Ravencoin is based on an open-source version of the Bitcoin blockchain – in other words, the developers of RVN have modified the BTC code to suit their purposes and needs.
Ravencoin is based on a form of cryptocurrency mining, also known as Proof-of-Work (PoW). In order to mine RVNs, miners have to use their computers to solve a series of progressively more complex mathematical problems.
The idea behind Ravencoin was to allow each user to issue their own cryptocurrency tokens, i.e. RVN protocols, which due to its creators are designed to help decentralize finance.
With Ravencoin, developers can create tradable tokens that track the price of assets off the blockchain – such as gold, silver, euros, and collectibles. These tokens have the potential to facilitate and reduce the cost of trading these assets.
Virtually anything that has value can be converted into a token on the Ravencoin blockchain.
What is Ravencoin compared to Bitcoin?
Although Ravencoin uses Proof-of-Work to create new coins and verify transactions, it does not exactly replicate Bitcoin’s methodology. As the computation required to mine Bitcoin has become increasingly complicated, the process requires more power. This in turn requires more power-hungry computers, making Bitcoin mining unaffordable for users who are not able to buy expensive equipment.
The RVN mining algorithm, called KAWPOW, aims to circumvent this problem by using the memory of a graphics processing unit (GPU) and the processing power of conventional computers, which, its creators hope, will allow most people to mine the token.
The first halving of the REN token
It is important to note that Ravencoin experienced its first halving on 11 January 2022, when block number 2,100,000 was created. As a result of the halving, the reward for the block was reduced from 5,000 to 2,500 RVN, which probably diminished the future inflation of these tokens.
Halving events are generally considered bullish for cryptocurrencies. However, the extent of their impact on token prices depends on overall demand and the pace of adoption of the network by those seeking to tokenize securities outside of it, as well as many other factors.
Ravencoin price predictions: 2022-2030
Algorithmic forecasting services such as Changelly and Digital Coin offer long-term bullish forecasts for Ravencoin from 2023 to 2030.
As stated by the Changelly team, the RVN price will hit $0.049995$0.084 by the end of this year, with the token price climbing to $0.309969 in five years.
Digital Coin also has a bullish forecast for RVN’s price. The service expects the token to reach $0.0693 by early 2024 and amount to $0.17 in 2028.
BTC news and its impact on the whole market
Last year was one of the worst years ever for cryptocurrencies. Total market capitalization fell from $2.2 trillion to $0.8 trillion. The past twelve months were marked by a prolonged fall in Bitcoin and other popular coins, the bankruptcy of numerous cryptocurrency companies, and record-breaking activity by all kinds of fraudsters.
Bitcoin lost about 63% of its value at the end of 2022. This collapse led to the first wave of panic and the scariest holders started selling Bitcoin. While BTC was valued at $39k by early May 2022, a month later it was closer to $29k causing the worst situation for altcoins as many crypto users began to question their credibility.
Against the backdrop of disappointing economic news, there is hope for a speedy recovery of Bitcoin price with its future halving. The next halving is due to take place in early 2024. Theoretically, along with the reduction in miners’ fees, Bitcoin itself should become more valuable, which has already happened during this procedure before. Traders assume that and as a rule, start to raise the price of bitcoin about 15 months before the halving. So, based on that factor, a new Bitcoin growth cycle should start as early as this year. Therefore, it’s a good time to purchase the crypto number one and exchange your altcoins, e.g. Doge to BTC today.
