The Ren protocol, previously referred to as Republic Protocol, is designed to supply interoperability by permitting a worldwide peer-to-peer (P2P) switch of sure crypto property throughout completely different blockchains. REN is an Ethereum token that powers the Ren protocol, permitting for speedy communication and contract execution.
As decentralized finance initiatives achieve traction, Ren’s emphasis on scalability and sooner transfers has prompted many buyers so as to add the coin to their portfolio.
Learn on for our final information on the Ren protocol and the REN token and learn to purchase Ren in a number of easy steps.
Let’s leap proper in!
What Is Ren
Ren is software program that incentivizes a worldwide peer-to-peer (P2P) switch of latest and present property throughout a number of blockchains. In so doing, Ren makes use of superior cryptography and algorithms, eliminating the usage of intermediate steps, equivalent to “wrapped” variations of tokens.
With Ren, customers can lock bitcoins (or different property) into the Ren software program and mint the ERC-20 equal tokens RenBTC, and so forth., in a 1:1 ratio on Ethereum. Bitcoin house owners may make the most of Ren to achieve entry to Ethereum’s suite of decentralized finance (DeFi) instruments with out promoting their bitcoins or shifting their property between blockchains. Utilizing these Ethereum tokens, customers can doubtlessly interact in Ethereum’s DeFi ecosystem, together with lending and borrowing platforms like Compound or Aave. The consumer’s bitcoins would stay locked within the Ren software program throughout this course of. If customers wish to unlock their funds, they should pay nodes within the REN cryptocurrency to keep up and function the community.
What Is RenVM
RenVM is Ren’s digital machine that makes use of a decentralized community to carry out secret computations with out revealing the underlying knowledge. It operates as a trustless cryptocurrency custodian, with every RenBTC token backed by an equal amount of BTC tokens held within the RenVM. RenVM employs cutting-edge know-how to expedite trades whereas defending merchants’ privateness within the following methods:
Shamir’s Secret Sharing: A cryptographic precept that divides secret knowledge into parts held by numerous people. This system is utilized by REN to hide personal keys within the RenVM community, which additionally protects them from Darknodes.
Safe Multiparty Computation (sMPC): An algorithm that enables builders to run their code with out revealing the inputs or outcomes. sMPC opens up a world of prospects for sharing knowledge privately between competing events to allow them to cooperate and achieve mutually helpful insights from that knowledge. It gives an answer to the rising concern of information amassing and privateness.
Byzantine Fault Tolerance (BFT): An algorithm that enables the Ren community to proceed operating even when some nodes fail. It helps scale back system failures and inaccurate transactions, thereby growing the blockchain’s general reliability.
Hyperdrive: RenVM’s consensus methodology, which helps securely course of transactions with a excessive velocity of 20 confirmations in 5 minutes. It operates on the ideas of a high-speed, low-latency gossip protocol, offering large scalability for cross-chain interactions.
How Does Ren Work
The Ren protocol manages and executes its refined processes via the RenVM, powered by a decentralized community of machines referred to as “Darknodes.” These machines contribute their computing energy and space for storing to the digital machine in alternate for charges, enabling the motion of cryptocurrencies throughout blockchains. Ren’s digital machine makes use of zkSnarks, a cryptographic method utilized by Zcash to guard transactions and the Shamir Secret Sharing Scheme, which fragments instructions to cover data from nodes.
In accordance with the Ren builders, this structure lets anybody who has entry to Ren finance an software on any blockchain with out revealing details about themselves or their transaction.
DarkNodes
A community of computer systems referred to as DarkNodes takes care of the Ren digital machine. Anybody might run a DarkNode so long as they’ve a selected variety of REN tokens locked up in sensible contracts. Ren DarkNodes assist the RenVM by supplying bandwidth, processing energy, and storage capability to the community, thereby permitting customers to switch crypto-assets between blockchains. DarkNode operators obtain incentives within the type of REN tokens for aiding in community upkeep.
What Is RenBridge
RenBridge is a brand new decentralized software (DApp) that lets anybody mint BTC, BCH, ZEC, and so forth., on Ethereum as ERC20 tokens (RenBTC, RenBCH, and RenZEC). The RenVM takes tokens on one chain and generates new tokens representing the unique ones on one other chain by way of its RenBridge, thereby facilitating the switch of property between blockchains.
For instance, a consumer can switch bitcoins to the RenVM, which can then generate a brand new Ethereum token referred to as RenBTC that represents the unique bitcoins. RenVM shops the unique funds, permitting customers to reverse the operation after they wish to get their bitcoins again.
