What is ravencoin and how does it work?

Ravencoin is based on an open-source version of the all-powerful Bitcoin blockchain. Basically, this means that the developers behind RVN took the code behind Bitcoin and tweaked it to make it suitable for what they wanted to do. Ravencoin is based around crypto mining, also known as proof-of-work, rather than staking, or proof-of-stake.

Is ravencoin a fork of bitcoin?

These all help make Ravencoin very much its own thing, rather than an average, everyday fork of Bitcoin. To create tokens on the Ravencoin blockchain, potential token creators have to take some RVN and burn, or destroy, them. In effect the crypto is designed, at least in part, to be destroyed.

How do you create a token on the ravencoin blockchain?

To create tokens on the Ravencoin blockchain, potential token creators have to take some RVN and burn, or destroy, them. In effect the crypto is designed, at least in part, to be destroyed. What the creators then do is come up with a unique name for their new crypto token.

What is ravencoin (RV2)?

Ravencoin was launched on January 3rd, 2018, on the ninth anniversary of the Bitcoin launch. It had two mining algorithm changes in the past. First, it forked from the X16R algorithm to X16Rv2 on October 1st, 2019.