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All You Need To Know About REN (Ren)

BitForex Editor
Mar 17, 2021

Since blockchain technology came into the fold, there have been diverse forms of cryptocurrencies that keep rising. In this article, we shall talk about everything that pertains to Ren, from what it is to how it works and a couple more things as well. So, keep reading to be enlightened.

What is Ren (Ren)?

Ren is software that makes it possible for global users to transfer assets (new and existing) across various blockchains. For instance,  users with bitcoin or, as the case may be with other assets can have those assets sealed in a smart contract. In return, they would then be able to receive the equivalent on the Ethereum blockchain or another blockchain of their choice.

Who Founded Ren?

In 2017, the software developer Taiyang Zhang founded Ren. At inception, it was originally called the Republic protocol, but in 2019, the platform changed the name to Ren which still stands to date.

A private sale was conducted by Ren in 2018, which sold for 56.5% of its token supply. That sale amounted to $28.9 million in ETH. Investors which participated in the sale were FBG capital and Polychain capital. After such sales were made, Ren went further ahead to conducting a public token sale which went for 8.6%. That sale resulted in $4.8 million I'm ETH.

When analyzing the total sale made which was approximately 65.2% Ren tokens,  the numbers were quite encouraging as it reflected $30 million in funding.  

How Does Ren Work?

The Ren software makes use of a virtual machine that gives out its smart contract code to the Ren network. With this, managing and executing its somewhat difficult operations are made possible or realized.  Also, it is important to make it known that virtual machines can more or less emulate physical computers in some regard. What they do is that computations are carried out over a network that is discreet.

Moreover, in order for transactions to be made invisible or void, Ren's virtual machine makes use of a cryptographic technique known as zkSnarks which is invariably made popular by Zcash.

Additionally, the Ren team have made it open that such design permits a user or users to carry out Ren transactions on any blockchain of their choice without exposing their identity or certain information.

Ren Bridges

Through the Ren bridges, new tokens are represented in the original one on an entirely different chain. For instance, a user can transfer bitcoin (BTC) to the Ren virtual machine. Thereafter, a new token is created on Ethereum which can transcribe to renBTC which stands for the original bitcoins. Plus, it would interest you to know that the Ren virtual machine can swap a lot of cryptocurrencies from bitcoin, to Zcash. Also, there is an estimate of about $1 billion worth of the assets that have been swapped since the inception of the Ren virtual machine back in May 2020.

DarkNodes

The DarkNodes make it possible for the Ren virtual machine to be maintained. Even though anyone can run a dark node, it is still important to make it known that they would have to secure a certain amount of Ren token by ensuring it is locked in smart contracts. The dark nodes do certain things that are beneficial to the Ren virtual machine. One of the things being made possible is by granting bandwidth, giving out computational power, and lastly, storage capacity. With this, users can easily transport crypto assets across blockchains. For services rendered, dark node operators are given Ren tokens from the network fees.

So, moving further ahead, there are people who are interested in knowing how to buy the Ren but one way or the other they don't know how it's done. Well, the good thing is by carefully following the basics that are going to be talked about below, it should make good reading so that you would know how to purchase your Ren.

How to buy Ren

Step 1. Create an account: As someone who is a novice when it comes to dealing with cryptocurrency can conveniently consider Ren to be his or her starting point. One reason is that it has traded on a number of top exchanges. Plus, you would have to consider a lot of things as not every broker can admit you to all the cryptocurrencies. Selecting the one that ticks all the right boxes is important.  

Step 2. Buy a wallet: Wallets are where you can conveniently store your Ren tokens, hence you would have to consider one. To this effect, you would need to have a private wallet with keys that only you can remember. That way, no one else can gain access to it except you give it out to a third party.

Step 3. Make your purchase: This is the last step and the business end of the day. You would now be needing your broker's trading platform. Some of the brokers that you can work with are Coinbase or Gemini even though there are lots of others available.  An order would have to be submitted to your broker. Once the order has been successful, you can then expect to view your tokens in your wallet.

To trade or sell your cryptocurrency?

Most times, investors are either going to trade or sell their cryptocurrency. But, should you decide on keeping hold of your Ren for longer than a week, you should ensure it is moved to your wallet without much delay. This ensures the safety and eliminates fraudulent activities from happening.

However, if your choice is to take advantage of short term price movements, it is advisable to leave your Ren untouched in the exchange wallet in which you call your own. Once profit is realised, you can then convert your Ren to Fiat currency as you please.  

In conclusion, the Ren is quite different as it isn't a compulsory act to either buy or hold Ren before you can gain access to its platform. Instead, fees need to be met by users in the cryptocurrencies of the blockchain on which activities are carried out.

About BitForex:

BitForex is an exchange service platform that can be classified as one of the Top 10 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.

BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts,  derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.

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