Getting to Know Ren (REN)

Cryptocurrency is popular because it offers a secure, decentralized way to conduct transactions. And while there are many different cryptocurrencies available on the market, one of the standouts is Ren (REN). Here’s why you should consider investing in this cryptocurrency protocol. This article explains what Ren is, why it’s essential for De Fi, the newest update to Ren 2021, and why Ren tokens are a great alternative to their competitors.

What is Ren? 

Ren is a decentralized protocol that allows for transferring crypto assets between any blockchain. This makes it easy to move cryptocurrency around without having to worry about platform compatibility- a significant issue in the crypto sphere.

Ren tokens have 1:1 backing from their underlying asset and can easily be redeemed without permission.

REN: A protocol native token is used by nodes running RenVM or Darknodes. Decentralized Finance (Defi) will be accessible by eliminating obstacles that affect the flow of liquids in the Blockchain.

Ren aims to bring interoperability to decentralized finance.  It is a renVM that powers renBTC, renZEC, renDOGE, and other ERC-20s, providing liquidity to DeFi applications and dApps.

History of Ren Protocol

The Ren Protocol was created in 2017 by a team of blockchain developers. The protocol was designed to solve the issue of cross-chain compatibility in the cryptocurrency space.

Ren Protocol was previously known as Republic Protocol. The team rebranded to reflect its mission of creating a decentralized, global financial system.

In 2019, Ren launched the RenVM mainnet. This was a significant milestone for the protocol, as this virtual machine allows users to begin conducting transactions on the network.

Phase sub-zero was introduced in 2019 and was a massive success. The community had to show interest in the project for it to happen.

In September 2020, the renVM mainnet was launched on Ethereum, allowing users to deposit BTC, ZEC, DOGE, and other assets and receive renBTC (ERC-20), renZEC (ERC-20), and renDOGE (ERC-20) in return.

REN ICO and Token Economy

The Ren Initial Coin Offering (ICO) took place in January 2018. Ren is a wrapped bitcoin with 1:1 wrapped assets.

During the ICO, a total of 1 billion REN tokens were sold. The token sale raised $34 million, making it one of the most successful ICOs of 2018. All unsold and unallocated tokens were burned, meaning a total supply of 1 billion REN.

REN tokens are also used to provide security for the network. Users who lock up their tokens in a ” staking ” process earn rewards for doing so. These rewards incentivize users to help secure the network and ensure its smooth operation.

The token economy of Ren is designed to be sustainable in the long term. The protocol has a built-in inflation mechanism that will slowly increase the supply of REN tokens over time.

How Does Ren Work? 

The Ren protocol uses a technology called “reverse engineering.” This is Ren’s core product that enables it to connect different blockchain networks together and allow them to communicate with each other.

The open protocol is also able to connect different cryptocurrency assets to each other. This means that you can trade one asset for another without having to go through a centralized exchange.

Users need to deposit their crypto assets into a “smart contract to use the Ren network.” This contract is then used to mint a ” renBTC” token, which can be transferred to any blockchain.

The renBTC token is backed by the deposited crypto asset, meaning it has the same value.

Ren uses several cryptographic techniques to ensure that transactions are secure. These include Zero-Knowledge Proofs and Trusted Execution Environments.

What is the RenVM? 

The RenVM is the software that powers the Ren Protocol. It is responsible for processing transactions on the network and is run by a network called “dark nodes.”

Dark nodes are computers that run the RenVM software and are responsible for processing transactions on the network. Users must stake a minimum of 1000 REN tokens to become a dark node.

RenVM is intended to be a decentralized and trustless custodian of digital assets. This means that it can be used to securely store and transfer any type of digital asset without the need for a central authority.

