and don’t carry the same level of “purity”. What remains to be seen though is if that is something that is going to concern the market in time to come. It might not mean much now but that might change in the future. This is another coin that I am very slowly and modestly accumulating. Binance is currently the most active market for RVN.
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.
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