What is Ren (REN)?

What is Ren (REN)?

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Ren is a piece of software that attempts to incentivize a worldwide network of users to enable anybody to transfer new and current assets across many blockchains.

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For example, using Ren, users can secure a range of cryptocurrencies in a smart contract and get the Ethereum blockchain's equivalent of Ether in exchange.

From there, crypto holders could utilize Ren to get access to Ethereum's suite of decentralized finance (DeFi) tools without selling their bitcoins or moving their assets across blockchains.

A user might also engage in Ethereum's DeFi ecosystem, including lending and borrowing services such as Compound or Aave, by using these Ethereum tokens. While this occurs, the user's bitcoins are locked in the Ren software.

If users want to access their cash, they must spend the REN cryptocurrency, which is required to compensate nodes for network operation and maintenance.

 

Component Ren (REN)
Technologies ECDSA Threshold Key Generation, Secure Multi-Party Computation (sMPC), Shamir's Secret Sharing, Byzantine Fault Tolerance, Hyperdrive
Market Capitalization +442.8 Million+
Open-Source Yes
Consensus Mechanism Byzantine Fault-Tolerant protocol
Smart Contracts No
Founders/Authors Taiyang Zhang
Launch Date 2017
Circulating Supply of Coins 997,764,051 REN
Maximum Coin Supply 1,000,000,000 REN
Mining-based Coin? No
Is Ren a Stablecoin? No
Does Ren have a burn rate? Yes
Does Ren have a Whitepaper? Yes, Ren has a Lite paper that can be viewed here

 

Evolution and Development of Ren

Taiyang Zhang and Loong Wang, both software developers, launched Ren in 2017. Initially known as Republic Protocol, the platform changed its name to Ren in 2019. Ren had a private sale in 2018 in which it sold 56.5% of its REN coin supply and raised $28.9 million in ETH. Polychain Capital and FBG Capital were among the investors that participated in the deal.

Ren then conducted a public token sale, generating $4.8 million in ETH by selling 8.6% of the token supply.

A total of 65.2% of REN tokens were sold overall, generating more than $30 million in fundraising. The remainder of the tokens were distributed among the team and advisors, community development, and a business reserve.

 

What makes Ren unique?

The Ren protocol (formerly known as the Republic Protocol) was created to facilitate interoperability by enabling users to send and receive bitcoin across several blockchains.

It enables anybody to securely store cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) in the Ren program and mint the ERC-20-compliant tokens RenBTC, RenBCH, and RenZEC on Ethereum in a 1:1 ratio.

These new ERC-20 tokens are now available for usage in a variety of DeFi products, including trading, portfolio management, borrowing, and lending.

The original assets are retained inside the Ren program and may be accessed at any time for a charge. The Ren protocol is driven by the Ren Virtual Machine, or RenVM, which is a decentralized network of computers known as “Darknodes.”

These machines provide the virtual machine with computational processing and memory space in return for fees, enabling the flow of bitcoins between blockchains.

RenVM acts as a permissionless custodian for cryptocurrency — each RenBTC token that is minted is subsequently backed by an equal Bitcoin token held in the RenVM. To do this while maintaining anonymity, the RenVM takes use of some quite complex technology:

Shamir's Secret Sharing is a cryptographic approach that partitions secret material into segments that are owned by various parties. Ren uses this procedure to conceal the private keys used in the RenVM network, even from the Darknodes.

Secure Multiparty Computation (sMPC) is a technique that enables the execution of developers' code without disclosing the inputs or results.

Byzantine Fault Tolerance (BFT) is a method that ensures that the Ren network continues to operate successfully even if a few nodes fail. Hyperdrive refers to RenVM's consensus process, which is optimized for transaction completion at lightning speeds.

 

What are the main uses for Ren?

Ren's native coin, REN, is required to fund network operations.

To run a DarkNode, operators must invest 100,000 REN. The DarkNodes on Ren is restricted because there is a fixed supply of tokens. This is a feature that could prove useful for the project because it could boost demand as the supply diminishes over time.

Notably, in contrast to other digital currencies, users are not obliged to purchase or keep REN to utilize its site. Instead, users pay fees in the currency that is associated with the blockchain or platform on which they execute commercial transactions.

 Functional use involves the process where tokens can be exchanged between any blockchains that are supported by using Ren, with all steps in this process handled automatically. Three sorts of transactions are used to provide this capability.

Lock-and-Mint transactions are used to transmit assets from an origin chain to a host network. The user must first submit the asset to the Ren network, where it is “locked.” The Ren network will then issue a representation of the asset on the host chain at a 1:1 ratio. 

Burn-and-Release transactions are used to return tokenized assets from the host chain to the origin chain. The user must first give an origin chain receipt address before the tokenized asset is burnt from the host chain.

Once the token is burnt, the Ren network will release the proportional number of tokens from the original chain address. Burn-and-Mint transactions are used to transmit tokenized assets from one host chain to another.