RenVM permits customers to transform Bitcoin, Bitcoin Money, and Zcash to Ethereum. Because the launch of RenVM in Might 2020, over $1.2 billion in property have been swapped. Ren goals so as to add extra cash and blockchains sooner or later to attach your entire crypto house.
Ren Founders
Taiyang Zhang (CEO) and Loong Wang are co-founders of Ren. Ren protocol was initially launched in January 2018 beneath the title Republic Protocol, with Zhang outlining its preliminary use case as a “decentralized darkish pool.” Zhang and Wang’s main objective was to make OTC cryptocurrency buying and selling decentralized trustless and develop a system permitting numerous cryptocurrency blockchains to attach.
Zhang has prior experience in cryptocurrencies and is the co-founder of the cryptocurrency hedge fund Virgil Capital. Earlier than that, in 2014, Zhang co-founded Neucode, a software program and internet improvement agency.
Wang has huge experience in writing distributed database programs and has even established his coding language for blockchain-like know-how.
What Makes Ren Distinctive
Ren is a complicated platform with a number of use circumstances, nevertheless it’s finally designed to get rid of entrance and funding constraints for DeFi initiatives. It permits DeFi initiatives so as to add international cryptocurrency property equivalent to Bitcoin (BTC) and Zcash (ZEC) to their companies as a plug-in. Customers can successfully alternate any token between any two blockchains with out the necessity for middleman steps like utilizing so-called “wrapped” variations of tokens equivalent to Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH).
Ren fees numerous charges for inside operations, most of that are paid to miners.
How Safe Is the Ren Community
RenVM makes use of BFT, Byzantine fault-tolerant know-how that permits ECDSA threshold key creation and signature utilizing safe multi-party computing (sMPC). This lets RenVM securely deal with (ECDSA) personal keys on numerous blockchains, permitting tokens to be transferred throughout them (i.e., interoperability). The community is now within the sub-zero section of its decentralization journey.
The BFT consensus mechanism ensures that even when there are malicious nodes within the community, it might probably nonetheless run easily. Which means that in RenVM’s protocol, they will nonetheless attain a consensus with at the least two-thirds of all trustworthy nodes within the community. This protects the system from malicious nodes which may be deceptive the community.
REN Worth
Many variables affect the REN worth, together with market sentiment, venture bulletins and developments, the movement of cryptocurrencies on exchanges, and the economic system basically.
Because the RenVM use will increase, extra customers will probably be motivated to run nodes. This can enhance the demand for REN bonding, pushing up the worth and market capitalization.
REN is presently ranked #225 on CoinStats: with a most provide of 1 billion cash and a present market worth of $302.5 million. Verify the REN present worth, market cap, circulating provide, buying and selling quantity, historic statistics, and so forth., together with in-depth data on a number of of the most important and fastest-growing cryptocurrencies on CoinStats, the most effective crypto platforms round.
Easy methods to Purchase REN
REN is a freely tradeable token supported by a number of main cryptocurrency exchanges, together with Binance and Huobi World. You need to use a number of fee strategies equivalent to cryptocurrency, fiat foreign money, and stablecoins to purchase, promote, and commerce REN cash.
Comply with our step-by-step information under to get began:
Step #1: Select an Alternate
REN is obtainable on many cryptocurrency exchanges. You’ll have to check them to decide on the one which helps Ren and has the options you need, equivalent to decrease charges, an easy-to-use platform, and 24-hour buyer assist. To avoid wasting your time, we’ve examined and compiled an inventory of the highest exchanges that assist the REN coin and allow you to buy the Ren (REN) cryptocurrency with a credit score and debit card, or Bitcoin (BTC).
Uphold
Uphold, a number one US alternate is an modern buying and selling platform that helps numerous cryptocurrencies, together with Ren (REN). The platform stands out for its simplicity, distinctive options, and the corporate’s credibility. It’s a preferred possibility, particularly for rookies wanting to purchase REN tokens. Uphold gives a user-friendly desktop and cell app. The buying and selling view is customizable along with your most-traded property and has an easy-to-navigate, trendy really feel on each desktop and cell.
Residents of the UK and Europe should not permitted on this platform.
