Ren (REN) is a cryptocurrency made by Taiyang Zhang in 2018. It is an open protocol that provides access to inter-blockchain liquidity for all decentralized applications.
The Ren protocol is working to do this by enabling the free movement and private transfer of value between all blockchains. In doing this, Ren hopes to create a private and interoperable world of decentralized finance. If successful, the project could unlock new liquidity and resources that are needed to power the open finance movement. Even more, Ren can potentially make all decentralized applications run in secret, preserving the privacy of all users and data.
Ren’s protocol is powered by the trustless and decentralized Ren virtual machine (RenVM), which reportedly enables the transfer of any token between any blockchain while maintaining privacy. For many decentralized financial applications, interoperability and trustless privacy are fundamental pieces of the puzzle that are still missing. According to Ren’s website, the RenVM provides decentralized finance applications and existing smart contracts with the solution to these fundamental pieces. Any project or dapp that integrates with RenVM will purportedly benefit from cross-chain liquidity, interoperability, and privacy.
The Ren token is an Ethereum based, ERC-20 utility token that provides liquidity to the Ren protocol via a proof-of-stake consensus algorithm. REN secures the network since it is required for staking by any person or entity who want to operate a Darknode. As for Ren (REN) tokens, the total supply is 1,000,000,000 REN, and the circulating supply 795,594,931 REN. The Ren project conducted a successful ICO in February 2018 where they raised $34.3 million and sold 60.2% (602 million) of the tokens.