Review on Ravencoin by Rilwan Deji
Ravencoin review
Ravencoin was developed as a peer-to-peer fairly mined (POW) blockchain and platform for easy creation and transfer of assets. It is a free and open-source cryptocurrency platform built on of Bitcoin. It was launched on the 3rd of January, 2018. The coin has a messaging and voting system embedded into its platform for those who hold tokens.
Ravencoin can be used to issue asset tokens for anything from real estate to video game collectibles and community points.
Ravencoin uses the X16R algorithm, which was designed to make the protocol resistant to ASIC mining; which lowers the barrier of entry for people wishing to mine, because it means that less specialized equipment is required.
The total possible ravencoin supply is capped at 21 billion coins. Block rewards are set at 5,000 ravencoins per block, and are set to halve every 4 years. The coin is halved every 4 years, with half of it being mined over the next 4 years and another quarter the next 4 years etc. The idea is that is will continue to be mined over the next 120 years
The block time is 1 minute compare to Bitcoin which is 10 minutes.
Presently, a Ravencoin is approximately equivalent to $0.01
Pros
- It offers an easy means of peer-to-peer transaction
- Quick transaction and mining time
Cons
- It is vulnerable, hence at risk of being attacked and hacked
