Ren Price - REN Price in USD with Live Chart

What is Ren token?

Ren is a solution provider for the P2P transfer of new and existing crypto assets all across the different blockchains. Using Ren, users can lock their cryptocurrencies and get ether to make a transaction. You can sell your crypto assets without actually selling them. How? 

Basically, Ren will lock your cryptocurrencies and give you ether to trade on their ethereum blockchain. After completing the transaction, you need to buy REN tokens in order to unlock your stored cryptocurrencies. By using this way, you can trade across all cryptocurrencies without worrying about cross-chain transactions.

 

Who are the founders of Ren?

CEO of Ren is Taiyang Zhang. Ren was founded in 2017, actually, and at that time, it was called a republic protocol, but in 2018 Ren was officially announced as a new cryptocurrency project. Taiyang has great experience in the crypto market, and they had founded crypto hedge fund Virgil capital also.
 

What Gives Ren Values?

Ren is designed to handle these overflowing new cryptocurrencies coming every single day. It is a complex platform, but it solves a huge problem of this new crypto world and creates a path to access DeFi projects easily.

REN is an ERC-20 token used to unlock the cryptocurrencies you had locked in exchange for ether. It is allowing foreign blockchain networks and crypto assets to their platform to promote the DeFi projects.

 

How to Buy Ren?

To buy any cryptocurrency, you need to open an account in the crypto exchange. Crypto exchange is a place where cryptocurrencies are trading every day. 

REN is available on many exchanges like Binance, FTX, Huobi global, Bithumb, Kraken, gate.io, Poloniex, Uniswap, OKEx, AOFEX, Probit, Bitrue, etc.

Once your account is ready, you are eligible to trade any cryptocurrency available on your exchange. Deposit the fund and trade whatever you want to. From the withdrawal option, you can get your money back.

 

How does Ren is secured?

Ren's main security component is RenVM. RenVM is a virtual machine that does computation with the help of a decentralized network without disclosing the underlying information. RenVM uses byzantine fault-tolerant protocol to help you generate ECDSA threshold keys and sign via secure multi-party computations to give you the ability not to disclose any underlying information.

 

How many coins are there in circulation?

There are 997,764,051.02 REN in circulation as of  November 2021. If you want to track your coin, you can check out the DigitalCoinPrice website, where you can build and track your portfolio, also; if you want to know more about other coins, you can get detailed information here.

 

How does the Ren work?

Ren exchanges ether for locking your cryptocurrency. Suppose you want to do a transaction with bitcoin in the ethereum blockchain; you can not do that simply. You need to sell your bitcoin and buy and ethereum based tokens in order to use the ethereum blockchain. But this process doesn't make any sense if you need to sell your bitcoin just to make a smaller transaction in the ethereum blockchain. 

That's where the Ren's role comes into play. Ren will give you ether in exchange for locking your existing cryptocurrencies in their wallet, and you can use that ether to do any transaction in the ethereum blockchain. 

Once you get your transaction done, you have to unlock your cryptocurrencies, and you can do that by buying REN token that will be used in the unlocking process of your cryptocurrency.

Using this method, not only your assets are safe, but you can actually manage to do the transaction from a completely different blockchain. 
 

Benefits of Ren

• Cross-chain transaction
• Avoid selling crypto assets
• Reduces transaction complexity
• provides a high-security transaction system
• supports multiple types of wallet
• Supports many crypto assets and exchanges