Simple Guide to the Best Ravencoin Wallets in 2024
In this article, I’ll go over the best Ravencoin wallets, the network’s native coin and its blockchain. Created back in January 2018 as a fork of Bitcoin, RVN’s creators aim to provide users with efficient transactions, based on open-source software and without running an ICO. In this Ravencoin wallet review, you’ll familiarize yourselves with the best RVN wallet options, their common features and what kind of security levels you can expect.
01.The Best Ravencoin Wallets
Below, I will show you what I consider to be the best Ravencoin wallets out there. I have categorized them based on some basic criteria like on which OS they are supported, their pros and cons etc. Make sure to check their reviews as well, because they will provide an even deeper look into their functionality and help you in making the best choice.
| Type | Name | Compatibility | Supported Coins | Pros & Cons | Get Wallet |
|---|---|---|---|---|---|
| Desktop Wallets | Full Ravencoin Core Review |
RVN Only |
Official Ravencoin Wallet You Have to Download the Whole Blockchain |
Download | |
| HARDWARE WALLETS | Full Trezor Model T Review |
40+ Coins, ERC20 Tokens |
Hierarchical Deterministic Costs Money |
See Pricing | |
| Mobile Wallets | Full RVN Wallet Review |
RVN Only |
Official Ravencoin Mobile Wallet Single Coin Support |
Download | |
| Web Wallets | Full Pocket Raven Review |
RVN Only |
Open Source Less Secure Than Other Wallet Types |
Visit Website |
02. Common Features of Ravencoin Wallets
Due to the fact, that the project is still relatively new, there is only one alternative to the official wallet, which is Trezor. There is information from the development team, that future support from Jaxx, Exodus, and Ledger may be a reality. Some of the other features that the wallets for Ravencoin possess are the two-factor authentication and being Hierarchical Deterministic. A wallet being HD means that it has a twelve-word master seed key, from which countless pairs of private and public keys can be generated for each transaction. The 2FA mentioned earlier is a great security addition that can, for example, send you an email or message with a code that needs to be entered each time you log in the RVN wallet.
Security and Privacy
Again, the project is in its early stages and there is not enough information regarding security features that the wallets can provide. The only common feature the few wallets where you can store Ravencoin have is that they are open-source. This means that their source code is widely available for people to verify and validate, which increases security, as if there is a loophole in the code, it will be fixed quickly.
Secure Ravencoin Wallets To Consider
Transaction Fee Management
At the current moment, the transaction fees in the Ravencoin network are very low and there is no need for management of those fees. The reason is that the blocks are not filling up with transactions and every one of them goes through from the first time. In the future when the network expands and more users join it, you may need to consider managing your transaction fees in order to manipulate your transaction priority.
| Fee Control | How Does It Work? | Supported By |
|---|---|---|
| Full Fee Control | The wallet will show you the recommended fees, which you will be able to adjust manually | Ravencoin Core and Trezor support this feature |
| No Control Over Fees | The fees are predetermined and cannot be changed in any way | This is present in most exchange platforms as they mostly don’t offer fee control |
03.FAQ
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How do I get a receiving address?
You can refer to the guide for the GUI version of the Ravencoin Core Wallet.
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How do I set up the wallet to be a full node?
A full node in a network validates transactions and blocks, making the whole blockchain stronger and more decentralized. You can enable this by opening your wallet and going to “Settings”, then to “Options” and click on “Network”. Make sure that both “Map port using UPnP” and “Allow incoming connections” are both turned on.
04.About Ravencoin
Ravencoin launched on the 3rd January without an ICO or pre-mined coins and it was built on the code of a fork of Bitcoin version 15.1. The project is focused on building an open-source technology and thus has a rapidly growing community. Ravencoin uses its own created X16R hashing algorithm in order to avoid centralized ASIC mining. The dev team has also advised that they are determined to keep the network completely ASIC resistant. The X16R changes algorithms every block, making it impossible for an ASIC to be able to mine effectively. The dev team has prepared a full roadmap with a plan of 7 phases throughout the course. The project was founded by Medici Ventures, who are owned by Overstock.com with CEO Patrick Byrne.