The price Ren today is 0.808516 USD, and the trading volume in 24 hours - 104,972,570 USD. The crypto asset has grown by 6.03% over the day. Currently, the coin’s market capitalization is 806,708,199 USD, and has 997,764,051 coins in circulation with the max supply of 990,000,000,000 coins REN.
What is Ren (REN)?
Ren is a software that aims to stimulate a global network of users to allow anyone to transfer both new and existing assets through various blockchains.
For example, with Ren, users can lock Bitcoin (or other assets) in a smart contract and in return receive the equivalent of ETH in the Ethereum blockchain. From there, MTC holders can use Ren to access Ethereum's suite of decentralized finance (DeFi) products without having to sell their Bitcoins, or even transfer their assets via blockchains.
By using these Ethereum tokens, the user can even participate in the Ethereum DeFi ecosystem, including on lending and borrowing platforms such as Compound or Aave. All this time, the user's BTC remains locked in the Ren software.
If the user wants to unlock their funds, they will need to use the REN cryptocurrency, which is necessary to pay nodes for the operation and maintenance of the network.
Who created Ren?
Ren was founded in 2017 by software developers Taiyang Zhang and Lung Wang. Originally called Republic Protocol, the platform was renamed Ren in 2019.
In 2018, Ren held a private sale, selling 56.5% of its REN token offering and raising $ 28.9 million in ETH. Investors Polychain Capital and FBG Capital participated in the sale.
The project then proceeded to a public token sale, selling 8.6% of the total number of tokens and raising $ 4.8 million in ETH.
A total of 65.2% of REN tokens were sold as part of various sales, which raised more than $ 30 million in funding. The remaining tokens were allocated to the team and advisors (19.9%), community development (5%), and the company's reserve (9.9%).
What is unique about Ren?
To manage and execute its complex operations, the Ren software uses a custom virtual machine that deploys its smart contract code to the Ren network.
Virtual machines are emulations of physical computers that can perform calculations on a distributed network without revealing basic information.
To do this, the Ren virtual machine uses zkSNARKs, a cryptographic method popularized by Zcash to secure transactions, and the Shamir secret-sharing scheme, which fragments orders to hide information from nodes.
The Ren team claims that this design allows anyone who gets access to Ren to fund an application on any block chain without revealing information about themselves or their transaction.
How many REN tokens are in circulation?
As of January 2021, there were almost 885 million REN tokens in circulation. The maximum token offer is 1,000,000,000 REN.
How is the Ren network protected?
The Ren virtual machine is supported by a network of computers called DarkNodes. Anyone can run DarkNode on the condition that it locks a certain number of REN tokens in smart contracts.
Ren DarkNodes helps leverage the Ren virtual machine by bringing bandwidth, processing power, and storage capacity to the network, which together allows users to move crypto assets between blockchains.
In exchange for network maintenance assistance, DarkNode operators are rewarded with network fees in the form of REN tokens.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.