Swapping cryptocurrencies across different blockchains is no longer a problem. The Ren coin system can create connections between blockchains using an innovative method, allowing users to lock cryptos in one chain and create an equivalent version in another—ready for trading.
This makes it possible to keep a cryptocurrency "locked" in one blockchain while freely trading it in another, enabling staking, leveraging, and investments. Learn more about what the Ren protocol is and how its native currency works.
Coin Definition
Australians Taiyang Zhang and Loong Wang created the Ren protocol in July 2017, but it was officially launched in January 2018. Its original name was Republic Protocol, which functioned as a decentralized dark pool for cryptocurrency trading.
The protocol “transfers” cryptos from other chains to the Ethereum network, creating an equivalent token, which allows them to be traded in the DeFi environment without needing to sell their digital assets. It’s as if it creates a virtual version of the cryptocurrency on a new blockchain, allowing this version to be fully traded.
Ren coin is the project's native currency and is used as a means of payment for operations conducted within the network. For example, to unlock Bitcoins held on the chain, you must use this token as a fee to release them.
Interesting Facts
This Ren cross-chain system connects various blockchains beyond just Bitcoin and Ethereum. These include Arbitrum, Solana, and Polygon. It’s also possible to swap more coins like Dogecoin and Polkadot.
Tokenomics
Ren coin has a total supply of 1 billion tokens that have already been created. More than 60% have already been distributed. Its current distribution includes a reserve fund of 19.9% (of which 9.9% is with advisors, founders, and the team), and 10% have been allocated to partnerships and development.
The coin was created under the ERC-20 protocol and operates within RenVM, the system’s virtual machine, to handle trades within the environment. Therefore, it is considered a work token and does not go through a “burning” process. Its value is determined by its use in the machine.
How the Ren Coin Platform Works
RenVM uses a system called Secure Multi-Party Computation (sMPC), an innovation within cryptography. With it, nodes work together while maintaining the privacy of the input data. Private keys are “split” within the nodes without them knowing their origin.
Its specialty is facilitating the trading of different cryptocurrencies while ensuring secure cross-chain transactions. For example, when transferring Bitcoin to the Ethereum network, the protocol locks the BTC and creates a version on Ethereum, the renBTC, based on ERC-20.
With this mirrored version of the coin, the open protocol allows users to trade it in various ways, from staking to crypto lending using platforms like Aave or Compound.
Tools for Tracking Ren Coin Prices on NovaDAX
On NovaDAX, you can invest in Ren coin and many other cryptocurrencies.
Monitoring digital asset valuations is one of the advantages of the exchange. The candlestick chart, known as a candlestick, is updated in real-time. You can track value fluctuations in intervals from minute to minute up to within a month.
Advantages of Investing in NovaDAX
Investing in Ren coin and other cryptocurrencies on NovaDAX means trusting one of the largest crypto exchanges in Brazil. Moreover, it offers the best rates in Latin America.
Security is another advantage of the exchange. Online navigation is secured with A+ SSL certificates, safe login, reCAPTCHA, and two-factor authentication. Transparency and ease of use are also highlights, making investing in Ren coin safe and straightforward.
Expand your financial portfolio and invest in cryptocurrencies. Visit the NovaDAX website, choose your coins, create your token basket, and track your returns!
