Ren attempts to empower a worldwide network of people to let anybody move new and current assets between blockchains. You can utilize Ren to lock bitcoins (or other assets) in a smart contract and get ether on the Ethereum blockchain in exchange.
The Ren protocol is ideally positioned to benefit from the DeFi revolution since the RenVM will be able to meet the rising need for cross-chain liquidity. Ren is made up of a network of nodes that uses some very advanced technical procedures to ensure safety and security. Ren is unique among comparable features since it is genuinely decentralized.
The Ren protocol (formerly known as the Republic Protocol) is intended to enable interoperability by allowing users to send bitcoin across several blockchains. It allows users to lock cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) inside the Ren platform and manufacture ERC-20 equivalent tokens RenBTC, RenBCH, and RenZEC on Ethereum in a 1:1 ratio.
These new ERC-20 currencies may now be utilized in DeFi applications for trade, asset management, leasing, and lending, among other things. The original assets are still encrypted in the Ren software, but they may be unlocked at any moment for a charge.
What is Ren [REN]?
Ren (REN) is an open protocol that aims to bring interoperability and liquidity to various blockchain platforms. RenVM, Ren's virtual machine mainnet, was released in May 2020, after the company completed a $34 million initial coin offering (ICO) in 2018.
The Ren protocol is implemented by the Ren Virtual Machine (RenVM), which is driven by a distributed network of machines known as Darknodes. These machines give processing power and storage space to the virtual machine in return for fees, allowing bitcoins to flow between blockchains.
Ren's goal is to increase the interoperability and hence accessibility, of decentralized finance (DeFi) by eliminating the barriers associated with liquidity between blockchains.
Who Are the Founders of Ren [REN]?
Ren was established in 2017 by software developers Taiyang Zhang and Loong Wang under the name Republic Protocol. Taiyang Zhang also co-founded the quantitative crypto-trading company Virgile Capital. Zhang later co-founded the mining pool KeeperDAO in 2019. The REN token private sale took place in January 2018, followed by the REN token public sale the following month, and then Republic Protocol was renamed Ren in 2019.
What Makes Ren Unique?
Ren employs powerful cryptography and algorithms to allow the transfer of specific crypto assets across blockchains without the necessity of complex intermediaries such as “wrapped” tokens.
It allows DeFi projects to include foreign cryptocurrency assets like Bitcoin (BTC) and Zcash (ZEC) in their offers as a plug-in. More broadly, users may effectively exchange any token between any two blockchains without the need for intermediary procedures such as utilizing so-called “wrapped” versions of tokens such as Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WEE) (WETH).
RenVM is a network of virtual computers that together form a virtual machine. Dark nodes are the computers that provide electricity to RenVM's network. Ren charges a variety of fees for internal operations, although the majority of them are paid to miners rather than directly to the company. REN, being an ERC-20 token, is subject to variable gas costs in order to power transactions.
Where Can You Buy Ren [REN]?
REN is a freely traded coin that can be found on a number of major exchanges. Binance and Huobi Global have the most common exchanges where you can buy or sell REN. Cryptocurrency, fiat, and stablecoins are all options.
Frequently Asked Questions
Is it possible to purchase REN with cash?
No. It is not possible to purchase REN with cash. You can, however, utilize markets such as LocalBitcoins to first acquire BTC, and then complete the remainder of the procedures by moving your BTC to the appropriate AltCoin exchangers.
How does the Ren Network keep its data safe?
RenVM is a fault-tolerant byzantine technology that enables ECDSA threshold key creation and signature using safe multi-party computing (sMPC). RenVM can now securely maintain (ECDSA) private keys on several blockchains, allowing tokens to be transferred between them.
On what factors the price of the REN Network [REN] Depends?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact REN price and market cap.
Ren Official website – https://renproject.io/
Ren Twitter – https://twitter.com/renprotocol
Ren Reddit – https://reddit.com/r/renproject
Ren Medium – https://medium.com/renproject