This Halloween, a relatively new cryptocurrency is going to celebrate the anniversary of its announcement as a new way to digitally represent assets. Prior to that date, this digital coin stock is exploding up past the five cent mark today, and sticking there, up 200% from just a few days ago.
It’s called Ravencoin, and while some lit majors will want to break out the Baltimore poet’s rhymes and squawk “Nevermore!” there’s more to it than just neat pictures of glaring blackbirds – although the name does make for some great logos.
Ravencoin has been in the eye of some investors for some time now – but today’s breakout is giving it a lot more attention.
With a market capitalization of over $111 million, Ravencoin is not the most prominent stock but it’s one that has steadily taken its place in the crypto world.
Looking back on Ravencoin’s debut, investors can trace the history of the coin’s ascendance. Analysts at the time pointed out differences in block rewards and other features that were designed to make Ravencoin an “improved Bitcoin clone” for tokenizing assets.
“Ravencoin is a free open source platform designed for the specific use case of transferring assets such as token-backed assets from one holder to another,” wrote Tron Black in a resource on RVN posted at CoinCrunch this past May, that goes into detail on Ravencoin’s attributes. “While it may seem that with the development of the great blockchains such as Bitcoin and Ethereum, transferring assets between different parties is already a solved issue, it is not exactly the case. Neither Bitcoin nor Ethereum were specifically designed for facilitating ownership of additional assets, do to the fact that they simply focused their attention in other features.”
As one major factor in Ravencoin’s rise, many analysts are citing its recent addition to the Binance crypto exchange. However, others are looking forward to another Halloween surprise in just a week or so, when Ravencoin is reportedly due to launch its “mainnet.” New investors or nearly anyone else can be forgiven for thinking this obscure term just might be a brand name or a French word. It’s actually a portmanteau of the words “main net” and is kind of what it sounds like. CoinCentral explains that the mainnet is essentially the layer for actual implementation – bringing a coin project from test phase to maturity and proving its functionality as a digital asset.
“The easiest way to think about it is that testnets are the prototypes that demonstrate the potential capabilities of a project,” writes Delton Rhodes. “Mainnets are the actual ‘end product’, which is available for the public to use. However, just like testnets or code frameworks, mainnets can be changed whenever project teams or cryptocurrency open-source communities decide there is a need for updates and/or revisions.”
Yet another draw is RVN’s unique hashing algorithm, X16R. All of this is intriguing many of those who are new to the world beyond Bitcoin. If you’re interested, dig into this coin tech to understand more about where it’s going – and why.