What is Ren (REN)?

 What is Ren (REN)?

Ren (REN)

What is Ren (REN)?

Ren (REN) is an open protocol built to provide interoperability and  liquidity  between blockchain  platforms.

Formerly known as the Republic Protocol, Ren launched RenVM, its main network of virtual machines in May 2020, with a  $34 million initial coin offering (  ICO ) in 2018.

REN is the native token of the protocol. Serves to connect to the network that is in progress. It uses RenVM power, also known as Darknodes.

Ren aims to expand collaboration capabilities. and with accessibility decentralized finance  Defi  by removing barriers related to liquidity between blockchains

Who is the founder of Ren?

Ren was founded by Taiyang Zhang, who served as its CEO, in 2017. It was initially called the Republic Protocol. Ren was first introduced in January 2018, with Zhang described in its initial usage as a "decentralized dark pool"

Zhang himself already has experience in cryptocurrency. He co-founded the cryptocurrency hedge fund Virgil Capital.

Prior to that, Zhang co-founded Neucode in both software and web development. Starting in 2014, Jaz Gulati, another co-founder of Neucode, worked as a software developer for Ren.

What makes Ren unique?

Ren is a complex platform because it can be used in many cases. But ultimately, it was designed to overcome the barriers to entry and investment for the DeFi project.

as a plugin It has enabled the DeFi project to bring more foreign crypto assets such as  Bitcoin  (BTC) and  Zcash  (ZEC) to a wider perspective. Users can switch tokens between any two  blockchains without any intermediate steps, for example using so-called “wrapped” tokens such as Wrapped Bitcoin (  WBTC ) and Wrapped Ethereum (  WETH  ).

RenVM is a network of virtual computers that make up virtual machines. The machine will turn on the network. which will make up RenVM called Darknodes.

Ren charges various fees for internal operations. Most of them are not directly focused on profitability. Instead, it is paid to the miners as an ERC-20 token   .

How many Ren (REN) coins are in circulation?

REN has a fixed supply limit of 1 billion (1 billion) tokens. Ren conducted a pre-sale and public token sale in 2018, during which 60.2% of the total supply was sold to investors.

Ren has a reserve fund that was originally allocated at 19.9% ​​of total supply, while another 9.9% was allocated internally to consultants, teams and founders. Team tokens come with a two-year lock period. There is a six-month lock for allocation consultants.

The other 10% of REN's supply is dedicated to activities such as partnerships and development.

REN is an ERC-20 standard token.

How secure is the Ren network?

In October 2020, the main concern about Ren's security is the user capital control team. Ren aims to gradually expand the scope of decentralization. But from the information of the team Initially, the network will be less decentralized. especially when it comes to collecting money.

In August of 2020, a security analyst raised concerns about all of Ren's users' funds held in a single wallet worth $100 million.

Ren's CTO responded by saying, “In the beginning, the networks will be run by our team. In theory, we can do bad things. But when we have more members and start to replace these networks. This cannot happen.”

Where can you buy Ren (REN) from?

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• FatBTC
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• XM
• Exness
• FBS
• Skrill
• Neteller
• MinerGate

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