What is X16R (Hashing Algorithm)?

X16R is the hashing algorithm designed, created, and employed by the Ravencoin blockchain network. X16R was designed to reduce the centralization of application-specific integrated circuit (ASIC) mining in the blockchain space. ASIC miners are expensive, specialized computer hardware that many believe make the mining process more profitable for industrial-scale operations and leave retail miners behind. Thus, X16R was designed by Ravencoin as a Proof-of-Work (PoW) alternative that is more resistant to centralization.