Ren: everything you need to know about REN

What is Ren?

Ren is a cryptocurrency and software protocol designed to promote compatibility between different blockchain networks. The Ren network uses an innovative protocol called 'RenVM,' which allows users to move digital assets between different blockchain ecosystems without the need to sell these assets or rely on a third party. Ren aims for a decentralized and open financial future, where users can freely and securely move between different blockchains and DeFi applications.

How does Ren work?

Ren is a cryptocurrency platform that aims to facilitate collaboration between different blockchains. The protocol allows users to transfer tokens between different blockchains without losing value or needing to trust an intermediary. The protocol creates what are known as 'darknodes' that verify and execute transactions on different blockchains, enabling the exchange of value between blockchains in a secure and decentralized manner.

The REN token

The REN token is used as fuel for various activities on the Ren network. This includes securing decentralized custodians, staking nodes for transaction processing, and executing smart contract applications. Additionally, REN tokens are used to pay transaction fees and earn rewards for providing liquidity on decentralized exchanges where REN is traded.

The total supply of REN tokens is limited to 1 billion, and the network has an annual inflation rate of 1% to reward nodes and other participants.

The Technology Behind REN

The technology behind Ren is an open-source protocol designed to facilitate collaboration between various blockchain networks. It utilizes a combination of cryptography, smart contracts, and distributed networks to facilitate token exchanges between different blockchains.

The technical design of Ren offers a scalable and secure solution to enhance the adoption and integration of blockchains. Ren has three key technical components:

• RenVM: This is the core of the protocol and a virtual machine designed to support blockchain interoperability. It utilizes a network of computers known as 'Darknodes' to link different blockchains. These Darknodes are decentralized and open for anyone to participate, enhancing the network's security and reliability.
• RenJS: This is a JavaScript library that developers can use to integrate the use of RenVM into their own applications. It provides developers with a set of tools and functions to automate the token exchange process.
• RenBridge: An application designed to assist users in exchanging tokens between blockchains. RenBridge utilizes RenVM and other components of the protocol to simplify the token exchange process.

The Ren ecosystem

The REN ecosystem consists of various players and components that secure and operate the platform. RenVM is a decentralized network of nodes that enables the movement of tokens between different blockchain networks. Darknodes manage the RenVM network, while REN tokens are used as the native cryptocurrency and as rewards for node operators. The ecosystem also supports the development of DApps that leverage RenVM's interoperability, such as decentralized crypto exchanges and liquidity pools.

Benefits of Ren

What advantages of Ren make this cryptocurrency appealing to investors?

• Interoperability with other blockchains.
• Robust reward system for participants.
• User-friendly platform.
• High degree of privacy.
• No need for special wallets.

Drawbacks of Ren

What disadvantages of Ren should investors in the coin be aware of?

• Requires multiple miners for larger transactions.
• Relatively high volatility.
• Faces significant competition.

Who is the founder of Ren?

The founders of Ren are software developers Taiyang Zhang and Loong Wang. Originally, the platform was named Republic Protocol, but it was rebranded as Ren in 2019.

Before Republic Protocol, Taiyang Zhang was also a co-founder of the crypto trading firm Virgil Capital and the software development startup Neucode. In 2019, Zhang co-founded the minepool KeeperDAO.

Price forecasts

In 2026 experts expect a minimal price of €0.1100 and a minimal price of €0.3800 in 2031.