Ravencoin’s developers cloned and updated Bitcoin’s code to include new features. Ravencoin employs a Proof of Work consensus technique to safeguard its network. It uses its own, self-created X16R hashing algorithm to avoid centralized ASIC mining.
Other improvements include one-minute block intervals and higher block rewards. Ravencoin’s cryptocurrency — RVN — has a maximum supply of 21 billion RVN. Almost 50% of coins are already in circulation. The ATH and ATL are 0.2854 (February 2021) and $0.008794 (March 2020), respectively. This shows that the coin recorded a 3,000% growth in less than a year.
What to Consider When Looking for a Wallet
There are five things to pay attention to when choosing the best RVN wallet.
Third parties can inspect open-source wallet code in its entirety. It is very important to figure out how your private key will be stored — either by the wallet provider or be encrypted.
You need to consider the long-term reputation of the crypto wallet at hand. For example, if there were hacker attacks or key leaks. Online forums can also be a good source of learning from people’s experiences.
Use the most recent version of your software. Updates may help you avoid various issues and provide new useful features. Also, check if the wallet uses SSL and DDOS protection to prevent attacks.
It is a security practice to encrypt internet backups. Make sure to back up your private keys and then store the backup in multiple hardware flash drives. You may also consider USB keys or cryptographic private keys written on paper.
You need to look at the cost of sending and withdrawing crypto from your wallet. The fees from the company are a deciding factor, so you should go for something that fits your budget.
Make sure your wallet is equipped with the backup feature and is regularly updated by developers. These are the most crucial factors, especially for beginners.
Top Ravencoin Wallets for 2022
There are a variety of RVN crypto wallets available. We will narrow down your search to a few worthy options.
It lets users convert fiat dollars into Ravencoin. Thanks to client-side encryption, your data gets encrypted on your device before it gets to Edge’s servers. The wallet doesn’t have access to your account data. It supports multiple coins and tokens, and you can run a backup with only your username and password. You can use a credit card or bank account for trading.
Edge has 4.5 and 3.6 ratings on iOS and Android app stores. Requesting cryptocurrency, adding a QR or wallet code, and hitting transmit is all it takes.
It has partnered with Trezor, so Exodus is compatible with Trezor hardware wallets. It supports 150+ coins and tokens. Sending and receiving digital assets is extremely easy with its QR code scanner. There is an inbuilt exchange, which allows swapping coins in a matter of seconds (without registration or verification). It also offers client-side encryption and never gets access to your account data.
This wallet boasts a 4.6 rating on both App and Android stores.
The official desktop program published by the project’s creators is the best option for storing RVN. The community is behind it, and desktop wallets are generally seen to be the safest. There are versions for Windows, Linux, and macOS. This wallet needs to download the entire blockchain first, so keep in mind that you should wait some time until you can use it.
A highly secure way to store Ravencoin as the private key is stored offline. By moving the mouse or entering random text, the private and public keys are generated. Once generated, the two sets of keys (and their respective QR codes) can be printed out and should be kept in a secure place in several copies.
Choosing a crypto wallet is hard, which is why you should pay attention to the details provided in this post. You cannot go wrong with these four options, so don’t hesitate to choose one or try them all before you find the best for your needs.