Among the projects crypto which are being reported over the last few weeks, an honorable mention goes to Ravencoin. The token, in fact, over the past 24 hours it has rallied again, growing by 21,70%. Which followed a week, the previous one, in which its price had soared by 40%. A behavior that is naturally attracting increasing attention from investors. Leading them to wonder why Ravencoin is growing with these rhythms.
What is Ravencoin and how it was born
Ravencoin is an open source project whose development they contribute in particular Tron, RavencoinDev e Chatturga, aimed at the creation and transfer of peer-to-peer resources. The 3 October of the 2018 and already can boast some prominent supporters, starting with Bruce Fenton, member of the board of directors of Bitcoin Foundation, and by overstock, which has invested heavily in its development. In particular, the name indicates the native cryptocurrency of theexchange homonym.
Based on the algorithm Proof-of-Work (PoW), its birth came in the form of a Bitcoin hard fork. Of which it is proposed to bypass some limits of scalability, anonymity and costs. Like other cryptographic projects, Ravencoin also made its debut within Medium, a popular US forum.
What is Ravencoin used for?
Contrary to what other peer-to-peer cryptocurrency exchanges propose, Ravencoin provides a platform for traders and investors to create and trade tokenized assets with each other. AND thanks to which users are able to exchange any real or digital world resource. Thus overcoming another limit of BTC, namely the lack of authority to be able to strictly transfer the ownership of the assets in question. A possibility instead made concrete by Ravencoin.
Another peculiarity of RVN can be seen in the way in which the mining. If the algorithm named x16R2, a fork occurred in May last year, resulting in the generation of a token that it adopts KAWPOW, an algorithm for the mining which aims to overcome the problem of centralization. To do this, GPUs and computing capabilities are used. With the consequence of making it possible, at least theoretically, to extract it exclusively through the hardware processing units present in every personal computer, in smartphones and in gaming consoles. It follows that everyone can participate in the block extraction activity.
The novelty of the x16rv2 algorithm
Among the most important innovations used in the creation of Ravencoin, it should be mentioned in particular the new x16rv2 algorithm. Developed specifically in order to allow PoW mining, but avoiding the typical centralization of ASIC mining. Its uniqueness comes from the fact that this algorithm makes use of the concurrence of 16 different hashing algorithms. Among which, from time to time the system chooses only one, in a completely random way. This randomization dramatically amplifies the difficulties in developing a specific ASIC enabled for the full exploitation of x16rv2. Also because the developers, in case you suspect the creation of an ASIC rig capable of undermining the Raven network they are ready to change the algorithm. As has already happened in October 2019, when a similar suspicion prompted the development team to switch from x16r to x16rv2.