The user must first choose a destination host chain before burning the current host chain's tokenized asset. Users can “mint” assets which have been tokenized on the host chain without interacting with the original chain.

 

What is the future potential for Ren?

While REN will continue to expand and incorporate general-purpose applications in the future, its primary emphasis, for the time being, is on private and decentralized banking.

It is separated into three major architectural components that comprise most of the underlying design. The zero-knowledge transaction layer is the initial layer.

This layer enables the user to store and transfer REN tokens without disclosing the transaction's value or the number of REN tokens in the user's cryptocurrency wallet.

The second layer, interoperability, is responsible for all trustless transactions on the blockchains. It functions as a link between the blockchain's tokens.

The last layer is known as the dark pool, and it has hidden order matching engines that only the owners are aware of. REN uses Darknodes to validate orders against the distributed secret order book. This enables orders to be submitted without disclosing the order's price or volume.

This information is only known to the exchange. When used in conjunction with the other two levels, transactions are completely private.

 

Price analysis on Ren

Ren was initially launched in 2017, with its price analysis from as early as 2018 as follows:

 

  2018 2019 2020 2021 2022 to date
REN Price High $0.12 $0.14 $0.57 $1.72 $0.57
REN Price Low $0.017 $0.015 $0.029 $0.27 $0.44
Market Cap $61.99M $112.86M $511.75M $1.72B $1.22B

 

Price prediction on Ren

According to crypto analysts, the price of REN might increase to $1.20 in December 2022, $0.99 in December 2023, and $1.42 in December 2024. REN's price projection for 2025 is $1.42, increasing to $1.49 in December 2026. The price of REN is expected to reach $2.81 a year later and $2.90 in December 2028.

 

Does Ren have a burn rate?

 Yes, Ren automatically burns tokens during the burn-and-release process when users redeem tokenized assets from a host chain and are moved to the original chain.

In addition, coins are also burnt in the burn-and-mint process, where users move tokenized assets from a host chain back to the original chain.

 

What is Ren’s largest Competitor?

Hyperledger Fabric is the largest competitor of Ren.

Hyperledger Fabric, a Linux Foundation open-source project, is the de facto standard for business blockchain solutions. It is a modular blockchain architecture.

The open, modular design is intended as a platform for creating enterprise-grade applications and industrial solutions. It utilizes plug-and-play components to support a wide variety of use cases.

With over 120,000 participating businesses and over 15,000 technical contributors, Hyperledger Fabric takes a novel approach to consensus, enabling performance at scale while maintaining the data privacy requirements of corporations.

 

What is the Staking Process involved with Ren?

To prevent malevolent actors from creating a massive quantity of identities and operating many nodes, 100,000 REN tokens are needed to register and operate a DarkNode.

Operators of DarkNode gain fees for facilitating exchanges, which are paid in the converted token rather than in REN currencies.

 

What can Ren smart contracts do?

RenVM may be used for more than just simple transfers due to its capacity to govern private keys through decentralized, trustless, and hidden application logic.

Diverse zkTransactors for distinct blockchains are interoperable and may be utilized to provide trustless swapping.

This is comparable to how Ethereum smart contracts may be used to make trustless swaps between ERC20 tokens, except that on RenVM, tokens can originate from any blockchain, and the swap values are fully anonymous.

 

Is Ren a Good Investment?

Yes, Ren is a good investment.

The REN cryptocurrency is only used to operate a DarkNode, albeit some individuals buy it as a speculative investment. Create a DarkNode using Digital Ocean, AWS, or Google Cloud.

Many DeFi investors have used the RenVM to transfer bitcoin into DeFi programs like MyEtherWallet, Keeper DAO, and Curve Finance, where it may earn interest.

DeFi projects use the RenVM to get access to cross-chain liquidity, fast transfers, and OTC trading.

 

What is the supply and distribution of Ren?

The total quantity of REN tokens is limited to one billion. Ren had a presale and a public token sale in 2018, selling 60.2% of the entire supply to investors.

Ren has a reserve fund comprised of 19.9% of the entire supply, with the remaining 9.9% given internally to advisers, the staff, and the company's founders. Team tokens were subject to a two-year lock-up term, with advisor allocations subject to a six-month lock-up.

Another 10% of the REN supply is reserved for purposes such as collaborations and development.

 

Is Ren a viable Alternative Coin?

Yes, Ren is a good alternative coin.

  • Traceability – Ren has unique technology that can ensure that transactions cannot be traced.
  • Hacking – There is no record that Ren has suffered any hacks.
  • Security – Ren uses innovative technology to ensure security on the blockchain and network.
  • Technology – Ren uses innovative technology, including ECDSA Threshold Key Generation, Secure Multi-Party Computation (sMPC), Shamir's Secret Sharing, Byzantine Fault Tolerance, Hyperdrive, and more.
  • Price Stability – Compared to other volatile coins, Ren has decent price stability.
  • Potential Investment – Because of its unique technology and range of uses, Ren is a good potential investment.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Ren and Bitcoin?

