Micro Payments on Ravencoin – Demo

Ravencoin is a blockchain platform that allows users to create and transfer assets on its network. One of the features of Ravencoin is the ability to make micro payments, which are small transactions of value that can be sent quickly and with low fees.

In this demo, we will explore how micro payments work on the Ravencoin network.

Step 1: Setting Up a Wallet

The first step in making micro payments on Ravencoin is to set up a wallet. There are several wallets available for Ravencoin, including mobile, web, and desktop options. Once you have a wallet, you will need to fund it with some RVN, the native cryptocurrency of the Ravencoin network.

Step 2: Creating an Asset

In order to send micro payments, you will need to create an asset on the Ravencoin network. This can be done by using the Ravencoin protocol to issue a new asset. Once the asset is created, you will be able to send it to other users as micro payments.

Step 3: Sending Micro Payments

With your wallet funded and your asset created, you can now start sending micro payments. Using the Ravencoin wallet, you can specify the amount of the asset you want to send, as well as the recipient’s address. The micro payment will be processed quickly and with low fees, making it an efficient way to transfer small amounts of value.

Step 4: Receiving Micro Payments

If you are on the receiving end of a micro payment, you can easily view the incoming transactions in your wallet. Once the transaction is confirmed on the Ravencoin network, you will see the micro payment in your wallet balance.

Conclusion

Micro payments on the Ravencoin network offer a fast and efficient way to transfer small amounts of value. With low fees and quick processing times, micro payments can be useful for a variety of applications, such as in-game purchases, digital content sales, and more.