The Ren protocol is an open platform designed to provide a bridge aimed at the delivery of interoperability, as well as liquidity between a collection of distinctive blockchain networks. According to the team, the system, at the early stages of its creation was aimed at providing a solution to the problem of middlemen while providing a permission less and confidential transfer for its users.
In recent times, there has been a recurrent spike in the crypto marketplace which has drawn interests all over the world. Most of the new generation of investors are now more focused on assets that have been digitalized with the aim of profiting from their pools. On a daily basis, different kinds of traders execute transactions involving different parts of the crypto market. However, a recurring problem has been discovered. In general, these traders buy both on large scales and small scales, but the problem of liquidity has been a challenge for the industry.
The Ren platform allows transactions to be executed in the crypto space across different blockchains via its decentralized dark pools. As a result of this, investors within the platform enjoy over-to-counter transactions.
Who are the Founders of Ren (REN)?
The Ren network was established in 2017 by Taiyang Zhang and in the early stages of its development, it was called Republic Protocol. The platform was first officially announced in January 2018, and upon its establishment, Zhang explained that it was designed as a decentralized dark pool.
Zhang is a vastly experienced professional whose reputation precedes him in the world of cryptocurrency. He holds a degree in software engineering from The Australian National University. Prior to founding the Ren network, he worked across several corporations, some of which include hummingbot.io, KeeperDAO, as well as co-founding the crypto hedge fund Virgil Capital.
Additionally, Zhang is also one of the founding members of the Neucode platform, a company focused on web and software development startups right from 2014.
What is Ren (REN) used for?
The Ren network is able to execute and manage a series of complex system operations through its software’s use of a customized virtual machine which enables the deployment of smart contract codes for the network. The virtual machines used on the network are based on emulating a physical computer. As such, it is able to execute computations on its network with the utmost discretion.
In order to be able to achieve this goal, the Ren system’s virtual machine also includes a cryptographic technique that was made mainstream by the Zcash network to shield transactions known as zkSnarks. The system also incorporates the Shamir Secret Sharing Scheme, a system that has its fragments orders hide information from the nodes on the network. According to the Ren team, this protocol enables anyone interested in funding an application or a blockchain without ever disclosing their data or the details of the transaction.
What Is the Unique Point of Ren (REN)?
The Ren network is an intricate system that’s filled with multiple use cases, but the system is essentially built to defeat the existing barriers that have hindered the growth of more Defi investment and entry projects.
The platform has a Plug-in incorporated within its system which allows for projects in the Defi to make use of assets with foreign cryptocurrencies such as Zcash and Bitcoin included in their offerings. Additionally, participants on the platform are allowed to swap any token of their choosing between two different blockchains without interferences from using”wrapped” models of the tokens. For instance, Wrapped Ethereum and Wrapped Bitcoin.
The Ren network is a composition of virtual computers, all of which make up a virtual machine. The machines which power the system, and by extension make up the Ren protocols are called Darknodes. The network charges several fees mostly for international transactions, however, most of them are not exactly profit-oriented, rather, they are used to incentivize the miners. Due to the network being developed under the ERC-20 specification, had fees on the network used to facilitate transactions vary from each other.
How many Ren (REN) coins are in circulation?
When the REN token was released, it had its supply fixed at a capped rate of 1 billion (1,000,000,000) tokens. After its token release was confirmed in 2018, the system held a public token sale. At the sale, a total of 60.2% of the existing supply was assigned to investors who bought them.
The team behind the design of the Ren network created a reserve fund protocol which initially had 19.9% of the full supply, while the founders, team, and advisors were allocated 9.9%. Based on the design, the token allocated to the team was created with a protocol that locked up the tokens for two years, while the allocation for the advisors was under lock for six months. Later, an additional 10% REN token supply was designed specifically for peculiar activities which include the likes of carrying out developments and strategic partnerships.
Is the Ren (REN) Network secured?
The Ren ecosystem is operated under a byzantine fault-tolerant mechanism that effectively enables ECDSA threshold key generation, as well as appending signatures via a secure multi-party computation protocol. This protocol allows the Ren network to complete management of its security via its private key access across different blockchains. This in turn makes it so tokens can be moved across the blockchain networks from one to another. In essence, it provides an advanced version of the regular interoperability.
Currently, the network has its route to decentralization in stage sub-zero with more advancements to be added as the years go by.
How do I buy Ren (REN)?
The Ren network leverages its provision of high discretion, coupled with its state-of-the-art interoperability design, and has managed to become a top contender in the world of blockchain technology. Currently, REN tokens are relatively accessible to everyone because more people have been adopting them recently, thus leading to a surge in their use and integration. If you’re interested in purchasing REN tokens, the following steps will guide you.
- you will need to create an account with the crypto trading platform. ,
- Next, you will need to transfer a specific amount of fiat money to your crypto account through the funding options.
- Lastly, the transaction must be confirmed before you can go on to buy your REN tokens.
Which Cryptocurrency Wallet Supports Ren (REN)?
The PTPWallet system is a dedicated platform that facilitates a collection of cryptocurrency assets all at the same time with one of these cryptocurrencies including REN wallet. Currently, the world of blockchain technology has been infiltrated with a plethora of substandard systems, and to prove that it is not one of them, the cryptocurrency PTPWallet platform gives its users some advantages. These include the following:
- An easy to use interface
- Smooth navigation