Huobi World
Huobi World gives crypto-to-crypto buying and selling with a variety of supported property and marginal buying and selling prices. The platform facilitates restrict, cease, and set off orders, in addition to margin and futures buying and selling appropriate for lively merchants and institutional buyers. OTC commerce desks, derivatives, and specialised buying and selling instruments can be found to institutional merchants. It’s straightforward to purchase and promote REN cash on this platform. Moreover, Huobi World permits customers to earn curiosity by staking cryptocurrency in alternate free of charge crypto airdrops. Huobi World helps over 350 cryptocurrencies, with extra being added each day.
Residents of the USA and Japan should not permitted on this platform.
Coinbase
Coinbase is the most important crypto firm to this point to go public on NASDAQ. It’s one of the standard exchanges within the US and permits purchasers from over 100 international locations, together with Australia, Canada, Singapore, and the UK. Over 70 million prospects have been made transactions for over 460 billion {dollars} in quantity on Coinbase. Coinbase’s prime precedence is safety, with 98% of buyer funds maintained in secure offline storage. The platform is straightforward to make use of and obtainable on PC, Android, and iOS, with buying and selling choices in over 140 cryptocurrencies for getting the REN cash.
This alternate presently accepts residents of the USA, besides Hawaii.
Step #2: Create an On-line Account
After you’ve selected a dependable alternate, the subsequent step is to open a buying and selling account to purchase or promote REN. The necessities differ relying on the platform you decide. Private data equivalent to your title, contact quantity, electronic mail deal with, dwelling deal with, social safety quantity, and a duplicate of your driver’s license, passport, or government-issued ID will probably be required in most transactions. You should give this data to be authenticated and begin buying and selling.
Step #3: Fund Your Account
After verifying your account, it’s essential to deposit funds for getting REN cash and different cryptocurrencies. You need to use a credit score or debit card, wire switch, or crypto from a cryptocurrency pockets to purchase REN. The fee methodology you utilize to purchase REN cash will probably be decided by the platform, location, and preferences.
Step #4: Make Your Buy
You should first place a Purchase REN order with the dealer and await a response. You possibly can place many kinds of orders, simply as in inventory buying and selling. Under are the 2 commonest orders:
Market orders: A market order tells your dealer that you just wish to buy REN instantly on the present market fee. Market orders don’t offer you a lot management over the worth you spend per coin, and you might wind up paying a fee that differs from the one displayed on the alternate.
Restrict orders: Restrict orders point out that you just wish to purchase REN at or under a sure worth level. Your dealer will ask you for the variety of tokens you wish to purchase and the utmost worth you’re able to pay for every token when you’ve positioned an order. The tokens will solely seem in your pockets in case your dealer fulfills your order at or under your requested pricing. The dealer might cancel your order on the finish of the day if the worth will increase over your restrict.
Step #5: Setup a Pockets (Optionally available)
When you’ve accomplished your REN buy, the subsequent step is to pick a REN pockets to retailer your cash securely. They are often saved in your brokerage alternate pockets; nevertheless, on this case, they’ll be uncovered to hacking. We extremely advocate creating a personal pockets with your personal set of keys. Relying in your investing preferences, you may select between software program and {hardware} wallets, the latter being a safer selection.
Easy methods to Purchase REN on CoinStats
Join a free CoinStats buying and selling account to put money into cryptocurrencies, together with shopping for REN shortly along with your credit score or debit card. To buy REN utilizing the CoinStats app, observe the directions outlined under:
1. Create an account with CoinStats by signing up along with your electronic mail deal with or logging in utilizing Coinbase; it’s also possible to allow SSO.
2. Confirm your account. To adjust to KYC norms, it’s essential to present a nationwide ID to validate your identification (and enhance account safety).
3. Sign up along with your credentials, then sort REN on the search bar, and click on on the REN token.
4. You possibly can see the REN protocol worth and place your order for getting REN. CoinStats will offer you two choices in response to your question: Purchase REN or Promote REN. Choose Purchase REN from the menu and enter the quantity of REN you wish to purchase.
If you happen to want to purchase REN instantly from one of many related cryptocurrency exchanges, select the alternate. Alternatively, you should purchase REN in fiat foreign money through the use of the ‘Purchase with Fiat’ characteristic on the highest of the web page.
5. Choose your required fee methodology from the three choices and purchase REN. If you wish to maintain your newly acquired cash for greater than a month, be sure to maneuver them to a secure pockets as quickly as doable.
