Ren: Everything you need to know

Source: Medium

Today, technology all over the world has been increasing at a pace that could not have been imagined a couple of years ago and cryptocurrencies are an example of this. A few years ago, no one would have thought that there will once come an industry that would completely revolutionize the global payment systems. Been booming for quite some time now, crypto is one such industry that is somewhat a substitute for physical money. 

Looking at the rate at which the growth and popularity of the industry have been increasing, I am forced to assume that a majority of you here today are already well versed with the functionalities and the entire concept of virtual currencies but if for some reason, you are still not aware of those things, let me explain it to you in brief. 

Crypto is nothing but just a form of digital currency which has a number of uses but some of the major use cases include trade and exchange as well as purchase and sale of goods and services just like physical currency but over the web of course. Unlike many others, crypto has made a name for itself and has been able to gain the attraction and support of potential investors and various business tycoons including Elon Musk, which I am sure you all know, the CEO of Tesla. 

Cryptocurrencies have been with us for a long time now and some key reasons for their sustainability are their portability, ease of use, volatility, intuitive nature, huge profit margins, as well as uncertainty and fluctuations in prices. Other than this, it is worth mentioning that, the entire industry is decentralized, which means that, unlike many other industries, it has the freedom to work as it sees suitable without any government interference. 

Source: Phemex

Also, the industry is fully based on blockchain technology which makes it even more efficient. Lastly, the crypto world interacts with its users through cryptocurrency exchanges online and the tokens or coins that you purchase can easily be stored in virtual wallets which are extremely secure, all thanks to cryptography. 

When the industry was first launched, there were obviously not many currencies that you could choose from but looking around today, it feels great to have numerous different currencies to pick from which you feel might be the one for you, thus increasing the competition and prices in the marketplace. 

Talking of digital currencies that are available today for you to invest in, some of the most popular currencies that are available include Bitcoin, Cardano, Baby Doge, Dogecoin, Ethereum as well as Binance Coin to name just a few of course. Now that you have a basic understanding of the crypto industry, I sincerely believe that you will now be able to have a much better understanding of what we have with us today, Ren. 

To know more, I suggest you read further!

Everything to know about Ren (REN)

Source: Ivan on Tech Academy

Ren is nothing but an Ethereum token that is known to power the platform’s open protocol in order to transfer currencies within blockchains. In simpler words, Ren is just an open protocol that has been solely developed to provide liquidity and interoperability along with focusing to incentivize a network of users on a global level in order to allow anyone on the platform to transfer both already existing as well as new digital assets across different blockchains, by operating as a bridge network. 

Before moving on further, it is worth mentioning that, Ren was introduced around three years ago in January 2018 and was founded by Taiyang Zhang who is also the current CEO of the platform. Also, Ren was formerly referred to as the Republic Protocol, and that Ren launched its very own digital machine mainnet in May last year, known as RenVM. 

Not just that, the platform is also known to improve the adoption of blockchain technology by allowing users to be a part of a multi-chain finance ecosystem that is decentralized. Basically, with the help of Ren, users will be able to lock assets like Bitcoin in a smart contract and thus receive something that is equivalent to Ether on the Ethereum blockchain. By this, Bitcoin holders will be capable of using Ren to access decentralized finance (DeFi) products without even having to sell their Bitcoins or transferring their assets across blockchains. 

Furthermore, through these Ethereum tokens, users on the platform can also participate in Ethereum’s ecosystem of decentralized finance as well as platforms like Aave and Compound for the purpose of lending and borrowing. Whereas, all this time the Bitcoins of the user will remain locked in Ren software. 

This virtual asset of yours mainly focuses on various purposes including scalability, optimal user experience, universal interoperability amongst blockchains as well as its bulletproof security. For those of you wondering, how is the platform able to achieve all this?

Source: VectorStock

The above-mentioned factors are easily achieved by the platform by simply using secure multi-party computation(MPC) along with both consensus algorithms while incorporating an autonomous custodian which is very well capable of locking tokens of one chain to be used in another chain. Users are capable of doing this through just a single transaction. 

In addition to this, it is vital for you to know that REN is said to be the native token of the Ren platform, which is an ERC-20 protocol-based altcoin. As per the developers of the platform, REN appears to be a free and extremely liquid token that can easily be used for various purposes, some of which include it being used as a mode of payment on the platform as well as a collateral asset when a Darknode is launched. Basically, REN acts like a bond for those nodes which power RenVM, often called Darknodes. 

Not just that, the platform is based on the commonly known RenVM protocol that we discussed about earlier and is compatible with Ether, Bitcoin, Zcash as well as Bitcoin Cash, using which users will be able to conduct Over the Counter (OTC) trades with the help of dedicated Darknode network. Talking of RenVM, the virtual machine is used to use a specific cryptographic algorithm known as Shamir’s secret sharing scheme.

For those of you wondering, what purpose does it serve? It’s quite simple actually, all the transactions on the platform with large amounts are broken down into many small ones. Which then are processed by separate nodes. The future of blockchain use cases, including lending platforms as well as decentralized exchanges, is entirely dependent on increased interoperability within the crypto world. 

This is where RenVM comes into play, it is designed in order to offer this between all developers, blockchains, and users. Moreover, the main focus of Ren is to build a native user experience where users on the platforms have to make just a single transaction on each blockchain that they use it for. 

What makes Ren special?

Source: Medium

As mentioned previously, Ren is a platform that is overall complex and has several use cases but is ultimately designed in order to overcome the barriers to investment and entry for decentralized finance (DeFi) projects. As a plug-in, the platform allows DeFi projects to offer foreign virtual crypto assets including Zcash(ZEC) as well as Bitcoin(BTC).

In other words, with the help of Ren, users on the platform will be able to swap any token within any two blockchains without any steps in between including using the so-called wrapped version of these tokens. For instance, there are tokens available today like Wrapped Ethereum(WETH) as well as Wrapped Bitcoin(WBTC). 

In addition to this, Ren is known to charge several fees for internal operations, but as a matter of fact, they don’t always go towards direct profitability, instead these fees collected are used to pay miners on the platform. Being an ERC-20 token, REN is also said to attract differential gas fees in order to power transactions. 

Investing in Ren

Source: Own Snap

As of today, the price of Ren is about 1.23 US dollars with a twenty-four-hour trading volume of 273,987,309 dollars. Not just that, in the past twenty-four hours, the value of Ren has gone up by nearly 25.81 percent and with a market cap of 1,223,871,840 US dollars, the platform is currently placed at 86th position as per the CoinMarketCap rankings.

Also, It is worth mentioning that, the current circulating supply of the currency is 997,764,051 REN coins with a maximum lifetime supply of about 1,000,000,000 REN coins. In just the past week alone, the prices of Ren have elevated by 10.05 percent.

As far as investing in the currency goes, reading so far, you might have gotten a fair understanding of Ren and by now you should be able to figure out on your own whether or not investing in Ren is the right thing for you to do. Looking at the past trend of the platform, when combined with what it has to offer and its plans for the near future, I sincerely believe that if you are looking for an investment with good returns in the near future, Ren might just be the one for you!

Source: Nomics

But again, as mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is extremely important for you to understand the fact that just like any other currency in the crypto marketplace, Ren does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Ren? Let me help you with that. Currently, Ren is available on all major crypto exchanges but some of the popular exchanges that have REN listed on them include Binance, Huobi Global, Mandala Exchange, FTX as well as OKEx to name a few. 

In conclusion, What are your thoughts on the Ren? Do let us know in the comments below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Avalanche: Everything you need to know