Home
News
- The worth of Ravencoin has gone up more than 85% over the past week in the final countdown to the Ethereum merge, as per the data issued by CoinGecko.
- The hike in the value comes as crypto exchange FTX publicized the record of Ravencoin perpetual futures today.
The activity of Ravencoin has grown nowadays as proof-of-work miners looked for another option like mining Ethereum will not be an alternative now. Ethereum miners seeking to carry on their functions after the Ethereum blockchain shifts to a proof-of-stake mechanism can mint Ravencoin.
Introduced in 2018, Ravencoin, such as Bitcoin prior, uses a proof-of-work mechanism blockchain with the highest supply of 21 billion coins. Similar to Ethereum, RVN tokens published on Ravencoin can be utilized for many different purposes, adding NFTs and DeFi apps. NFTs are a record on the blockchain which is linked to a specific digital or physical asset.
As of now, Ethereum uses the proof-of-work algorithm to work. As yet, Ethereum mining was greatly profitable as the ever-growing environment needed many miners to manage the network, the value of which crossed over millions of dollars in instruments.
When the Merge launches at the end of this week, miners will not get many options: leave their mining business and eventually become ETH stakers or initiate mining other blockchains. At the same time, Ravencoin is not as popular or used as Ethereum is used. It may be mined with equipment that utilizes graphics processing units (GPUs).
FTX and Ravencoin
For the FTX, the grown interest in Ravencoin permits traders to utilize the potential growth in Ravencoin price and activity. Futures permits explorers to stake on where RVN goes from here.
Dissimilar to traditional futures contracts, where purchasers and sellers are committed to implementing the deal on a given date, interminable futures do not come with an expiry date, which means the traders can maintain their positions forever.
The news of the FTX proposal was met with enthusiasm from Ravencoin loyalists on social media platforms.
“Ravencoin has outstanding support from economic sector professionals in the blockchain and security token spance,” Leon Ravencoin posted on Twitter.
“It is these experienced people that help enhance security token acceptance and naturally with it Ravencoin adoption.”
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
