How to Buy Ren | Where, How and Why<! -- End of the Reviewed by section -->
The Ren protocol, formerly known as Republic Protocol, is designed to provide interoperability by allowing a global peer-to-peer (P2P) transfer of certain crypto assets across different blockchains. REN is an Ethereum token that powers the Ren protocol, allowing for rapid communication and contract execution.
As decentralized finance initiatives gain traction, Ren’s emphasis on scalability and faster transfers has prompted many investors to add the coin to their portfolio.
Read on for our ultimate guide on the Ren protocol and the REN token and learn how to buy Ren in a few simple steps.
Let’s jump right in!
What Is Ren
Ren is software that incentivizes a worldwide peer-to-peer (P2P) transfer of new and existing assets across several blockchains. In so doing, Ren uses advanced cryptography and algorithms, eliminating the use of intermediate steps, such as “wrapped” versions of tokens.
With Ren, users can lock bitcoins (or other assets) into the Ren software and mint the ERC-20 equivalent tokens RenBTC, etc., in a 1:1 ratio on Ethereum. Bitcoin owners might utilize Ren to gain access to Ethereum’s suite of decentralized finance (DeFi) tools without selling their bitcoins or moving their assets between blockchains. Using these Ethereum tokens, users can potentially engage in Ethereum’s DeFi ecosystem, including lending and borrowing platforms like Compound or Aave. The user’s bitcoins would remain locked in the Ren software during this process. If users want to unlock their funds, they need to pay nodes in the REN cryptocurrency to maintain and operate the network.
What Is RenVM
RenVM is Ren’s virtual machine that uses a decentralized network to perform secret computations without revealing the underlying data. It operates as a trustless cryptocurrency custodian, with each RenBTC token backed by an equivalent quantity of BTC tokens held in the RenVM. RenVM employs cutting-edge technology to expedite trades while protecting traders’ privacy in the following ways:
Shamir’s Secret Sharing: A cryptographic principle that divides secret data into portions held by various individuals. This technique is used by REN to conceal private keys in the RenVM network, which also protects them from Darknodes.
Secure Multiparty Computation (sMPC): An algorithm that allows developers to run their code without revealing the inputs or results. sMPC opens up a world of possibilities for sharing data privately between competing parties so they can cooperate and gain mutually beneficial insights from that data. It provides a solution to the rising issue of data collecting and privacy.
Byzantine Fault Tolerance (BFT): An algorithm that allows the Ren network to continue running even if some nodes fail. It helps reduce system failures and erroneous transactions, thereby increasing the blockchain’s overall reliability.
Hyperdrive: RenVM’s consensus method, which helps securely process transactions with a high speed of 20 confirmations in five minutes. It operates on the concepts of a high-speed, low-latency gossip protocol, providing massive scalability for cross-chain interactions.
How Does Ren Work
The Ren protocol manages and executes its sophisticated processes through the RenVM, powered by a decentralized network of machines called “Darknodes.” These machines contribute their computing power and storage space to the virtual machine in exchange for fees, enabling the movement of cryptocurrencies across blockchains. Ren’s virtual machine uses zkSnarks, a cryptographic approach used by Zcash to protect transactions and the Shamir Secret Sharing Scheme, which fragments commands to hide information from nodes.
According to the Ren developers, this architecture lets anyone who has access to Ren finance an application on any blockchain without revealing information about themselves or their transaction.
A network of computers known as DarkNodes looks after the Ren virtual machine. Anyone may run a DarkNode as long as they have a specific number of REN tokens locked up in smart contracts. Ren DarkNodes support the RenVM by supplying bandwidth, processing power, and storage capacity to the network, thereby allowing users to transfer crypto-assets between blockchains. DarkNode operators receive incentives in the form of REN tokens for assisting in network maintenance.
What Is RenBridge
RenBridge is a new decentralized application (DApp) that lets anyone mint BTC, BCH, ZEC, etc., on Ethereum as ERC20 tokens (RenBTC, RenBCH, and RenZEC). The RenVM takes tokens on one chain and generates new tokens representing the original ones on another chain via its RenBridge, thereby facilitating the transfer of assets between blockchains.
