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Often, smart contract protocols compromise on security because of lack of decentralized mining systems. There have been several instances where the hackers have used malicious software to hack into centralized mining computer power or steal from cryptocurrency wallets.
Ravencoin (RVN) presents itself as an alternative to smart contract-based blockchains. It is ideal for crypto security as its consensus mechanism and the security model are designed to suit decentralized mining. It allows users to issue tokens in an easy and quick way. Let us know how.
Ravencoin: an introduction
Ravencoin is a peer-to-peer digital network that facilitates the transfer of digital assets such as tokens from one party to the other. It helps to implement a use case-specific blockchain designed to handle one specific function. Being a Proof-of-Work (PoW) currency, it originated from a Bitcoin fork and was launched on January, 2018.
Ravencoin is specifically designed to facilitate the issuance of tokens, acting as an alternative to Ethereum and other token-capable chains. Tokens issued on Ravencoin can be used for a variety of purposes, including representing real-world assets and NFTs.
The assets may represent any real-world custodial object such as gold or physical dollars, virtual goods, a share in a project such as stocks, or even an hour in someoneās wage etc.
RVN coin has been designed as an internal currency that is burnt each time a new asset or token is issued on the Ravencoin blockchain. To add to its decentralization and transparency, RVN coin had a fair launch with no ICOs or presale, no tokens were set aside for members of the team, advisors, developers, any board members or other individuals involved in the project.
RVN is currently among the 100 cryptocurrencies by market capitalization. Its current market capitalization stands at $875 million, with a total circulating supply of 10.3 billion tokens.
Short Term Technical Analysis
RVN token is priced at $0.085 after it slid marginally by 4% in the last 24 hours. It has been printing multiple bear flags since November, causing a healthy dip in its price since its local high 0.145. Should it break down of its current bear flag parallel channel, a target of the low $0.05s may be on the cards. However, should bullish sentiment resume, it will need to tackle resistances at the middle and top of the current parallel channel - located at $0.089 and $0.097 respectively.
Source: TradingView, Binance
Ravencoin, with its coterie of real-world use case-based tokens and assets, is well-positioned in the crypto industry as an emerging blockchain. However, RVN is currently challenged on price trends as well as because it runs on PoW algorithm that may not be environment-friendly.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.