People may use Bitcoin to transmit money across the internet. Digital money was designed to create an alternative payment platform that would function without central supervision but could be used in the same way as conventional currencies.

Ren is an ERC-20 token that drives the open-source protocol of Ren. The protocol makes the cross-chain transfer of cryptocurrencies possible, allowing assets to participate in multi-chain and decentralized finance systems.

 

  Bitcoin Ren
Price change 20/21 +400% +18%
Market Cap $800 Billion+ +442.8 Million+
Past Hacks None None
Popularity Very High
Altcoin Rank #1 – Original Crypto #136

 

What are the differences between Ren and Ethereum?

From banking to online surfing to gaming to advertising to identity management to supply chain management to supply management, Ethereum has a wide range of novel uses because of its smart contracts.

Ren (REN) is an Ethereum token that underpins Ren's open protocol for cryptocurrency interoperability. Ren's mission is to connect popular assets such as Bitcoin and Zcash, amongst others, to blockchains like Ethereum, enabling them to engage in a multi-chain decentralized financial environment.

 

  Ethereum Ren
Price change 20/21 +880% +18%
Market Cap $460 Billion+ +442.8 Million+
Past Hacks None None
Popularity Very High
Altcoin Rank #2 #136

 

What are the differences between Ren and Dogecoin?

Launched in 2013, Dogecoin is a popular meme coin that has the support of influential figures like Elon Musk. It is a medium of exchange that is seeing widespread adoption from online retailers and merchants.

Ren, previously known as Republic Protocol, is a public protocol that permits the permissionless and private movement of currency across any blockchain. Ren's key component RenVM enables compatibility to decentralized finance (DeFi).

 

  Dogecoin Ren
Price change 20/21 +7,300% +18%
Market Cap $22 Billion+ +442.8 Million+
Past Hacks None None
Popularity High
Altcoin Rank #12 #136

 

What are the differences between Ren and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Ren, on the other hand, is fungible, which means that one REN has the same value and characteristics as another REN.

 

What are the differences between Ren and Republic Protocol?

There are no differences between these projects. Republic Protocol was branded as Ren in 2019.

 

Why has Republic Protocol been rebranded to Ren?

The development team rebranded the project in 2019 to shift the focus towards the development of an interoperable tool. This tool would work to leveraged what would become the Ren Virtual Machine or RenVM. RenVM was launched in 2020.

 

What wallets support REN tokens?

The best digital wallets that support REN include the following:

  • Ledger Nano X
  • Trezor
  • KeepKey
  • MyEtherWallet
  • Metamask
  • Exodus

 

Best Bitcoin Wallets are the same as REN wallets.

 

Which crypto exchanges offer REN?

The best exchanges that offer the purchase, sale, and exchange of REN include:

  1. Gemini
  2. Coinbase
  3. Mandala Exchange

 

1. Gemini: Gemini is a cryptocurrency exchange that is well suited to traders and investors of all types. Gemini is a trustworthy crypto exchange that offers traders several trading platforms for a broad range of cryptocurrencies, including major currencies such as Bitcoin, Ethereum, and several others.

 In addition, the exchange also offers a native stablecoin called the Gemini Dollar. They also provide traders with some essential trading tools as well as instructional materials.

 

PROS CONS
The exchange offers innovative trading software  There is a limited selection of coins and funding methods
Advanced trading tools are offered to professional traders and investors Telephonic support and live chat not offered
There is a decent selection of educational material offered  

 

2. Coinbase: Coinbase is a significant crypto exchange in the cryptocurrency market according to trading volumes and overall reputation. Coinbase offers a range of crypto assets that can be traded, and users have access to innovative, powerful trading platforms.

 

PROS CONS
User-friendly trading platforms Demo accounts are not offered
There is a decent selection of cryptocurrencies Only offers crypto trading, no CFD or forex trading
There are several useful trading tools available on the platform, including Coinbase Pro API  
There is a decent selection of educational materials offered to help beginners  
The exchange has an ultra-low minimum deposit  
The platform is known for its helpful customer service  

 

How can Ren produce a stablecoin?

Inter-blockchain liquidity protocol Ren and ICHI, a platform that lets cryptocurrency communities establish and control their own non-custodial stablecoins, have announced a collaboration to make decentralized stablecoins accessible to Bitcoin, Dogecoin, Zcash, and Ren users.

A stablecoin backed by a mix of native and fiat-backed stablecoins is created using ICHI's Decentralized Monetary Authority (DMA) technology. This generates demand for each community's native currency and keeps value locked in.

The new interface will allow ICHI to develop a stablecoin for prominent cryptocurrencies, including BTC, DOGE, and REN. This integration enables these coins to be utilized in DeFi applications throughout the blockchain ecosystem.