A recurring altcoin analogy is to think of Litecoin as silver to Bitcoin’s gold. In the same vein think of Ravecoin as a precious alloy, perhaps the bronze to Litecoin’s silver or Bitcoin’s gold. Precious in its own right, workable, malleable, valuable.
RaveCoin: RVE is a cryptocurrency invented by computer scientist and business consultant Jonathan Urbanski [M.S.C.S Depaul University / M.B.A. Penn State University] who decided to create a payment system that is instant and free from traditional banking fees, with the intent to gain acceptance in the entertainment, bar, club, restaurant, and health segments. The goal for Ravecoin is to be a crytpocurrency that is actually used for transactions, bookings, and entertainment. The Ravecoin Logo features a stylized R and a Lightning bolt to symbolize the high speed of the network transaction time. Ravecoin was introduced in April 2021, and is currently backed by a small group of (approximately 15) professionals.
Ravecoin developers set out to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin or Litecoin, while maintaining a whole unit currency that would complement the Bitcoin gold and Litecoin silver analogy. The currency cap aimed to increase the supply of Ravecoin compared to Bitcoin and Litecoin, and create a happy medium of transactional volume when compared to popular altcoins like Litecoin and Dogecoin. Urbanski had designed Ravecoin’s protocol based on existing cryptocurrency, Litecoin, which uses scrypt technology in the proof-of-work algorithm. The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and instead must use dedicated FPGA and ASIC devices for mining which are known to be more complex to produce.
Ravecoin’s implementation differs from Litecoin by several parameters. Ravecoin’s block time is 2 minute as opposed to Litecoin’s 2.5 minutes and Bitcoin’s 10. Ravecoin started it’s initial coin production schedule with 220 millions coins planned for circulation. By mid April 2021 approximately 13 million Ravecoin had been mined with just over 100 million coins planned for circulation by mid 2024. During 2021 – 2024 125 coins per block (90,000 coins per day) will be mined. Like Bitcoin/Litecoin Ravecoin utilizes a halving scheduled, for Ravecoin halving occurs every 821960 blocks, which is just over 3 years. Halving rewards early block chain adopters and hedges the coin against inflation.