Review on Ren by Benaiah A. Akinlade
Ren REN: Bringing synchrony across blockchains
REN is the native token of RenVM (Ren Virtual Machine) network which trades in a lot of popular crypto exchanges. RenVM is a secure network of decentralised and trustless virtual machines that enable dApps to interoperate and allows lending across blockchains, crypto exchanges, collaterals, among others. It is a network accompanied by Software Development Kits which developers can use to bring cross-chain functions to their DeFi apps.
The Ren network is powered by Darknodes (network of computers) that give rewards for providing computer power and storage.
The REN token have a supply cap of 1 billion tokens. The token serves as a means of incentive for node operators and also, it is used to pay bonds that allows investors and nodes to be involved in the Dark Pool. The platform uses RenBridge as a means to connect token such as Bitcoin, Zcash and BCH on the Ethereum blockchain through metamask and MyEthereumWallet.
Pros
- The power generated by virtual machines contributes positively to the network bandwidth, computation power, and storage capacity
- RenVM enhances any DeFi app utility by adding assets to the ERC20 ecosystem
- All DeFi apps are able to add RenVM features to their applications and smart contracts.
- There is a reward for node operators on the network
- You can perform inter-blockchain transactions on the network
Cons
- The value of REN is low
