- Ravencoin (RVN) sits on top of the crypto performance chart, gaining 57% in the same week Bitcoin plunged to its 2022 low.
- The meteoric rise of RVN is fueled by the migration of miners from the Ethereum network into Ravencoin.
- The migration has seen Ravencoin’s hashrate rise from 2.53 TH/s to as high as 4.263 TH/s in a month.
- Ravencoin has also announced the first platform with play-to-earn & VR features on its chain, Meta.
Project Review
Ravencoin (RVN) is a hard fork of the original Bitcoin code that was launched in 2018. However, the project sought to improve Bitcoin’s structure, which creates several differences between the two chains.
Built as an open-source project and decentralized development community, Ravencoin had a “fair launch” without an initial coin offering (ICO). They also didn’t pre-mine, have a pre-sale or implement any master nodes.
Ravencoin is designed to facilitate the issuance of tokens, acting as an alternative to other token-capable chains such as Ethereum. This allows Ravencoin to facilitate the transfer of assets from one party to another.
It also improves Bitcoin’s block time, reducing it from 10 minutes to 1 minute. The total supply of RVN is capped at 21 billion (a thousand times more than BTC). RVN coins are designed as internal currency within the network and must be burnt in order to issue token assets on the Ravenchain.
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Recent Developments
Lately, Ravencoin has been one of the most talked-about projects as the Ethereum merge approaches. The project offers the benefits of Bitcoin (mining) and token issuance of the Ethereum network.
Ethereum miners who will be displaced after Ethereum becomes a proof-of-stake network (POS) are trooping to the Ravencoin network. The Ravencoin team is also doing what it can to encourage the exodus of Ethereum miners.
The hashrate – computing power used to protect the Ravencoin network, has seen a significant increase since talks about migrations began. In the last month, the Ravencoin hashrate has risen from 2.53 Terahashes per second (TH/s) to as high as 4.264 TH/s.
The hashrate of the Ravencoin network is now at 3.87 TH/s, a significant increase over the last month. Amidst the surge of interest in Ravencoin, a leading crypto exchange, KuCoin announced support for Ravencoin (RVN).
Price Updates
Being back in the spotlight has been of tremendous benefit for Ravencoin (RVN), which has outperformed the entire crypto market. The parabolic rise can be linked to the growing exodus of Ethereum miners seeking alternative platforms.
The 24 hours price chart for Ravencoin (RVN). Source: CoinMarketCap
Over the last 24 hours, the price of Ravencoin has shot up by more than 27%, bringing its total weekly gains to over 58%, making it the third best-performing crypto. RVN now trades as high as $0.04562 – for the first time since May.
The 7 days price chart for Ravencoin (RVN). Source: CoinMarketCap
The recent price surge has catapulted Ravencoin into the top 100 ranked crypto. Ravencoin now has a market cap of $481.6 million, despite being under $300 million a week ago.
Future Events
The interest in Ravencoin is now beginning to spread from mining into its ecosystem. Meta-Z, the first platform with play-to-earn & VR features on the Ravencoin Blockchain, has been announced.
The Ravencoin team also has announced that a cold storage device specifically designed for Ravencoin (RVN) and other Ravencoin assets is in the works. While there is no date for the cold wallet launch, the team has said the device will be ready to launch soon.
On September 15, Ravencoin will be holding its first meetup on the virtual platform of Braveland. The meeting would feature an in-depth study of Ravencoin in a bid to birth Bitcoin 3.0.
A physical meet-up will be held in November at Aboard the Royal Caribbean (NYSE:RCL) Symphony of the Seas. The week-long event will see the team discuss the journey of the project and possible future events.
On the Flipside
- Despite promising better performance than Bitcoin, since its launch in 2018, Ravencoin (RVN) has not enjoyed as much utility as first predicted.
Community
The previously dormant Ravencoin community has been re-ignited by the great migration of miners. It has also helped the Ravencoin community grow in number and popularity.
Hyped about the prospects of Ravencoin, @whitehashart writes on Twitter;
Now is the time for #Ravencoin! The solid structure, nice community, and #NFTs on #RVN will attract thousands of #Ethereum miners after #EthereumMerge! Prepare yourself!