Users Create and Transfer Unique Crypto Assets with Ravencoin

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Ravencoin (RVN) is a Blockchain network that facilitates the creation and transfer of crypto assets representing real-world assets. Users can mine with their CPUs and create special coins. Additionally, it provides communication and reward distribution among RVN coin holders. In this article, you can find answers to two frequently asked questions: What is Ravencoin (RVN), and how to buy Ravencoin (RVN) with TRY.

What is Ravencoin (RVN)?

Ravencoin is blockchain-based software that incentivizes a computer network to facilitate the creation and transfer of unique cryptocurrencies. Unlike many other cryptocurrencies, Ravencoin is specifically designed to represent real-world assets such as securities, collectibles, gold, event tickets, and even airline miles. It was launched as an open-source fork of Bitcoin’s codebase, meaning the development team copied and modified Bitcoin’s original code to create a platform with different features and goals.

One of Ravencoin’s core features is that users can issue personalized assets on its network. This includes unique attributes such as one-minute block times, a 5,000 RVN coin block reward, and a maximum supply of 21 billion RVN. Ravencoin uses a consensus mechanism similar to Bitcoin’s Proof of Work (PoW) to secure its network but allows any user to mine with their CPU instead of requiring specialized hardware.

Although Ravencoin’s code is derived from Bitcoin, it establishes its own unique network, asset, and protocol rules. Parameters have been modified to encourage asset issuance and facilitate communication among users holding specific coins on its network. Ravencoin uses a variation of the Proof of Work consensus mechanism called KAWPOW. This is designed to lower the barrier to entry for mining, allowing more users to participate in securing the network, validating transactions, and distributing newly minted RVN.

To create a new cryptocurrency on Ravencoin, a user must burn (destroy) a certain amount of RVN coins and give the coins a unique name. During this process, issuers can define specific attributes such as the total supply, the number of decimal places for fractionalization, and whether the coin is fungible. Coin issuers can also distribute RVN rewards to coin holders, enabling the distribution of dividends or the creation of incentives within a community or organization.

Ravencoin also includes a messaging feature that allows coin creators to communicate with coin holders. This feature is particularly useful for informing specific holders when voting is required for new proposals. Since all RVN coins are transferable, coin holders can delegate their voting rights to other network users or sell their stakes in a community if they wish.

How to Buy Ravencoin (RVN) with TRY?

Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Ravencoin (RVN). Over 100 cryptocurrencies, including RVN, can be bought and sold on Binance TR, where an account can be quickly created. To purchase Ravencoin (RVN) with TRY on Binance TR, you can follow the steps below.

How to Open an Account on Binance TR?

Opening an account on Binance TR is quite easy. To do this, you need to go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.

After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm and verify the information. After completing this process, you will proceed to the second step, which is identity verification (KYC).

How to Verify an Account on Binance TR?

Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from your phone or through Binance TR’s official website. Note that you will need your mobile phone for identity verification on the website.

On the Binance TR website, hover over the “Profile” option at the top right, click “Identity Verification and Limits” from the dropdown menu, and then click “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click “Copy URL” to send the identity verification address to your phone via SMS.

When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping the “Identity” option first.

Then, a screen like the one below will appear. To continue the verification process, first select the document type that suits you.

After selecting the document type, you can continue by tapping the “Upload Front Side” option. After taking a photo of the front side of the document according to the document type you selected, tap the “Upload Back Side” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure the images are clear and the information in the photo is easily readable.

Then, you can continue by tapping the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.

After completing all these steps accurately and completely, your identity verification process will be completed in a short time.

How to Deposit TL on Binance TR?

You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 and make transactions seamlessly from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits up to 50,000 TL can be made 24/7 with FAST from other banks. Deposits over 50,000 TL from other banks are processed during EFT hours.

To deposit money into your Binance TR account, first, go to trbinance.com and hover over the “Wallet” option at the top left of the homepage, then click “Deposit” from the dropdown menu.

Then, a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking the “Other Banks” option.

In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. Now, all you need to do is use the information displayed on the page of your preferred bank to send the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.

After your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.

How to Buy RVN Coin with TL on Binance TR?

After the deposit process, you can proceed to the TL to RVN coin purchase step by clicking the “Buy-Sell” option in the top left menu on the Binance TR website.

After clicking this option, the following page will open. You can go to the TL to RVN purchase page by typing “RVN” in the search section on the right side of this page and clicking the RVN/TRY option from the results.

Now, the following RVN trading page will open. On this page, in the area marked with a red box, you need to enter the price at which you want to buy RVN in the first box and the number of RVN you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy RVN” button.

What is Binance TR?

Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.

Binance TR leverages Binance’s technology, security measures, and liquidity provided through Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.

Users, supported by Binance’s core functions, gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls through Binance TR.

The post first appeared on COINTURK NEWS: Users Create and Transfer Unique Crypto Assets with Ravencoin