I wondered what REN and RenVM where. This is due to the anonymous transactions via a dark pool. So we will discuss why this brings privacy and DEFI together.
You know that I am discussing many issues that have to do with privacy. I have opted expressly for this, because privacy is a human right in every aspect. A lot of our privacy is being abused because privacy is very vulnerable in the digital age.
we will discuss:
- What is REN?
- A litte history about Ren
- What are dynamic costs?
- What is RenVM
- What kinda problem does RenVM solves?
- What can be build with RenVM?
- Final thoughts
What is REN?
REN tokens are ERC20 utility tokens and it is the native token of the RenVM. The value of the REN tokens is derived from trade costs and bonds. The costs are paid by the traders to dark nodes so they will process the orders. And obligations are submitted by the traders and dark nodes to be able to use the network. This means that the allowances and payments are linked to each other.
The DEFI project Ren wants to bring privacy and interoperable liquidity between all blockchains. Ren makes it possible to transfer tokens and coins between each other quickly, cheaply and easily. Much has changed in the time that Ren started developing. Ren wants to create interoperability in order to make DEFI projects more accessible. They also want to remove liquidity barriers between blockchains.
The website states the following about what the team behind Ren wants to accomplish:
Its about privacy and solving: “For many decentralized applications, especially decentralized finance, privacy and interoperability solutions are fundamental pieces of the puzzle that are still missing.”
- had a ICO: Yes
- ICO Token Price: 1 REN = 0.05714 USD (0.00005814 ETH)
- Fundraising Goal: 34,400,000 USD (35,000 ETH)
- Whitepaper: Yes https://republicprotocol.github.io/whitepaper/republic-whitepaper.pdf
- max supply: 1.000.000.000
- Role of the token: Utility
- Team: DEV team
- About the DEVS: https://renproject.io/about
- Open source: Yes
- This is a good in-depth review of REN: https://crushcrypto.com/republic-protocol-ico-review/#tab-con-3
A little history about Ren
Ren which was first known as Republic Protocol. During the ICO, $ 34 million was raised in the year 2018.
Ren has been rebranded since 2019. And they have started to focus on making the protocol called RenVM this protocol was released in May 2020.
Ren is currently led by Taiyang Zhang (CEO) and Loong Wang (CTO). But there is still a large team behind these men.
What are dynamic costs?
Each user must pay a fee of at least 0.1% in fees for moving tokens across the blockchain to increase the fee in steps or pay 0.01% to give Darknodes the incentive to prioritize your transaction. This is better explained in the image below:
What is RenVM
The RenVM is a network with SDk and not an application or a product. With this network, developers can add so-called multi-chain functionality to existing applications. RenVM offers a multi-party calculation algorithm that ensures privacy and interoperability solutions and can be scaled up. And this seems to be the only way that allows private calculations over multiple entrances and parties.
This SDk is designed to trade a very large amount of crypto assets between BTC / ETH, BTC / ERC20 and ETH / ERC20 pairs on decentralized dark pools. This means that the orders are executed in the secret order book. The intention is that two parties, for example A and B, can be brought together without knowing what the quantity of the order is, what is being traded and who the parties are. REN can be used in different ways. But mainly used to make DEFI easier and more accessible.
It will be possible for DEFI projects to add cryptocurrencies such as Bitcoin (BTC) and Zcash (ZEC) to their offer. Now these projects can switch any token between different blockchains. without doing concessions or intermediate steps. As an example, you can think of wrapped versions of coins and token, such as Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH). So you have access to different blockchains, this works via smart contracts. without having to worry about taking out and packing coins and tokens.
RenVM is simply a chain of virtual computers that form a whole. The dark nodes that provide power to the network.
What kinda problem does RenVM solves?
RenVM keeps the data you share with it secret. You can use RemVM for many different decentralized projects. And then he should mainly think of decentralized finance, privacy and interoperability solutions that the RemVM solves.
Privacy and interoperability are absolutely necessary to make decentralized applications a success. The RenVM ensures that dark pools, DEXs and DEFI are privacy-perpetuated and interoperable.
according to the site the following is solved:
For many decentralized applications, especially decentralized finance, privacy and interoperability tsolutions are fundamental pieces of the puzzle that are still missing.
Confidential privacy and interoperability are absolutely necessary to realize truly decentralized applications that are safe, usable and fluid. Dark pools, DEXs, leverage, lending, collateral, transfer of digital assets and many other use cases are now made private, interoperable and practical via RenVM.
What can be build with RenVM?
RenVM is a plug-in for decentralized financing. That is why every DEFI application can use the RenVM for their applications and smart contracts.
RenVM serves as a plug-in for decentralized financing and therefore every DeFi application can incorporate the capabilities of RenVM into their applications and existing smart contracts.
Different DEX’s, wallets and projects have intergrated RenVM for example:
- Kyber Network
There are anonymous transactions via a dark pool. We have the RenVM that is no application or product, its a network. The RenVM is a protocol that is designed to trade a very large amount of crypto assets between BTC / ETH, BTC / ERC20 and ETH / ERC20 pairs on decentralized dark pools.
Ren is a project that I follow with great enthusiasm. Especially because RenVM provides a privacy solution that can be used for DEFI projects. DEFI will only get bigger in the coming years. Major movements are therefore needed to resolve privacy and interoperability before there is more adoption for DEFI.
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I'm not giving any financial advice, this is just a blog for more information. If you have any qeustions or feedback please feel free to address me in the comments.
All copyrights go to the Renproject if they aren’t mine.
A few easy steps to keep your crypto safe:
- Never give someone your 12 / 24 passphrase!
- Never give someone your private keys!
- Not your keys not your coins!
- Just don't send any coins to strangers that ask for coins to double your investment!
- Don't use a centralized exchange as a wallet!
- Don't use centralized exchanges if this is not required!
- If you send your coins or tokens think twice before doing so!