For example, a user can transfer bitcoins to the RenVM, which will then generate a new Ethereum token called RenBTC that represents the original bitcoins. RenVM stores the original funds, allowing users to reverse the operation when they want to get their bitcoins back.
RenVM allows users to convert Bitcoin, Bitcoin Cash, and Zcash to Ethereum. Since the release of RenVM in May 2020, over $1.2 billion in assets have been swapped. Ren aims to add more coins and blockchains in the future to connect the entire crypto space.
Taiyang Zhang (CEO) and Loong Wang are co-founders of Ren. Ren protocol was initially launched in January 2018 under the name Republic Protocol, with Zhang outlining its initial use case as a “decentralized dark pool.” Zhang and Wang’s primary goal was to make OTC cryptocurrency trading decentralized trustless and develop a system allowing various cryptocurrency blockchains to connect.
Zhang has prior expertise in cryptocurrencies and is the co-founder of the cryptocurrency hedge fund Virgil Capital. Before that, in 2014, Zhang co-founded Neucode, a software and web development firm.
Wang has vast expertise in writing distributed database systems and has even established his coding language for blockchain-like technology.
What Makes Ren Unique
Ren is a sophisticated platform with several use cases, but it’s ultimately designed to eliminate entrance and funding constraints for DeFi initiatives. It allows DeFi projects to add foreign cryptocurrency assets such as Bitcoin (BTC) and Zcash (ZEC) to their services as a plug-in. Users can effectively exchange any token between any two blockchains without the need for intermediary steps like using so-called “wrapped” versions of tokens such as Wrapped Bitcoin (WBTC) and Wrapped Ethereum (WETH).
Ren charges various fees for internal operations, most of which are paid to miners.
How Secure Is the Ren Network
RenVM uses BFT, Byzantine fault-tolerant technology that enables ECDSA threshold key creation and signature using secure multi-party computing (sMPC). This lets RenVM securely handle (ECDSA) private keys on various blockchains, allowing tokens to be transferred across them (i.e., interoperability). The network is now in the sub-zero phase of its decentralization journey.
The BFT consensus mechanism ensures that even if there are malicious nodes in the network, it can still run smoothly. This means that in RenVM’s protocol, they can still reach a consensus with at least two-thirds of all honest nodes in the network. This protects the system from malicious nodes that may be misleading the network.
Many variables impact the REN price, including market sentiment, project announcements and advancements, the flow of cryptocurrencies on exchanges, and the economy in general.
As the RenVM use increases, more users will be motivated to run nodes. This will increase the demand for REN bonding, pushing up the price and market capitalization.
REN is presently ranked #225 on CoinStats: with a maximum supply of 1 billion coins and a current market value of $302.5 million. Check the REN current price, market cap, circulating supply, trading volume, historical statistics, etc., along with in-depth information on several of the biggest and fastest-growing cryptocurrencies on CoinStats crypto portfolio tracker, one of the best crypto platforms around.
How to Buy REN
REN is a freely tradeable token supported by several major cryptocurrency exchanges, including Binance and Huobi Global. You can use several payment methods such as cryptocurrency, fiat currency, and stablecoins to buy, sell, and trade REN coins.
Follow our step-by-step guide below to get started:
Step #1: Choose an Exchange
REN is available on many cryptocurrency exchanges. You’ll have to compare them to choose the one that supports Ren and has the features you want, such as lower fees, an easy-to-use platform, and 24-hour customer support. To save your time, we’ve examined and compiled a list of the top exchanges that support the REN coin and let you purchase the Ren (REN) cryptocurrency with a credit and debit card, or Bitcoin (BTC).
Uphold, a leading US exchange is an innovative trading platform that supports various cryptocurrencies, including Ren (REN). The platform stands out for its simplicity, unique features, and the company’s credibility. It’s a popular option, especially for beginners wanting to buy REN tokens. Uphold provides a user-friendly desktop and mobile app. The trading view is customizable with your most-traded assets and has an easy-to-navigate, modern feel on both desktop and mobile.