The core components of the RenVM include: 

• The renBTC token is the token used to represent crypto assets on the Ren network.
• The RenVM software is the software that powers the Ren Protocol. It is responsible for processing transactions on the network and is run by a network of dark nodes.
• Zero-Knowledge Proofs: These are used to ensure that renBTC tokens are backed by the deposited crypto asset.
• Trusted Execution Environments: These are used to ensure that transactions are processed securely.

How does RenVM work?

This platform has been developed using a Ren virtual machine with a basic function similar to Blockchain. VM replication can be done on multiple computer systems that secure their participation by executing a node. Those machines that use the network are called dark nodes.

It contributes to the cost of computers and a computer system in monetary terms. Dark nodes cannot see programs that run at RenVM. Parallel to this, it has its Software Developer Kit (SDKs). It functions as a plug-in for decentralized financial applications (DeFi).

What is the Ren Protocol? 

The Ren Protocol is a protocol that allows for the transfer of crypto assets between any blockchain. It is powered by the renBTC token, minted when users deposit crypto into a smart contract.

What is renBTC? 

renBTC is a token that represents crypto assets on the Ren network. It is minted when users deposit crypto into a smart contract and can be transferred to any blockchain.

Ren uses several cryptographic techniques to ensure that renBTC tokens are backed by the deposited crypto asset.

 What are the Benefits of the Ren Protocol? 

Several benefits make Ren an attractive protocol for investors. These include:

1. Cross-chain compatibility: The Ren Protocol is designed to be compatible with any blockchain, making it easy to transfer crypto assets between platforms.
2. Security: The protocol uses several cryptographic techniques to ensure that transactions are processed securely.
3. Scalability: The RenVM is designed to be scalable, meaning it can handle many transactions.
4. Decentralization: The protocol is powered by a network of dark nodes, which makes it decentralized and resistant to censorship.

What are the Risks of the Ren Protocol? 

As with any investment, some risks are associated with the Ren Protocol. These include:

1. Regulatory risk: The cryptocurrency industry is currently unregulated, which means that there is a risk that future regulations could negatively impact the protocol.
2. Technical risk: The RenVM is still in development, and there is a risk that it could fail to live up to expectations.
3. Price risk: The price of REN tokens is currently volatile, and there is a risk that they could lose value in the future.

Overall, the Ren Protocol is a promising project with much potential. It is important to remember that, as with any investment, risks are involved.

Price of Ren Protocol 

Ren has a market capitalization of $ 10,816,900 and ranks #159 on Coin MarketCap. Today’s reprice is $0.119387, with a 24-hour trading volume of $14,922,535. REN price today is down -4.8% in the last 24 hours. The Ren protocol currently has a circulating supply of 90,877,830 REN and a total supply of 1,000,000,000 REN.

Why Invest in Ren? 

There are many reasons why you should consider Ren for your investment, including the zero-knowledge transaction layer, the interoperability layer, and the dark pool layer that makes the token and the Ren technology unique.

There are several reasons why you should consider investing in Ren:

1. Ren is not subject to the same regulation as traditional financial institutions as a decentralized protocol. This means that it can offer users more privacy and security.
2. The Ren network is incredibly fast and scalable. Transactions on the network are confirmed in seconds and can be processed without fees.
3. Ren has a strong team of developers behind it, who are constantly working to improve the protocol. The team is led by Taiyang Zhang, a former engineer at Google.
4. The Ren network is already being used by some of the biggest names in the cryptocurrency space. Binance, one of the largest cryptocurrency exchanges, has announced that it will use the protocol to power its new decentralized exchange.
5. Ren is a very affordable investment. At the time of writing, each REN token is worth just $0.16. This makes it a great choice for those looking to invest in cryptocurrency without breaking the bank.

REN is a great investment for those looking for a secure, fast, and affordable way to transact. The Ren network is already being used by some of the biggest names in the space and has a strong team of developers behind it.

Final Say

The maximum supply of Ren can still change depending on the movement of the cryptocurrency along with its market cap.

More REN features will benefit the network participants, but you still have to seek investment advice before investing.