Republic Token

What is REN and how Does It Work?

Ren is an open protocol that helps to facilitate the movement of value across blockchains, contributing to the decentralized finance (DeFi) sector's interoperability. RenVM, its primary offering, creates an environment that eases asset transfer across various blockchains. For interplay, RenVM utilizes custodians, nodes tasked with managing assets on several blockchains. RenVM facilitates the minting and burning of tokens on different blockchains such as Bitcoin and Ethereum, promoting cross-chain transactions. This is made possible through a cryptographic process known as "seamless multi-party computation" (sMPC), which aids in distributing private key management among the nodes.

Ren also introduces a decentralized application (dApp) named RenBridge, developed to enable asset transfer between Ethereum and RenVM. Designed for seamless integration with Ethereum-based decentralized exchanges, RenBridge eases the token swapping process. RenVM is supported by its native token REN, which has broad utility, including staking, protocol governance participation, and functioning as collateral. Ren, with its roots tracing back to Singapore from 2017, continues to focus on improving RenVM's features and building relationships within the DeFi sector, with Ren envisioned as a vital element for cross-chain interoperability within the decentralized finance ecosystem.

The Vision and Mission Behind REN

The REN token is a critical component of the Ren Open Protocol, required for the payment of operational fees associated with running a Darknode. Darknodes augment the computational capacity of the RENVM, a decentralized custody solution within the network. The token abides by the ERC-20 standard, allowing it to integrate seamlessly with Ethereum-based infrastructures. As a token holder, you have the option to use your REN tokens to operate a Darknode or allocate your tokens to active nodes. A certain amount of REN tokens is necessary to circumvent network strain and uphold consistent operation. The Ren Open Protocol aims to enhance compatibility and flexibility between different blockchain platforms, thus simplifying the transfer of tokens across different blockchains.

How to Buy and Store REN?

To purchase REN, Flooz.xyz offers a streamlined process that provides a one-stop solution for buying this token. With a smooth checkout and support for all payment methods, Flooz.xyz makes it easy for traders to acquire REN without the need to own a wallet. But that's not all. Using Flooz self-custodial web wallet, you can take advantage of seamless CAST transactions, including storing, sending, and receiving REN tokens. Creating a self-custodial wallet is a breeze, simply using your email, Google, or Apple ID. This ensures that you have access to your funds at all times, thanks to the power of cryptography. In addition to its user-friendly interface, Flooz.xyz stands out with its aggregation of over 50+ providers, ensuring the fastest and cheapest payment routes for your REN trades. It's no wonder that over 85,000 active traders have chosen Flooz.xyz for their cryptocurrency needs.

REN Metrics:

• Current price: $0.0435

• Market cap: $43.57 M

• All-time high: $1.8 (Feb 20, 2021)

• All-time low: $0.02 (Feb 25, 2019)

• Daily trading volume: $1.92 k