![]() After the Ravencoin team forked Bitcoin source code, they tweaked it to allow for a different mining algorithm. Ravencoin was launched in 2018 without a pre-mine and did not also undergo a token sale via an ICO. Currently, miners earn 5000 RVN for every valid block added to the blockchain. Ravencoin incentivizes miners to continue dedicating their computational power in processing transactions and adding valid blocks to the blockchain. That means that if the network is big enough, with a far more decentralised network of miners, such loopholes are difficult to exploit. This requires them to control 51% or more of the total hashrate. ![]() If the network isn't robust enough, a single miner or group of miners can collaborate to maliciously spend or even steal funds by altering the blockchain. The resources used to mine new coins offer what is called hashrate, which is what anyone looking to process transactions must-have. Blockchain platforms achieve security by relying on multiple miners strewn across the globe. More importantly, the network needs a decentralised network of miners to secure the network against potential attacks.Īs miners contribute hashing power to verify transactions, they help protect the network against one major loophole that can be catastrophic - a 51% attack. Through mining, Ravencoin keeps the network decentralized and can release new coins into circulation. In this way, the network remains decentralized and miners get newly minted RVN as a reward for their work. But the basic principle is that the network uses miners (computers/nodes) to validate transactions in a block before adding them to the distributed ledger (blockchain). KawPoW allows for mining using much lower computational power needs than Bitcoin, Ethereum, or Litecoin. The new consensus mining algorithm is a variation of the X16R algorithm and was introduced in an upgrade of the network in May 2020. This feature is coded into the KawPoW hashing algorithm used on the RVN network. Ravencoin's PoW system differs from that of BTC and some other coins due to a feature that makes it ASIC-resistant. As an open-source project whose protocol is a fork of the Bitcoin code, Ravecoin shares several mining characteristics with the BTC network. ![]() That is what Ravencoin mining is all about. Ravencoin is a Proof-of-Work coin that needs miners to maintain its decentralization and to secure the network from bad actors. In the subsections below we look at what Ravencoin mining is, with details on why it is critical to the network. We've already mentioned that Ravencoin is one among many smaller coins attracting huge interest from miners. ![]()
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March 2023
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