Residents of the United Kingdom and Europe are not permitted on this platform.
Huobi Global provides crypto-to-crypto trading with a wide range of supported assets and marginal trading costs. The platform facilitates limit, stop, and trigger orders, as well as margin and futures trading suitable for active traders and institutional investors. OTC trade desks, derivatives, and specialized trading tools are available to institutional traders. It’s easy to buy and sell REN coins on this platform. Additionally, Huobi Global allows users to earn interest by staking cryptocurrency in exchange for free crypto airdrops. Huobi Global supports over 350 cryptocurrencies, with more being added daily.
Residents of the United States and Japan are not permitted on this platform.
Coinbase is the largest crypto company to date to go public on NASDAQ. It’s one of the most popular exchanges in the US and allows clients from over 100 countries, including Australia, Canada, Singapore, and the United Kingdom. Over 70 million customers have been made transactions for over 460 billion dollars in volume on Coinbase. Coinbase’s top priority is security, with 98% of customer funds maintained in safe offline storage. The platform is easy to use and available on PC, Android, and iOS, with trading options in over 140 cryptocurrencies for buying the REN coins.
This exchange presently accepts residents of the United States, except Hawaii.
Step #2: Create an Online Account
After you’ve decided on a reliable exchange, the next step is to open a trading account to buy or sell REN. The requirements differ depending on the platform you pick. Personal information such as your name, contact number, email address, home address, social security number, and a copy of your driver’s license, passport, or government-issued ID will be required in most transactions. You must give this information to be authenticated and start trading.
Step #3: Fund Your Account
After verifying your account, you must deposit funds for buying REN coins and other cryptocurrencies. You can use a credit or debit card, wire transfer, or crypto from a cryptocurrency wallet to buy REN. The payment method you use to buy REN coins will be determined by the platform, location, and preferences.
Step #4: Make Your Purchase
You must first place a Buy REN order with the broker and wait for a response. You can place many types of orders, just as in stock trading. Below are the two most common orders:
Market orders: A market order tells your broker that you want to purchase REN immediately at the current market rate. Market orders don’t provide you with much control over the price you spend per coin, and you may wind up paying a rate that differs from the one displayed on the exchange.
Limit orders: Limit orders indicate that you want to buy REN at or below a certain price point. Your broker will ask you for the number of tokens you want to acquire and the maximum price you’re ready to pay for each token once you’ve placed an order. The tokens will only appear in your wallet if your broker fulfills your order at or below your requested pricing. The broker may cancel your order at the end of the day if the price increases over your limit.
Step #5: Setup a Wallet (Optional)
Once you’ve completed your REN purchase, the next step is to select a REN wallet to store your coins securely. They can be stored in your brokerage exchange wallet; however, in this case, they’ll be exposed to hacking. We highly recommend creating a private wallet with your own set of keys. Depending on your investing preferences, you might choose between software and hardware wallets, the latter being a more secure choice.
How to Buy REN on CoinStats
Sign up for a free CoinStats trading account to invest in cryptocurrencies, including buying REN quickly with your credit or debit card. To purchase REN using the CoinStats app, follow the instructions outlined below:
1. Create an account with CoinStats by signing up with your email address or logging in using Coinbase; you can also enable SSO.
2. Verify your account. To comply with KYC norms, you must provide a national ID to validate your identity (and improve account security).
3. Sign in with your credentials, then type REN on the search bar, and click on the REN token.
4. You can see the REN protocol price and place your order for buying REN. CoinStats will provide you with two options in response to your query: Buy REN or Sell REN. Select Buy REN from the menu and enter the amount of REN you want to buy.
If you wish to buy REN directly from one of the connected cryptocurrency exchanges, choose the exchange. Alternatively, you can buy REN in fiat currency by using the ‘Buy with Fiat’ feature on the top of the page.
