What is REN token ?
History of REN
The REN company was founded by former fellow students who after graduating from the Australian National University started working together. Soon they decided to start their own business in the software development market.
Taiyang Zhang took the first step towards the startup by creating a crypto hedge fund called VirgilCapital and asked his friend Loong Wang to develop a trading protocol. Later he also paid attention to the point of investors influencing the volatility of the cryptocurrency market and decided to find a solution to ensure the anonymity of transactions. This idea formed the basis of Republican Protocol with the REN ticker.
The REN token was released in March 2018 after the ICO. The project was supported by such companies as FBGcapital, Polychain capital, Signum capital, ZhenFund, and many others. The Republican Protocol team grew to 12 members and REN currency has been increasing its power. In 2018, the project was officially renamed REN.
Peculiarities of REN
The protocol provides decentralized darkpools that make it possible for traders to make various offers if there is a demand without revealing any particular details due to using Shamir's Secret Sharing scheme and a specific distributed network that needs only some fragments of original orders to find matches.
Thus, the whole orders are not visible to network nodes and the computing is checked with the help of Zero-knowledge proof. The ecosystem requires “fuel” that was found in the form of REN coin. The cryptocurrency provides competition for traders: the priority of an order is based on the commission and a node interested to proceed the most profitable orders.
Besides, the construction of order parts provides flexibility for computing processes and looking for order fragments matches. Another interesting peculiarity of the protocol is its ability to increase liquidity through such exchanges as REN BTC, REN ETH, BTC REN, EHT REN, if there is a lack of liquidity in any particular pair.
About REN token
REN crypto is an ETH token that powers the REN ecosystem and performs two functions: paying trade fees for any orders placed on RenVM and paying to a Registrar, the smart contract that controls Darknodes in the ecosystem of REN. It allows maintaining the decentralization and stability of the protocol.
REN cryptocurrency uses the Tendermint consensus algorithm, characterized by several rounds of voting and fixing the height of the transaction block. When entering a round, the leader offers a block of transactions. If the block is invalid, Tendermint guarantees that the next round is added and a new leader is selected.
This cryptocurrency is popular with professional and amateur traders. Keep reading to learn more about the token, the protocol, and whether investing in REN is a great idea.
How REN works
The system is based on the virtual machine called RenVM that is similar to blockchain in many aspects. This machine has a well-known Byzantine fault tolerance mechanism. Any member can start a node using their computer and start to interact with the network. Moreover, some scripts can be executed in offline mode.
There are three basic principles of the virtual machine architecture:
- Decentralization. RenVM is not able to be controlled by any kind of a centralized authority. Every user can activate the instructions built into the virtual machine, run their own scripts, and provide power to the network for a reward.
- Byzantine fault tolerance. The architecture is developed in such a way that all instructions are executed correctly and the parameters of the scripts are kept a secret.
- Mobility. Simultaneous failures of up to 1/3 of all computers in the network can't cause the loss of information from RenVM. Besides, such incidents don't affect the correct execution of tasks. This makes the network secure and stable, even if so many computers are out of order or at least offline.
REN coin price
Most crypto traders would like to learn more about how the REN crypto price has been changed over a long period of time to decide whether this currency is worth investing in, so let us trace the history of REN price.
The REN coin market cap is 1,034,096,262 USD. The maximum supply of this crypto is 1 billion tokens which are in circulation almost fully now.
REN coin was released in February 2018 and was traded for only 0.09 USD. The price reached the 0,5 USD level in August 2020. After a slight decline, the token started gradually growing. In February 2021, the highest peak was registered at the level of 1,59 USD. Currently, REN is traded for approximately 1 USD, but the cost is expected to grow.
This is exactly the case when the crypto to USD price rise is even less considerable than that to BTC. When the cost of REN reached 0,5 USD, it was traded for 0,000045 BTC. The current REN stock price is 0,000019 BTC.
It is enough to look at the REN chart and see its price increase to take the decision, if you are looking for stable crypto.
What is known about investing in REN
REN crypto may be a great choice both for professional traders and beginners who are looking for a coin to keep their investments a secret from anyone. According to approximate estimates, the RENl system has earned more than 35,000 ETH for the entire life of the project. And this is a great result, especially taking into account the period of stagnation in the digital asset market.
The ability to make a considerable deal without disclosing financial details turned out to be highly attractive to institutional investors. The project obviously has a successful feature, if the team pays more attention to its advertising campaign.
Talking about private investors and REN price prediction, this crypto is also very promising. REN is already considered to be a great investment that can bring profits. That is why we would recommend you to consider investing in this coin, if you are interested in finding stable and reliable crypto.
How to buy REN crypto token
Using the REN platform is not the only way to obtain REN tokens. If you are looking for a place, where you can buy and sell various cryptocurrencies, pay attention to crypto exchanges, such as Binance, Poloniex, and P2B. But even though exchanges provide similar services, choosing a trading platform really matters.
P2B is one of the fastest-growing exchanges where you can find 300+ coins and tokens available for trading. Here you can buy REN at a fair price and have a great chance to sell REN later when its cost rises.
Our platform provides all the necessary tools to facilitate trading and help you to make the most profitable deals. We are constantly working on the interface and new functions, and listen to the voices of all community members. Besides, we are proud of the solution found by our development team thanks to which the trading page is as informative as simple.
All you need is to register if you have no account or log in. Those who are here for the first time, are required to fill in a couple of fields, select a payment method, and verify personal data. Done, now you can start trading!