Ravencoin is an open source project built on a code fork of Bitcoin and was fairly launched in January 2018 without an ICO, pre-mine or master-nodes. Ravencoin has been designed to meet the digital age demand for assets and securities to be tradable across borders, the project focusing on building useful technology with a growing community.
Unlike Bitcoin Ravencoin is based on, it offers some unique features; practically anything can be sent via Ravencoin due to its singular focus on that ability. Among the suggestions are: physical stores of value, like gold bars, silver ingots, or rare comic books; physical fiat currency and virtual goods. Each asset to be sent is represented by a non-minable token, created by a Ravencoin user.
The Proof-of-Work algorithm Ravencoin is based on called x16rv2, was intended to totally negate the use of ASICs and redirect the mining power back into the hands of GPUs and CPUs everywhere.
The X16R algorithm intends to solve ASIC-vulnerability to itself by constantly disrupting the ordering of the hashing algorithms; it uses a set of 16 different algorithms that are randomly selected based on the hash of the last block. The white paper explains. “The hashing algorithms are the same proven algorithms used in X15 + SHA512, but the ordering is changed based on the hash of the previous block.”
Because of this, the order is always random, making it very hard to build an ASIC for. This unique algorithm is one of the reasons Raven coin has grown in popularity.
The whitepaper also notes: “The history of hashing for cryptocurrencies began with SHA256 for Bitcoin, then Scrypt for Litecoin, Ethash for Ethereum, X11 for Dash, followed by X13, X15, and X17. X16R is the next step in this evolution to find a better mining algorithm.”
Even though you can mine Ravencoin with a GPU of 2 GB, it's recommended your GPU has at least 3 GB of memory to successfully make some profit. And if you intend to mine Raven with a CPU, it probably will not be worth the effort and you should consider mining another coin like Monero since its algorithm is oriented for CPU mining. For more details, see our quick step-by-step guide on how to mine Raven Coin on Nanopool.
- Ravencoin official website - ravencoin.org
- Ravencoin on GitHub - github.com/RavenProject
- Ravencoin blockchain explorer - ravencoin.network
- Another blockchain explorer - explorer.ravencoin.world
- GPU hashrate list - miningchamp.com