The web has been disseminating copious information on a dynamic blockchain platform and its usability and security-related features. Time and again the hybrid consensus mechanism of blockchain and various tokens revolving around it has also been in heated discussions. However, very few networks have actually gone into the depth of addressing the interoperability issues that pose various bottlenecks for the trading community. Before we dig into the Ren price prediction, let us have a look at some of the details regarding the coin.

REN Overview

Cryptocurrency Ren
Ticker Symbol REN
Price $0.1738
Price Change 24h +7.99%
Price Change 7d -6.03%
Market cap $145,778,848
Circulating Supply 999,037,500 REN
Trading Volume $25,629,948
All time high $1.83
All time low $0.01548
REN ROI +82.85%

A cryptographic method that has fundamentals of zero-disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction that is authentic and rapid.
Welcome to the decentralized Finance New Avatar – REN!

REN: the Masterminds Behind the Game

It all began with two classmates at Australian National University by name of Taiyang Zhang and Loong Wang decided to work for a novel enterprise post their graduation. Soon their own-founded software company started programming for trading algorithms becoming renowned for the expertise. The first hedge fund Virgil Capital for which Zhang sweated him the break needed.

During this journey, he also witnessed the enormous challenges and bottlenecks the investors faced while trading in cryptocurrencies. He also observed that the core reason for these hurdles was that transactions being public on blockchain also included OTC purchases and that also governed the volatility in prices. A large exchange to wallet misleads the investors while posing trouble in OTC trading. Wealthy investors were the worst hit. So, became the genesis of REN a compulsive origin.

Defining REN: Reliability Encased Network

Zhang decided to have the framework of Ethereum, ETH-20 for REN as an obvious choice because it thought it gave the ultimate solution for the OTC problem: the Republic protocol. Knowing Wang’s experience in coding distributed database technologies including the invention of a coding language for blockchain, Zhang collaborated with him to redress blockchain interoperability issues.

And so in the summer of the year 2017, the Republic Protocol was born intended to devise a protocol for independent crypto-asset blockchains to communicate effectively. Also having on the potential of non-disclosure and complete transparency, REN moved on to become the single open-protocol that facilitated movement in between blockchains.

RENVM: Interoperability Redefined

For understanding REN, it is essential to understand what “Dark Pool” means. As the name justifies the pool means the purchase and dark means anonymous. Investors can get misled in OTC markets by buying a big amount of assets anonymously.

The central platform around which Ren operates is called RENVM i.e. Ren Virtual Machine. All exchanges that happen on Ren across blockchains have a RENVM advantage. The Nodes are empowered by RENVM to calculate, authenticate, and process the cross-chain crypto instructions. These nodes are called “Darknodes”. The entire ecosystem of these works around a scientific algorithm that distributes the orders in small segments so that the nodes are not made aware of the entire amount of transaction. This enhances security especially because RENVM operates on Ethereum and all transactions on processed using ERC-20.

So primarily the token REN has two operations to perform: One, to pay the trading fees for orders made on RENVM, and two, to pay bonds to the “Registrar”, a smart contract that manages Darknodes in the Ren ecosystem. Decentralization gets assured through smart contract and so is stability guaranteed via RENVM. In a contrast to zero-disclosure and being an open-source, RENVM SubZero facilitates transactions entirely in a decentralized and trustless manner eliminating the possibility of any outsiders or middlemen. The crypto assets tokenized via RENVM are renBTC, renBCH, renZEC, etc. and these are also inter-transferable to the actual cryptocurrency BTC, BCH, ZEC, etc.

Additionally, RenVM is so conceptualized that it can be integrated by coders to other blockchains like Tezos. Talking about the advancements made in 2019, Wang had tweeted on Medium stating,” Official name of Republic Protocol is now REN. This shall be a landslide development in the history of REN wherein the entire pivot moves from decentralized darkpools to decentralized interoperability for blockchains.” Further developments included moving from RENVM mainnet, named SubZero to Chaosnet.

The last year was tough, however not for REN. In 2020, REN focused on signing significant alliances, a consortium of DeFi companies, and projects.

REN Partnerships

Jurisdictions around the world are scurrying to put into place legislation and regulations to allow or make it easier for companies to carry out initial coin offerings (ICOs) or token issuances. In essence, REN is not governed by any regulator. It is rather a peer-to-peer community governed computer network made up of users’ machines or “nodes” weathering all monetary recessionary storms.