Finest REN Wallets for Safety
REN is an ERC20 token, so you possibly can retailer it in any Ethereum-compatible pockets or go to the official REN web site https://renproject.io/ for an inventory of urged wallets. It is best to decide a pockets based mostly on how a lot REN you may have and what you wish to do with it. We distinguish between Software program Wallets (Scorching Wallets) and {Hardware} Wallets (Chilly Wallets). {Hardware} wallets or chilly wallets, like Trezor or Ledger, are essentially the most dependable choices, as they arrive with secure offline storage and backup options. These are extra appropriate for skilled customers who personal massive quantities of REN tokens. Software program wallets are user-friendly and free to make use of. Subsequently, they retailer your keys on-line and are much less safe than {hardware} wallets, however their ease of use makes them a great selection for newbies with a number of tokens. Now, let’s look into numerous kinds of wallets.
CoolWallet S
The CoolWallet S is a one-of-a-kind cryptocurrency pockets that helps all ERC-20 tokens (together with REN), Bitcoin, Ethereum, Litecoin, and so forth. With its easy platform and chic design, the CoolWallet S helps you to effectively handle and observe your cryptocurrencies on the transfer. The CoolWallet S gadget is the scale of a bank card, and you might use its Bluetooth-compatible software program to switch your cash to your pockets.
Along with simplicity, the CoolWallet S presents larger safety than most standard wallets. The pockets employs US Navy-grade CC EAL5+ Safe Aspect chips and encrypted Bluetooth communications to ensure that solely you may have entry to your tokens.
Ledger Pockets
Ledger is an encrypted {hardware} pockets that makes use of cutting-edge encryption strategies to guard your funds from advanced community assaults and even easy phishing schemes. Customers also can retrieve funds utilizing a mnemonic seed phrase if their pockets is misplaced, broken, or corrupted.
MetaMask
MetaMask is a collaborative open-source venture, broadly thought to be the most effective Ethereum-based software program pockets selections. MetaMask’s pockets helps Ethereum and all ERC-20 tokens, permitting you to retailer REN, Chainlink, and different Ethereum-based initiatives on the identical gadget.
MetaMask even has its native alternate and swap platform; merely go to their official web site to attach with numerous decentralized exchanges, then ship your tokens to your MetaMask pockets. The MetaMask pockets is obtainable free of charge obtain and use. If you happen to decide to make use of it, be sure to obtain it from the official MetaMask web site since some bogus URLs have been found aiming to mislead buyers.
Is REN a Good Funding
With the launch of RenVM capturing the rising demand for cross-chain liquidity, the Ren protocol is ready to take the lead within the DeFi revolution. Ren’s trustless and decentralized nature allows it to face out from rivals like THORChain, Efinity, and BandChain. Moreover, Ren consists of a community of nodes that make use of superior technical algorithms for max safety.
Ren has seen frequent developments and integrations, and though there are only some cryptocurrencies and blockchains at present supported, extra are deliberate for the long run. Ren has the potential to turn out to be the hyperlink that finally connects your entire crypto sector.
The Ren platform’s success is more likely to be incremental. As extra folks turn out to be lively within the crypto world, the necessity for a personal peer-to-peer facility to commerce any token will develop. If you’re a long-term investor trying to create future worth, now could be a very good second to purchase some REN earlier than the coin’s worth climbs.
Conclusion
With the launch of RenVM, which captures the rising want for cross-chain liquidity, the Ren protocol is ready to take the lead within the DeFi revolution. Ren distinguishes itself from rivals equivalent to THORChain, Efinity, and BandChain due to its trustless and decentralized nature. Ren consists of a community of nodes that use superior technical algorithms to supply utmost safety.
Ren has gone via developments and integrations, and though it solely helps a number of cryptocurrencies and blockchains at present, extra are deliberate for the long run. Ren has the potential to comprehend the final word connection of your entire crypto sector quickly.
Funding Recommendation Disclaimer: The knowledge contained on this web site is supplied to you solely for informational functions and doesn’t represent a suggestion by CoinStats to purchase, promote, or maintain any safety, monetary product, or instrument talked about within the content material, nor does it represent funding recommendation, monetary recommendation, buying and selling recommendation, or another sort of recommendation.
Cryptocurrency is a extremely risky market, do your impartial analysis and solely make investments what you possibly can afford to lose. Efficiency is unpredictable, and the previous efficiency of REN isn’t any assure of its future efficiency.
There are vital dangers concerned in buying and selling CFDs, shares, and cryptocurrencies. It is best to contemplate your personal circumstances and take the time to discover all of your choices earlier than making any funding.