5. Select your desired payment method from the three options and buy REN. If you want to keep your newly acquired coins for more than a month, make sure to move them to a safe wallet as soon as possible.
Best REN Wallets for Security
REN is an ERC20 token, so you can store it in any Ethereum-compatible wallet or visit the official REN website https://renproject.io/ for a list of suggested wallets. You should pick a wallet based on how much REN you have and what you want to do with it. We distinguish between Software Wallets (Hot Wallets) and Hardware Wallets (Cold Wallets). Hardware wallets or cold wallets, like Trezor or Ledger, are the most reliable options, as they come with safe offline storage and backup features. These are more suitable for experienced users who own large amounts of REN tokens. Software wallets are user-friendly and free to use. Therefore, they store your keys online and are less secure than hardware wallets, but their ease of use makes them an ideal choice for newbies with a few tokens. Now, let’s look into various types of wallets.
The CoolWallet S is a one-of-a-kind cryptocurrency wallet that supports all ERC-20 tokens (including REN), Bitcoin, Ethereum, Litecoin, etc. With its simple platform and elegant design, the CoolWallet S lets you efficiently manage and track your cryptocurrencies on the move. The CoolWallet S gadget is the size of a credit card, and you may use its Bluetooth-compatible software to transfer your coins to your wallet.
In addition to simplicity, the CoolWallet S offers greater security than most conventional wallets. The wallet employs US Military-grade CC EAL5+ Secure Element chips and encrypted Bluetooth communications to guarantee that only you have access to your tokens.
Ledger is an encrypted hardware wallet that utilizes cutting-edge encryption techniques to protect your funds from complex network assaults and even simple phishing schemes. Users can also retrieve funds using a mnemonic seed phrase if their wallet is lost, damaged, or corrupted.
MetaMask is a collaborative open-source project, widely regarded as one of the best Ethereum-based software wallet choices. MetaMask’s wallet supports Ethereum and all ERC-20 tokens, allowing you to store REN, Chainlink, and other Ethereum-based projects on the same device.
MetaMask even has its native exchange and swap platform; simply go to their official website to connect with various decentralized exchanges, then send your tokens to your MetaMask wallet. The MetaMask wallet is available for free download and use. If you opt to use it, make sure to download it from the official MetaMask website since some bogus URLs have been discovered aiming to mislead investors.
Is REN a Good Investment
With the launch of RenVM capturing the rising demand for cross-chain liquidity, the Ren protocol is set to take the lead in the DeFi revolution. Ren’s trustless and decentralized nature enables it to stand out from competitors like THORChain, Efinity, and BandChain. Furthermore, Ren consists of a network of nodes that employ advanced technical algorithms for maximum security.
Ren has seen frequent developments and integrations, and although there are only a few cryptocurrencies and blockchains currently supported, more are planned for the future. Ren has the potential to become the link that ultimately connects the entire crypto sector.
The Ren platform’s success is likely to be incremental. As more people become active in the crypto world, the need for a private peer-to-peer facility to trade any token will grow. If you are a long-term investor looking to create future value, now might be a good moment to buy some REN before the coin’s price climbs.
With the launch of RenVM, which captures the growing need for cross-chain liquidity, the Ren protocol is set to take the lead in the DeFi revolution. Ren distinguishes itself from competitors such as THORChain, Efinity, and BandChain because of its trustless and decentralized nature. Ren consists of a network of nodes that use advanced technical algorithms to provide utmost security.
Ren has gone through developments and integrations, and although it only supports a few cryptocurrencies and blockchains currently, more are planned for the future. Ren has the potential to realize the ultimate connection of the entire crypto sector soon.
Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any security, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.
Cryptocurrency is a highly volatile market, do your independent research and only invest what you can afford to lose. Performance is unpredictable, and the past performance of REN is no guarantee of its future performance.
There are significant risks involved in trading CFDs, stocks, and cryptocurrencies. You should consider your own circumstances and take the time to explore all your options before making any investment.