Ravencoin uses a proof of work consensus to issue new tokens that can be used for a variety of purposes, such as interacting with decentralised applications or purchasing Ravencoin-based NFTs.
The Ravencoin token, RVN, is up 85% in the last seven days. Let's take a look at what Ravencoin is all about.
What is Ravencoin
Launched in 2018, Ravencoin describes itself as a peer-to-peer blockchain, handling the 'efficient creation and transfer of assets ' from one party to another.
The Ravencoin network is a code fork of Bitcoin v.0.15.99 and facilitates the issuance and transfer of tradable assets.
Ravencoin boasts an open-source blockchain that enables independent users and developers to run, alter, modify, and contribute to its existing code mechanism.
The blockchain possesses an interesting set of specifications that differentiates it from the Bitcoin network.
The Ravencoin network itself deploys an X16R mining mechanism which is specially designed to compete against expensive ASICs, which most industrialists consider the best option to conduct cryptocurrency mining operations.
To build useful technology that will maintain a strong community, Ravencoin provides various use cases for its native RVN token. These include the capacity to create tokens that can represent real-world assets like gold, equities, virtual products, prizes, and other real-world assets.
Like Bitcoin, Ravencoin also comes with a fixed circulating supply of 21 billion tokens.
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Ravencoin surges 85% ahead of the Ethereum merge upgrade
Ravencoin has recently surged in price. However, at press time, $RVN is trading at $0.04261, down 9.52% in the last 24 hours, with a market cap of $496 million.
RVN's recent rise can be attributed to crypto exchange FTX announcing the listing of Ravencoin perpetual futures on its platform.
Other than that, recent Ravencoin price activity has increased primarily due to the Ethereum merge upgrade which was recently deployed on the mainnet.
With a proof of stake consensus being deployed on Ethereum, crypto miners have already begun to migrate to other blockchains that provide proof of work mining capabilities.
Some crypto miners have proposed an Ethereum hard fork to retain Ethereum's original proof of work mechanism.
Now that Ethereum has become a PoS-backed blockchain, miners are left with no other option but to either migrate to other PoW networks or become ETH validators, which will require them to stake ETH tokens to help validate transactions on Ethereum.
It seems Ravencoin's proof-of-work consensus can act as a safe haven for miners who are on the lookout to practice traditional crypto mining using their expensive mining gear and equipment.