There has been a lot of growth in the cryptocurrency market, and several currencies may be bought and sold on various markets. Successfully managing assets in the current, extremely volatile market is the biggest obstacle that crypto investors are facing today.
The Ren project, founded in 2017 by software engineers Taiyang Zhang and Loong Wang, provided a solution to this challenge. Ren, which was formerly known as Republic Protocol, was developed to efficiently manage many different types of cryptocurrency. The Ren network provides users with a safe place to deposit their cryptocurrency, and the REN crypto token may be used for regular trading.
What Is Ren?
Ren is a piece of software that encourages the worldwide P2P exchange of crypto assets built on different blockchains.
Ren enables users to place Bitcoin and other cryptocurrencies in smart contracts in exchange for Ether on the Ethereum network. Therefore, Bitcoin owners may utilize Ren to get access to Ethereum’s DeFi goods without having to sell their Bitcoins.
What Can You Do With REN Coins?
There are several uses for REN coins, including buying and selling, managing investments, and borrowing and lending DeFi items.
Darknodes may also be powered by REN. The minting and redemption of Darknode coins require investors to put 100,000 REN into a Darknode registry contract. Payments to the people who run the Darknode network are made in REN currency.
In contrast to other cryptocurrencies, REN is not a prerequisite for using the REN network. To avoid this, users pay transaction fees in the blockchain’s native coin. To utilize the Ren platform using renBTC, for instance, user X must pay the associated transaction cost in Bitcoin.
How Does RenVM Operate?
The RenVM (virtual machine) is the main program on which Ren operates. Token creation and destruction incur a charge that is distributed across Ren’s Darknodes. After that, it’s up to the Dark nodes to make sure the user deposited the asset.
Once a deposit of an asset has been verified, the darknodes will mint a token for that asset. Data processing and storage space on the Ren network is provided by darknodes as well.
To stop Darknodes from stealing funds from the deposit address, RenVM shuffles them into different shards every day. This effectively eliminates the possibility of a network being exploited by a group of Dark nodes working together.
Capitalization of the Ren Coin Market
There are a total of 1 billion REN coins, however, right now there are only 999.04 million in circulation.
In 2018, investors received 65.2% of the REN token supply, with 8.6% sold in a public sale and 56.6% sold in a private sale. Out of the remaining 34.8 percent, roughly 200 million REN was put into a reserve fund for the firm, 99 million REN were given to the REN team and advisers, and 50 million REN were given to the partners and community development team.
The bigger supply of the REN token is limited since the REN employed as a bond for running Darknodes has been pulled off the market. At this time, there are 1,769 Darknodes registered, which suggests that 176.9 million REN are linked in these nodes.
Is Buying REN Token a Good Idea?
Knowing the present performance and future price estimates of REN is crucial before making an investment. Here are some numbers to consider:
- The current REN price is $0.09.
- Within the next year, REN’s price might rise from its current to a much higher $1.29.
- By 2026, the price of REN is predicted to approach roughly $8.78.
Currently, available information indicates that Ren and its surrounding market environment have been experiencing a bullish cycle for the last twelve months. Ren’s career trajectory has been rising, so this seems to be a good bet. It’s still a good idea to take stock of your long-term financial plans and see how REN fits in before making any commitments. Read up on investing tips and do your own homework.
Final Thoughts
The Ren protocol is poised to lead the DeFi revolution now that RenVM has captured the increasing need for cross-chain liquidity. Ren is distinguished from rivals like THORChain, Efinity, and BandChain by virtue of its trustless and decentralized nature. Also, Ren is made up of a network of nodes that use cutting-edge technological techniques to provide the highest level of safety.
Ren has been under development and integration from its start that year. While the platform only supports a small number of cryptocurrencies and blockchains at the moment, support for a far larger number is in the works. In the near future, Ren might easily become the final connection that links the crypto industry.