Ren is an open protocol that provides access to cross-blockchain liquidity for all decentralized applications. In this article, as Kriptokoin.com, “What is Ren?” We will answer the question. In addition, we will touch on other questions about the project.
What is color? What does it do?
Ren is software that enables P2P transfer of new and existing crypto assets between various blockchains.
With Ren, users can lock digital assets like Bitcoin in smart contracts. It can receive its equivalent in Ether on the Ethereum blockchain. Bitcoin holders can then use Ren to access Ethereum’s decentralized finance (DeFi) products without selling their Bitcoin.
What is REN coin?
REN coin is the native token of Ren. Cryptocurrency can be used for trading, portfolio management and borrowing DeFi products. In addition, it can be used for various functions such as lending.
How does color work?
RenVM consists of thousands of nodes called Darknodes. Anyone can run a Darknode. However, each node must run the RenVM software through the Virtual Private Server and deposit 100,000 REN tokens into the Darknode Registration Agreement. This mechanism encourages node operators to avoid malicious behavior at the risk of losing their deposits. Darknodes are randomly arranged into groups called shards once a day, a process that strengthens RenVM against attacks on the network by keeping potential data targets constantly moving and regenerating. Darknodes also receive a fee each time RenVM converts a digital asset to an ERC-20 token. These fees are specified in the cryptocurrency of the locked asset and are adjusted algorithmically based on demand.
The combination of darknode deposits and algorithmically adjusted fees allows RenVM to guarantee that attacks on the network will not be profitable. This is because RenVM uses the discounted cash flow model to ensure that the value of REN deposited by Darknodes is always greater than the value of the assets locked in RenVM, indicating that Darknodes’ deposits will be taken if an attack is successful. Similarly, if an attack compromises a one-to-one ratio of locked assets to their ERC-20 representation, REN tokens from deposits of malicious nodes can be used to restore them.
In RenVM, Darknodes work in reverse to central guardians of other platforms such as wBTC. Collectively, it acts as a trusted, decentralized guardian of digital assets locked by users. This allows RenVM nodes to generate private keys without reading them. In addition, it is made possible by the RZL MPC algorithm, which allows it to manage. RenVM is currently in the Sub-Zero phase of the Progressive Local Government plan.
How to buy REN coins?
Ren is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. Exchanges where Ren is traded are listed as follows: Binance, OKX, Bybit, FTX. Users who want to invest in the project should open an account on one of these exchanges.
