The REN system allows Bitcoin to be transferred to DeFi pools, providing liquidity and over-the-counter exchange.
In this article, we will understand the features of the REN protocol and the functionality of the REN Virtual Machine.
What is REN?
REN is a decentralized protocol for creating tokens based on Ethereum.
REN opens the DeFi ecosystem to other cryptocurrencies, and thus provides cross-chain liquidity and interaction of tokens.
REN allows you to transfer any token between different blockchains. For this, peer-to-peer atomic exchange is used.
How the REN blockchain works
REN is built on the RENVM virtual machine. The REN Virtual Machine is a network of computers called Darknodes that contribute to the throughput of the blockchain. The REN virtual machine can exchange Bitcoin, Bitcoin Cash and Zcash for Ethereum.
Virtual Machine allows you to transfer Bitcoin and Zcash to the Ethereum network in order to use them in DeFi applications. The transferred cryptocurrencies will be called RENBTC and RENZEC respectively.
The network runs on a modified version of the Tendermint consensus algorithm. REN also places great emphasis on privacy, which is achieved through a unique secure multi-party computing algorithm.
REN Cryptocurrency
REN Cryptocurrency is the project's native token. REN is an ERC-20 token that is used for online payments and collateral when running Darknode.
Darknode operators must hold a minimum of REN 100,000 in their wallet as collateral.
In return, they receive rewards for converting coins from other users. For example, when someone uses REN to convert BTC to RENBTC, they pay for the service in BTC, which is distributed among the nodes.
Mining REN
Traditional mining of the coin is not possible. You can obtain the REN cryptocurrency by running Darknode, which will match and execute orders placed by traders in the Darkpool.
Node software is available for Linux or MacOS. To register, you need an Amazon AWS or Digital Ocean account and a Metamask wallet with 1 ETH and a deposit of 100,000 REN.
Where to buy REN cryptocurrency
REN tokens are available on a number of leading crypto platforms. The main trading volume comes from Binance. In addition, you can purchase the coin on Coinbase Pro, Huobi Global, Poloniex, Uniswap (v1).
Where to store REN cryptocurrency
Any crypto wallets that support the ERC-20 standard are suitable for storing the token.
Subscribe to ForkNews on Telegram to always stay up to date with the latest news from the world of cryptocurrencies
You May Also Like
Bitcoin in a wallet - how is it?
Cryptocurrencies by their nature are an electronic means of payment. Coins appear as a result of mining, are stored electronically, and all operations take place on the Internet. Nevertheless, bitcoin can be put into a regular wallet. Let's figure it out
We accept payment in Bitcoin: Part five, there are nuances
I've already covered most of what you'll need to implement a gateway to accept bitcoin payments. But, as always, in real life there are nuances...
