What is a crow in mining: Ravencoin
Among the large number of cryptocurrencies found on the market, there are those that are created under the influence of TV series and games. In particular, Ravencoin (RVN) cryptocurrency belongs to such.
Description of Ravencoin (RVN) cryptocurrency
The cryptocurrency Ravencoin (RVN) was created under the influence of the famous "Game of Thrones" saga. In this series, crows (ravens) served as messengers and heralds of truth in the kingdoms. According to the creators of the cryptocurrency, it should perform the same function, only in the sphere of blockchain.
The currency appeared in January 2018. The basis of its technology UTXO, which for the first time was implemented in the ecosystem. The cryptocurrency project's blockchain functions on the well-known Proof-of-Work consensus algorithm. During the existence of the project, the team has changed the mining protocol 2 times. The first fork took place 2 years ago, then the cryptocurrency made the transition from X16 to X16Rv2, the second fork took place a year ago. After that, the cryptocurrency began to function on the KawPow algorithm. This is the ProgPow algorithm, modified exclusively for this asset.
It was once created for the Ethereum blockchain, but the creators of Ethereum decided to immediately make the transition to PoS mining. Based on ProgPow, blockchain developers launched peer-to-peer networks, and then after certain refinements it was also used for the Ravencoin cryptocurrency.
What is a crow in mining: Ravencoin
Features of mining
Note that the price of the asset is not rigidly set, and it is determined by the balance of supply and demand in the market. Every 4 years, the ecosystem performs halving (double reduction of remuneration to miners for a subscribed block). Regarding the payment network, we can say that its difference from others is that it is open and decentralized.
It has no masternodes, devices engaged in industrial mining can not connect to it. The platform gives the opportunity to create an unlimited number of coins.
As stated earlier, the cryptocurrency is a fork of the Bitcoin code, but has several differences. The block time is 1 minute, the reward per block is 5000 coins, the number of coins is limited to 21 billion, and the last difference is the KawPoW mining algorithm.
Also among the features is that the network is closed from ASIC miners, so as not to threaten the appearance of centralization.
There was no ICO at launch. The team does not hold a currency fund and no interest is charged on the issue.
Since the KawPow algorithm is extremely complex, the coin has become most profitable for GPU mining, while mining for integrated circuit equipment is not yet possible.
As for the mining itself, it operates on the KawPoW algorithm. The transition to it was made in early May last year. After the transition took place, ASIC-mainers were excluded from the network.
What exactly is possible to mine the cryptocurrency RVN?
Cryptocurrency mining is possible on Nvidia and AMD cards. Note that "red" video cards from AMD supports TeamRedMiner and NBMiner. Mining currency is also possible on Nvidia GTX 1030. The hardware requirements are very low.
How to buy Ravencoin?
You can buy the cryptocurrency on several exchanges, including Upbit, Bittrex, DigiFinex and Coinall. You can store it on the cryptocurrency's official desktop and mobile wallet. As a reminder, you need to create a strong password and mnemonic phrase for the wallet.
Cryptocurrency storage is also allowed on multiple wallets such as Exodus, Edge and so on. Let's point out some of the benefits of cryptocurrency before evaluating its future prospects.
Advantages include the fact that it is highly decentralized, mining is available to miners. The small size of the blockchain ensures that cryptocurrency wallets sync quickly with the network.
Prospects for Ravencoin cryptocurrency
Regarding the prospects of this cryptocurrency, there are many multidirectional assessments, both among users and in the expert environment. Let us state our point of view. It is highly probable that the coin has the potential for further growth, but what it will be, it is difficult to say. There is no marketing campaign as such. However, this does not prevent the currency from being popular among the community of miners.
There is no speculation on the value of the token because speculators are removed from the opportunity to manipulate the network. Mining equipment is inexpensive, which has further strengthened RVN's position among users.
Therefore, the chances that the cryptocurrency will be in demand and its price will grow smoothly are quite high. At the same time, we can not rule out the factors that can bring the price of the asset down. But the same can be said about any other asset on the crypto market. Based on this, any forecast about cryptocurrencies will be approximate.
Let us mention a few major pools. In first place is Ravenminer, its commission is 0, 5 percent. The pluses include the fact that the commission is small, and the servers are located in different countries.
Another pool is Suprnova, and its commission is 1 percent. It is considered the largest pool, which controls at least 30 percent of the hash rate. To work in it you need to be registered.
There is also such a pool as Nanopool. It is considered one of the best, the commission is also 1 percent PPLNS.
It is in these pools prefer to work miners. However, there are others where you can also mine RVN cryptocurrency.