The Board of REN realized that the mere individual functionality of operation is not sufficient and that growth means spreading the wings. So renowned names like Kyber Network, MATIC, Polychain Capital, and IDEX got added to take the protocol to elevated levels.
These partnerships guaranteed utility, security, and further enhanced RENVM. It would not be an overstatement to say that these alliances brought a constant array of users, investors, and developers to the REN project.

REN Use Cases: Transforming Preaching Into Practice

The entire ecosystem of the REN project is open source. Capitalizing on the plus points of Bitcoin and Ethereum, REN ensures crystal-clear transparency and complete transaction confidentiality in the network. Even though transactions are recorded in the general blockchain, neither the sender nor the recipient and not even the amount transferred is in any way apparent to other users on the network.

The entire framework relies not on zero-disclosure evidence, but on Sub-Zero via RENVM thereby allowing mathematical consistency of the entire transaction procedure which is cross-checked without revealing any data or message on the other party involved in the transaction. Putting the power ultimately in the hands of the user, REN has regular upgrade schedules, which means this protocol is adaptable to meet the varied use cases of today, as well as the unforeseen use cases of tomorrow.

REN can trap fraudulent or spurious transactions by peers wherein a confirmed block is capable of tracing the preceding block. REN is based on cryptographic methods that are reliant on sub-zero-disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction which is cross-checked without revealing any data or message on the other party involved in the transaction. Hence, security obstacles are arrested first. A salient characteristic that stands out in this protocol is that it ensures liquidity and ensuring the lightning-fast speed of transactions on the network.

Hence, the RENVM enables the following functionalities creating a lot of value for both end-users and darknode owners. Some of the few assumptions are given below :

1) An embeddable, universal web wallet

UX: This stands for a universal wallet that you can create for any sort of crypto asset. Here the public and private keys are stored and governed on the REN network. Like any other wallet, this too is accessible with a username, password, and a connection to the Ren network. Upon creation,  investors can reach their funds through an in-page UI component similar to MetaMask, but you wouldn’t need a chrome plugin pre-installed, and it wouldn’t be limited to Ethereum.

Darknode revenue: REN also has made a provision regarding the fee system. Whenever RENVM’s new fee system collects fee moving funds, multiple wallet features are put into place like fast transfers, insta-pick up, etc. apart from darkpool trading.

2) An enhanced DEX

UX: A simplified and user-friendly trading interface UI can be created by developers thereby adding a liquidity pool on RenVM. Giving instructions to RENVM and post-authentication at a fixed price, the funds are swapped by the pool from one RenVM-controlled wallet to another.

Even though this function seems similar as per other centralized exchanges, the difference here is that you are the master of your own funds and the pool is governed by network-controlled compute logic, not a company. Another advantage here is that you can trade in innumerable currencies and all within rapid-fire processing.

Darknode revenue: A unique feature of the RENVM exchange is that it has multitudinous trading benefits, all packed in one. Apart from enabling chapter transaction costs in comparison to other exchanges, RENVM based exchange minimizes the settlement time and offers a plethora of other currencies for inter-credibility. Hence the entire ecosystem of REN goes beyond just conventional OTC but to more traditional spot or margin trading.

REN ICO: Not to Be Out of Sight

REN too like other financial offerings, making headlines for ICOs (Initial Coin Offerings) It started making headway in the year 2018 when it was Republic Protocol. It introduced two offerings: one, which was a private ICO in January raising 28 million USD. The main public ICO staged its performance just a few days later in February 2018 raising a 4.8 million USD.
The main reason for investors to be lured into buying REN was a meagre price of 3 cents per token. You would be surprised it took a supply of more than 1 billion tokens to be sold.

REN Price: Tracing the Historic Footprints

No wonder the history of REN price has been reasonably predictable. As aforesaid, REN ICO to the public that was below 4 cents, made a dazzling debut shooting the price in May 2018 to 13 cents.  However, by winter 2018 the price of REN/USD fell down to 1.5 cents that were just 1/4th of the initial ICO price of REN.

With Bitcoin racing up to become a public choice in 2019, gave momentum to altcoins prices including the price of REN and it touched an all-time high of 15 cents. The impressive rally of REN/USD price continued with marginal corrections before making a difference of 9 cents end of 2019.

As a decentralized finance (DeFi) token, the REN price forecast marked a massive retreat in 1 year. Another major reason was that the sector offered alternative and diversified investment options to Bitcoin and other digital assets. So while some finance assets hit all-time highs, REN/USD price was still struggling.