RavenCoin – Specialized Blockchain For Asset Transfer
In January 2018, RavenCoin (RVN) was released into the cryptocurrency world. The launch was completely fair, because after the genesis block, anyone could mine RVN. The developers did not take a premine like so many other crypto development teams do. RavenCoin is built for the purpose of being a messenger of truth for anyone who owns assets, and its blockchain is specifically designed to facilitate asset transfer.
X16R Instead Of Bitcoin’s SHA-256 Algorithm
Securities can be tokenized with this coin, and dividends can be paid out. Messenger technology is also built into this crypto-platform. Moreover, this crypto is a fork of Bitcoin, meaning a lot of its software is similar to Bitcoin, but there is a key difference. Bitcoin uses SHA-256 cryptographic encryption, but RavenCoin uses the new X16R hashing algorithm.
X16R rotates 16 hashing functions in a random sequence based on the last block hash. These hash functions include blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd, echo, hamsi, fugue, shabal, whirlpool, and sha512. This makes the coin extremely cryptographically secure and impenetrable to any hacking attempts. Also, since the hashing functions are randomly reordered each block, it is impossible to mine it with application-specific integrated circuits (ASICs).
Cannot Mine RavenCoin with ASICs
Notably, ASICS are the fastest mining machines and have made computer processing units (CPUs) and graphics processing units (GPUs) obsolete for mining Bitcoin and most other cryptocurrencies. Only CPUs and GPUs can be used to mine RavenCoin, which is beneficial for small-time miners who don’t have money to spend on expensive ASICs. X16R helps to keep mining decentralized, since any computer in the world can mine it.
RavenCoin has a block time of 1 minute, which is 10 times faster than Bitcoin, and 5,000 coins are rewarded per block to miners who maintain and secure the network via proof-of-work (PoW). There will be 21 billion coins in total, which is 1000 times more coins than the maximum number of Bitcoins. As of this writing, only 768 million coins have been mined, and with a value of 4 cents per coin, this yields a market cap of $31 million. Daily trade volume is averaging $500,000 indicating the market for RavenCoin is quite active.
Since its release, RavenCoin has been steadily gaining value, and I expect this to continue due to its unique cryptographic security via X16R and the fact that it will be popular among CPU and GPU miners.
PigeonCoin: A Variation / Spin-Off of RavenCoin
PigeonCoin was released in late March 2018, only a couple of weeks before this writing. It is inspired by RavenCoin and is quite similar, but the key difference is that it uses the X16S algorithm, where S stands for shuffle. With X16S, the list of hash functions is shuffled and all hash functions are used every iteration rather than a random grouping like with X16R. This evens out the hashrate and power spikes and makes things easier and more consistent for miners.
Another difference from RavenCoin is that the developers of PigeonCoin took an unknown premine, only announcing the coin’s existence after 6 days, which is unfair to miners and traders. PigeonCoin might be worth something once it is listed on an exchange, but it is not much more than a copy and, therefore, I don’t expect it to be anywhere near as successful as RavenCoin.
Please note that the purpose of this article is not to give investment advice or influence any investment related decisions. It’s only meant to inform crypto enthusiasts and promote awareness. Always consult a qualified investment professional before investing.