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While most virtual currencies this week maintain an unstable projection and are showing signs falling in the red zone dangling on the edge, some virtual tokens are recording significant figures. One of these coins is the rookie digital resource, Ravencoin (RVN), which marked its seven-day volume increase of 61.929 percent, with an increase in trade volume of 55 percent in the last 24 hours. This is due to the fact that the currency has pumped over 250 percent after its listing on Binance.
Ravencoin, who is an altcoin, is making great strides in the cryptocurrency market, with its gains attributed to the latest announcement of the virtual currency mainnet to be published at the end of October 2018.
On Sunday, the young altcoin, which has enormous growth potential, closed the day with a maximum of 31.97% compared to the US dollar and almost 32.62% of similar percentages against the virtual currency with big performances, the Bitcoin .
Furthermore, Ravencoin recorded high volume exchanges in the last 48 hours, recording a commercial appreciation of 79% of approximately 37 million US dollars. In the same period, its market capitalization nearly doubled compared to the previous figure of 37 million US dollars at its current 64 million dollars.
Ravencoin 101
Ravencoin was born from a fork open source of the default Bitcoin code that facilitates the efficient transfer of digital resources between entities. Ravencoin has been developed keeping in mind this detailed functionality as an alternative to the Ethereum ERC20 and Bitcoin transfer protocols.
The name Ravencoin takes its name from the chosen delivery protocol inspired by the famous TV series novel, Game of Thrones. The Ravencoin developers have decided to make the cryptocurrency an open source project that allows users to declare their virtual resources on the network. The network itself is transparent, decentralized and, more importantly, secure.
And just as in Game of Thrones, where the crows used to carry and spread truth and news, Ravencoin is striving to become the virtual currency and blockchain technology that will be the bearer of truth regarding the ownership of virtual resources on the blockchain.
@Ravencoin $ RVN it is the third most quoted currency in the world in the largest stock exchange in the world by volume. It's amazing. pic.twitter.com/Hn2H9Ci3FM
– _ (@wernli_ty) October 18, 2018
At the moment, the main use of cryptocurrency and blockchain technology is to perform P2P transfers, giving priority to security, control, user privacy and autonomy. Moreover, while other virtual currencies intensify their struggle and search for truth and transparency, Raven is taking a step forward, opposing the censorship.
Ravencoin (RVN) Mining
Ravencoin entered the market on the 31stst October 2017 with the mining tracks released a few months after 3rd January 2018, during the ninth anniversary of the presentation of Bitcoin to the market.
The development of the young crypt is guided by a gradual development program that shows the kind of commitments that they should take at certain levels. Currently, developers are working on the creation of Ravencoin's main network and its new mining algorithm, the x16r. The x16r algorithm was designed explicitly to challenge the best ASIC mining equipment and heavy extraction tanks.
Ravencoin hopes to use evidence of working protocols in mining activities not only to save on electricity consumption, but also to focus on the most critical aspects of its core business. This implies the construction of a super-high and time-based wall that will safeguard users from possible tampering and censorship in the future.
Ravencoin analysis
At the time of writing this article, the price of Ravencoin is about 0.0577 US dollars (after having increased further by 56.4% in the last 24 hours) positioning the digital currency among the top 60 crypto-currencies of the market (it was in the top 100 just a couple of days ago).
As the market continues to receive more information on cryptography, analysts expect it to further increase its peak with a massive run at any time.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Ulleo / Pixabay
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