Ren

What is Ren?

Token Ren, or REN, is a utility token built into the Ren crypto project. The latter represents unresolved protocol ensuring transfers between different blockchains.

REN is based on the ERC-20 token standard and has several uses.

Initially, the main function of the Ren token was To cover fees which were paid as remuneration dark nodes. However, the situation changed after the project underwent a major rebranding. Now REN is used as bond for managing darknodes.

The Ren token was launched via Initial Coin Offering it was divided into 2 stages: private sale and crowd. The private sale began in January 2018, and the crowdsale began a month later in February 2018.

During the ICO, Ren managed to sell 60.2% of all Ren coins and raised approximately $34,000,000.

The total supply of Ren tokens is 1,000,000,000. They have been distributed as follows:

• 60.2% – ICO;
• 19.9% ​​- Reserve;
• 9.9% – Core team;
• 5% – Early partners;
• 5% – Community development.

Native Ren protocol tokens cannot be mined. This means that users can only purchase the token through supported exchanges.

Using the tool described in the section above, you can better view the REN price history and the current REN price.

What are the main features of Ren?

The Ren Protocol is a completely decentralized trading pool runs on darknodes – a global network of computers. It is deployed on the Ethereum blockchain.

As discussed in What is Ren section, the protocol allows transfer of value across multiple blockchains. The protocol itself is quite complex as it can be used in a variety of ways, such as to facilitate the transfer of tokens across multiple chains or to ensure interoperability among DeFi projects.

Moreover, the Ren protocol allows using Bitcoin on the Ethereum blockchain. This is made possible thanks to another native token of the Ren protocol – renBTC, which is pegged to BTC in a 1:1 ratio.

One of the main components of the Ren protocol is RenVM – A core network of virtual machines whose primary responsibility is to perform transactions while maintaining the confidentiality of information.

Darknodes are part of a decentralized custody system and are the basis of RenVM. Simply put, darknodes are storage space provided by a network of physical computers around the world. The number of computers in the darknode network is limited to 10,000.

Ren has been audited by ChainSecurity, Consensys Diligence and Trail of Bits for smart contracts, hyperdrive and RZL MPC. These reports are publicly available for anyone to view.

Who designed Ren?

The Ren cryptocurrency project was launched in 2017. It is a Singapore company co-founded by Taiyang Zhang and Lung Wang.

He and Lung Wang were educated at the Australian National University. The duo worked together at Neucode before co-founding Ren. Their new project is Talo Labs.

Taiyang Zhang served as CEO of Ren from its inception until the end of 2021, when he stepped down as CEO. However, he did not leave the project completely and now works as a consultant.

Ren was not the first company co-founded by Taiyang Zhang. His other projects are KeeperDAO and Virgil Capital, both based on blockchain technologies.

Lung Wang is the CTO of Ren. Before becoming a co-founder of the project, he worked as a software developer.

At first, Ren was introduced to the public under a different name – Republican protocol. In 2019, the project underwent a complete rebranding and was reintroduced as Ren Protocol.

The project’s investors include large companies in the cryptocurrency world, such as FBG Capital, Huobi Capital, Kenetic Capital and Polychain Capital.

Interested? Be sure to do your research before going any further. You can start by checking the Ren price in the section above.