Over the past week, Ravencoin (RVN) has seen its price cross the $0.060 USD mark for the first time since April this year, when it hit its all-time high price. On October 23rd 2018, RVN hit $0.060039 USD after a 320% increase in price in less than a fortnight. This represented 96.8% of the ATH price of RVN token, a significant achievement for a coin launched barely a year ago.
After the heroics witnessed on October 23rd, Ravencoin (RVN) has dropped to $0.045219 USD today after the market mini bearish momentum. This however places RVN as the top gainer among the top 100 cryptocurrencies in the past day with a total of 7.56% increase.
We focus on the recent star in crypto world in this article, Ravencoin (RVN).
What is Ravencoin?
The name is adopted from the ancient raven messaging service heavily popularized in HBO series, Game of Thrones to carry important information. The Ravencoin blockchain offers a transparent platform to send and verify the truth in ownership of assets across the platform. The blockchain aims to implement a blockchain which is optimized specifically for the use case of transferring assets such as tokens from one holder to another.
Ravencoin is one of the many forks from the original Bitcoin chain. The Ravencoin development team created a blockchain with faster block reward times to Bitcoin while setting the total minable coins to 21 Billion coins opposed to its parent chain’s 21 Million coins.
“Ravencoin is free and open source and will be issued and mined transparently with no pre-mine, developer allocation or any other similar set aside. Ravencoin is not designed to be cash. Ravencoin is intended to prioritize user control, privacy and censorship resistance and be jurisdiction agnostic, while allowing simple optional additional features for users based on need.”
How does Ravencoin (RVN) works?
The cryptocurrency and blockchain technologies industry face one huge issue to mass adoption today; jurisdiction. The fact that some countries are friendly cryptos while others aren’t so friendly has seen a slow mass adoption of these revolutionary technologies. However, as the growth of most of the blockchain continues at a reasonable pace, soon these jurisdictions and laws will become irrelevant in how people move assets across countries. This will require the systems to be efficient to ensure maximum security for their securities and similar asset holdings.
Ravencoin blockchain will provide its users with a specific blockchain and development effort that can create code which can either improves existing structures like Bitcoin or provides advantages for specific use cases.
The $100 million dollar miracle for RVN
Having crossed the $100 million mark in market capitalization on October 23rd, RVN is currently aiming to those heights once more after its latest heroics. The coin currently has a total market capitalization of $97,378,318 USD placing it 62nd on the Coinmarketcap charts.
With Ravencoin offering a real use case application for blockchains, and development of the project expected to be completed in 2019, the prospects of RVN mooning are high.