In a few days, Ethereum’s valuation has risen steadily owing to the “merge”, an update converting the platform’s PoW model to the PoS model. The massive traction and the increase in valuation might leave traders wondering if the platforms established on the PoW are any good.
Despite the sudden traction, not all traders are keen on the new upgrade. It seems the conversion of Ethereum’s PoW model to PoS has allowed uninterested miners to direct their hash power to other PoW-based platforms. Since then, the price of Ravencoin has skyrocketed, increasing as high as 60% last week.
Hash power has effectively increased the valuation of Ravencoin, and it is still steadily going up. Another reason for the surge is the lower costs and faster speeds it commands as opposed to other similar platforms. PoW miners see Ravencoin as the best alternative ahead of Ethereum’s conversion to PoS.
Ever since its release in 2017, Ravencoin has been useful to traders. Built on the Bitcoin code’s fork, the goal of Ravencoin is to address the issue of asset exchange and transfer through blockchains.
Since its inception, it has aimed at decentralization. There were no insiders, VCs, fundraisers, or pre-mines for developers, the community, or anybody with Ravencoin. Ravencoins are produced by ethical, proof-of-work mining. In addition, since its PoW was built off of Bitcoin, a massive and popular platform, it has allowed it to gain interest from miners.
Mining via the PoW model is energy-demanding, but it still offers some advantages over the PoS model. It allows miners to earn crypto rewards. The amount of holdings by validators does not influence the verification/validation of transfers. It provides a way better security level than the other model. PoW-friendly miners will stick to platforms such as Revencoin.
If the “merge” does not attain the level of success promised, more people will depart from it. Platforms such as Ravencoin will benefit hugely.