Ren Price Chart Update [REN]

The REN price update as of now is $0.05941. In the previous 24 hours, its trading volume was $10,150,439, and its value has increased by 0.13%. As of now, REN's live market cap is $35,740,282, and it is ranked as the #530 on the Coincu. REN has a circulating supply of 999,999,633 and a maximum supply of 999,999,633.

What is Ren (REN)?

The Ren Protocol, formerly known as Republic Protocol, is a blockchain protocol designed to facilitate communication between different blockchains and the decentralized finance (DeFi) ecosystem on the Ethereum network. At the heart of this protocol lies RenVM, a virtual machine that allows the protocol to operate.

Ren enables users to lock cryptocurrencies like Bitcoin, Bitcoin Cash, and Zcash into the Ren software. As a result, they can create equivalent ERC-20 tokens such as RenBTC, RenBCH, and RenZEC on the Ethereum network at a 1:1 ratio.

These ERC-20 tokens can be utilized in various DeFi products, including trading, portfolio management, borrowing, and lending. The original assets remain locked within the Ren platform and can be unlocked at any time.

The Origins of the Ren Protocol

The Ren project was launched in 2017 as one of the pioneering DeFi projects. It was initiated by Taiyang Zhang and Loong Wang, who were friends studying at the Australian National University. They decided to establish a software company and develop cryptocurrency trading algorithms.

During the project's development, Zhang recognized the significant challenges and limitations faced by investors in asset trading. He attributed these obstacles to the public nature of blockchain transactions, including over-the-counter (OTC) purchases, which contributed to price volatility. The REN protocol was created to address privacy, security, and interoperability in OTC transactions.

Since then, the Ren development team has been dedicated to building the RenVM virtual machine. The project was completed on May 27, 2020, with the official launch of the mainnet. This achievement showcased the potential of a technology that seamlessly connects different blockchains with Ethereum's DeFi ecosystem.

Components of the Ren Protocol

The Role of Darknodes

RenVM relies on a network of Darknodes, which are distributed across the network. Anyone can operate a Darknode by locking a certain amount of REN tokens in Smart Contracts.

Darknodes provide bandwidth, computing power, and storage capacity to power RenVM, allowing users to transfer crypto assets across blockchains.

Darknodes are rewarded with REN tokens for their contributions to maintaining the network.

RenBridges for Seamless Asset Swapping

RenVM utilizes RenBridges to enable the seamless swapping of assets between different blockchains. These bridges accept tokens on one chain and generate new tokens representing the original tokens on another chain.

Shards for Asset Security

Darknodes are divided into groups called Shards, each consisting of at least 100 Darknodes. Shards use the RPL MPC algorithm to generate an ECDSA private key, ensuring the secure storage of assets.

The Shards are randomly shuffled on a daily basis to prevent Sybil attacks, enhancing the system's security. Hackers would need to attack multiple Darknodes to compromise any of the Shards, a highly complex task.

Roadmap for the Future of Ren

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