November 23, 2022

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Ren Crypto – Is It Really The Next New Big Thing?

Ren Crypto is a platform that attempts to incentivize a worldwide network of users in order to allow anybody to transfer both new and existing assets across multiple blockchains.

Decentralized finance (DeFi) has made traditional financial services like borrowing and lending more accessible than ever before, but DeFi and decentralized apps (DApps) still suffer liquidity and interoperability difficulties. Ren is a protocol for facilitating liquidity and interoperability among blockchain networks.

What Is Ren Crypto?

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The Ren Crypto Protocol is a technology that enables users to access cryptocurrency across several blockchains. It allows users to lock coins like Bitcoin, Bitcoin Cash, and Zcash within the Ren software and mint ERC-20 tokens on Ethereum in a 1:1 ratio. The project’s objective is to provide interoperability by allowing people to transfer their cryptocurrency between different blockchain platforms without any hassle or loss of equity, as well as an increase in transaction transparency through open source code available on GitHub for anyone to view before making any investment decisions.

The Ren Crypto protocol is based on the Ren Virtual Machine (RenVM), which is powered by a distributed network of computers known as “Darknodes.” By exchanging their computational power and storage space for a fee, these devices help the virtual machine transport cryptocurrencies across blockchains.

How Does Ren Work?

Ren Crypto converts the native token to an Eth equivalent, which may then be used on DeFi. Users can accomplish interoperability in this manner by using any native token and a blockchain with smart contracts. REN, for example, may process and mint BTC to create renBTC, which has the same value (ratio) as BTC and can be used on the target blockchain.

The REN cryptocurrency is used to maintain the ecosystem running smoothly. Darknodes’ functionality is enabled by the cryptocurrency. Setting up and operating a node is tough since the nodes are kept in the dark and have no idea what information they’re processing. 100,000 REN tokens are required to run in order to avoid using rogue nodes. The REN network uses a set amount of REN to facilitate the development of DarkNodes, similar to how PoW (Proof of Work) and PoS (Proof of Stake) manage block production through computational power and staking.

What is RenVM?

The renVM is run by a network of what ren refers to as “DarkNodes.” In practice, these are identical to Bitcoin or Ethereum miners in that they engage in the network to improve security and confirm transactions. They are simply called darknodes because the operators cannot see how much bitcoin is converted and verified, or where it is transmitted through their equipment.

Anyone may become a renVM validator, or miner since they employ the proof-of-stake consensus module, but they must first secure 100,000 ren, which is a sizable quantity of money at the present. As a result, centralization is most likely ren’s greatest weakness. And not in the conventional sense, where one business controls all choices, but in the sense that there are only about 2000 darknodes active, with a tiny percentage of them performing the majority of the work.

What Is Ren token?

REN is used as a bond to run a Darknode, which in turn powers the RenVM and other applications. Darknodes receive an order fee from traders in REN.

  • Nodes : To discourage malevolent actors, a Darknode requires 100,000 REN in an Ethereum smart contract. When the Darknode is deregistered, this bond is repaid. Darknodes get paid in BTC, ETH, ZEC, DAI, and ERC-20 tokens.
  • Traders: When traders submit an order, they are charged an order fee in REN. If the order is not matched before it expires, the fee is reimbursed. Fees are divided across nodes that participate in the order’s matching.


RenVM is powered by its native coin, REN. This cryptocurrency is only used for staking purposes. A total of 602 million REN are available. 60.2 percent of these tokens were distributed during the Initial Coin Offering (ICO). Ren reserves received 19.9% of tokens, with the remaining 9.9% divided among the founding members. Users can lock tokens in exchange for Ren-based tokens that are tied to the original token’s value.

Users may now utilize these new tokenized representations to access Ethereum’s dApps and DeFi services. As a result, a BTC holder can lock their currency in exchange for RenBTC tokens. RenBTC is the most popular coin on the network, although RenBTCH, RenZEC, and RenDOGE are all accessible. RenBTC coins may be exchanged into Bitcoin with ease.


REN surged strongly during the bull market of the first half of 2021, maintaining similar stability through 2020. The token increased by 230 percent in three months, from $0.327 on January 1 to $1.08. The token, on the other hand, has plummeted in value during the recent bull run, falling by nearly 62.71 percent from its April 1 high to $0.3992 on June 21, 2021. Despite the fact that the price had risen to $1.38 by the middle of October, the crypto meltdown in the first quarter of 2022 led the price to swing between $0.25 and $0.45.


Loong Wang, a software engineer, and researcher located in Canberra, Australia, and Taiyang Zhang, a software developer based in Singapore, established the Ren network in 2017. The company was once known as Republic Protocol, but it changed its name to Ren in 2019, with Zhang as CEO and Wang as chief technology officer (CTO).

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