Ravencoin has rising popularity. But despite the increasing number of users, there are only a few available third part wallets that support it. This could be due to its lack of ICO. Aside from that, it is not an ERC20 token making it harder for wallet creators to integrate the coin.
However, there are a few wallet options that you can use to store your coins. It is up to you to choose which one suits your preference and usage.
What is Ravencoin?
The Ravencoin platform was launched in January 3, 2018 with the aim to enable tokenized asset transfers on the blockchain. This digital peer to peer network is not the same with Bitcoin and Ethereum which has asset transfer capabilities. Instead, Ravencoin’s primary function is to create a fungible or nonfungible digital asset or non-asset-based tokens. It is launched as an open source project which focuses on building useful technology with a growing community.
Let us look into a little bit of back story about Ravencoin. In ancient civilizations, during the time of the Romans and Persians, homing pigeons are used to carry messages. In fact, these birds were still used during World War I. This particular breed tends to return to its home which makes it an effective message carrier. In fantasy stories like the setting of George R.R. Martin’s well-known “A Song of Ice and Fire series,” they use carrier ravens to relay messages. The team used this as basis of their project.
How does Ravencoin work?
Ravencoin is a fork of Bitcoin allowing users to seamlessly store and transfer assets from one party to another. Because of this, it uses Bitcoin’s Unspent Transaction Output (UTXO) model. However, it is different from Bitcoin in terms of asset creation, block time reward, the number of coins issued and its messaging capabilities.
Tokens on the Ravencoin blockchain is based on any asset which includes gold bars, silver coins, land deeds, reward points, gift cards, and more. The users will then determine the properties of their tokens.
Creating an asset token requires the users to burn some RV tokens and giving it a unique name. After that, the token properties are identified with its number of tokens, number of decimals and if its supply can be increased or fixed.
Best Ravencoin Wallets
Whether you mine RVN or buy it, you would definitely need a wallet to store your coins. So if you are looking for the best Ravencoin storage, here are 6 options you can choose from:
#1 Ravencoin Mobile Wallet
Available for both iOS and Android operating systems, users can download the official mobile wallet created by Ravencoin developers and the Medici ventures. This is perfect for those who need to access their wallet while on mobile.
The wallet has PIN protection and it is fully encrypted to keep the RVN safe on a mobile device. Since it comes with PIN protection, other people cannot access it in case you lose your phone or someone attempts to open your wallet. However, it is recommended not to store too many coins on a mobile device since it is less secure compared to other wallets.
#2 Ravencoin Desktop Wallet
The official Ravencoin Desktop Wallet is a reliable wallet from the Ravencoin website or GitHub repository which can be downloaded and installed for Mac OS, Windows or Linux. Since it downloads the entire blockchain, it would take time before it can fully synchronize. You will also get a backup seed in case you will install the wallet on another device.
Being an official wallet, you are assured of the community’s support. This desktop wallet is extremely secure but you also need to regularly check your computer for virus and malware which might affect the wallet.
#3 Trezor Wallet
This hardware wallet can be used with the Ravencoin Electrum wallet. Trezor has an open source firmware and a multicurrency wallet with support for over 1,000 coins. When connected to a computer, the device needs authentication which is part of its security features. It will only function and can only be accessed if the right security code is entered.
You can choose between the Trezor Model One which is enough for storing RVN. But if you want to store a wider selection of coins, you can use the Trezor Model T. When it comes to hardware wallet, Trezor is considered the best for a secure RVN storage.
#4 Ravencoin Paper Wallet
A more secure option of storing Ravencoin is the paper wallet. You can simply write your private keys on a piece of paper or you use Ravencoin paper wallet generators. With this, you can print your private keys and even a QR code for easier transfers. This is extremely secure since it is offline and it can’t be accessed by hackers but you have to make sure that you keep your paper in a secure location.
It is recommended to create the paper wallet offline using the software. There are two ways to do this with the Ravencoin paper wallet generator. First, you can visit the website, go offline and then generate your wallet. The second option is to download the website files from their official GitHub then open the wallet in an offline machine.
After getting your private keys, print it on paper and store it in a secure place. Avoid saving the paper wallet in PDF format which is easy to steal.
#5 Pocket Raven Web Wallet
To create a new wallet, choose a unique username and password. Pocket Raven will then create a distinct address for you based on your username and password. Using the same username, you can create multiple addresses by registering different passwords. You do not need to worry because the site operators do not have access to your accounts.
#6 Ravencoin Wallet with Miners (Desktop Wallet)
If you want to mine RVN and store it at the same time, you can use this third-party which comes with mining software. By simply keeping it open and running, you will be able to mine Ravencoin.
Whatever wallet you choose, the important thing is to keep your private keys secure and backup your seeds. Also, keep your Ravencoin stash private so that no one will have the interest of hacking it.
Everything boils down to your wallet preference. Although you can use only one wallet, it is also better if you use an array of wallets to make sure you do not lose everything if something unfortunate happens.