Ravencoin has become one of the most notable altcoins of the recent period. The Ravencoin hashrate saw an increase of over 500 percent throughout September as miners increased interest in the Ravencoin network after Ethereum’s Merge update. This situation also positively affected the RVN price due to the local presence of the network. In fact, last month, Ravencoin was at the top of the most trending cryptocurrencies on Coinmarketcap. It is currently in the 11th place in the most trending cryptocurrencies in the last 30 days.
What is Ravencoin?
Ravencoin was created in 2018 as a Bitcoin hard fork that allowed anyone to create tokens. It takes its name from the postal birds in Westeros, featured in the famous novel series Game Of Thrones. Although the network is based on the Bitcoin blockchain, it stands out because it works faster and easier than the Bitcoin network. This altcoin, which has a similar mechanism to Bitcoin, designed a different hash algorithm by putting security at the forefront. With this new algorithm, it was aimed to eliminate the dominance of mining pools and the necessity of using ASIC mining devices. So you don’t have to use ASIC devices for RVN mining.
This network, which uses the Proof Of Work mining algorithm, became the main reason Ethereum miners preferred this network after the Merge update. Apart from these features, it is possible to produce tokens with the ERC-721 smart contract together with the Ravencoin platform. The tokens published on the platform can be used in many different ways and purposes. Users can create real-time asset transfer transactions or immutable tokens on the platform. According to many analysts, the Ravencoin network works quite similarly to Bitcoin. However, it is more high-tech than Bitcoin and does not contain errors found in the BTC network.
What Is Ravencoin (RVN) for Beginners? How to Buy?(Opens in new tab)
Ravencoin Review
The circulating supply of Ravencoin, whose total supply is determined as 21 billion, is 11 billion 771 million 249 thousand 861. The highest level Ravencoin has seen so far is 28 cents on February 20, 2021. The lowest level it saw was recorded as 0.0087 on March 13, 2020.
Ravencoin Price Analysis
According to experts, Ravencoin, which was priced at 0.031 with an increase of 8.32% in the last 24 hours, is currently at the resistance level. If the popular altcoin breaks down from here and manages to jump above this level, it can experience a massive rise.
