Ren Price | REN Price Index and Live Chart

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REN is the native cryptocurrency of the Ren protocol. It is an open protocol designed to permit customers to maneuver digital belongings from one blockchain to a different, producing cross-chain liquidity. To achieve this, it permits customers to create tokens that conform to Ethereum’s ERC-20 commonplace which might be backed 1:1 with their counterparts, reminiscent of bitcoin and bitcoin money. In that, it resembles wrapped bitcoin (WBTC).

Ren worth

The Ren protocol’s native token, REN, is an Ethereum-based cryptocurrency that makes use of the ERC-20 token commonplace. The token is paid as a refundable bond by community contributors as a assure of excellent conduct.

The REN worth touched an all-time low of about $0.01548 in February 2019, and remained beneath $0.20 from its preliminary sale in 2018 till August 2020. It touched a report excessive, $1.80, on Feb. 20, 2021.

There is a theoretical most provide of 1 billion REN tokens, all of which have been issued, in response to CoinGecko information.

How does Ren work?

The protocol is much like wrapped bitcoin (WBTC) in that customers deposit tokens and obtain an ERC-20 model in alternate. For instance, if a person deposits bitcoin (BTC), the particular person receives renBTC. The distinction is that REN doesn’t use a single custodian to carry the keys to the backed belongings however a distributed system.
The coronary heart of the system is the RenVM networok of so-called darknodes, that are particular person machines that donate their computing energy and cupboard space to type a digital machine. In return, they’re paid charges that adjust with demand, and are adjusted robotically.The darknodes facilitate the minting (creating) and burning (destroying) of the wrapped belongings. RenVM makes use of a trustless system for minting and redeeming tokens.

REN is used as a bond for customers who lock their belongings up inside the RenVM darknodes. When customers need to retrieve their belongings from the RenVM, they’ll use their REN to take action. Because REN’s use case is restricted to serving as a bond, the utmost provide of REN has been fastened at 1 billion and no different REN will likely be created.

Key occasions and administration

Ren was based by Taiyang Zhang and Loong Wang because the Republic Protocol. The Republic protocol is understood for working as a service provider for facilitating the creation and backing of wrapped bitcoin (WBTC), a task that Ren maintains. Following the REN token sale in 2018, Republic Protocol rebranded to Ren.
The preliminary coin providing (ICO) raised 35,000 ether from lead traders Polychain Capital and FBG, in addition to funds like Huobi Capital, Hyperchain Capital and Signal Ventures. While initially formulated as a manner of bringing darkish swimming pools – privacy-preserving buying and selling venues the place the order guide is stored secret – to crypto, the founders later switched to concentrate on moving assets between blockchains.