Review on Ren by erdi yılmaz
Innovative solutions with Ren
REN is a token used as a link to run a Darknode that powers the sMPC network (RenVM). The decentralized Darknode network is unauthorized. However, to avoid spoofing a large number of identities, a 100,000 REN coin bond is required to register and run a Darknode. This prevents malicious actors from running an unlimited number of Darknodes and overwhelming the network with maliciously operating Darknodes.
Users must receive 100,000 RENs for each darknode they register and be ready to link it to an Ethereum smart contract. This amount is refunded after Darknode is unregistered. The Darknodes and their leaders get rewards for contributing to the network.
RenVM, a virtual machine protocol, is defined as a network that enhances interoperability for decentralized applications, enabling cross-chain lending, clearing, collateralization and more.
RenVM provides one of the practical interoperability solutions that are scalable. It is also recognized as the only solution that allows confidential computation across multiple inputs and multiple parties. In fact, RenVM is not a product or application in itself, but a network that allows developers to bring cross-chain functionality to DeFi applications.
RenVM is powered by a network of award-winning machines called Darknodes for contributing to processing power and storage. So RenVM is a network supported by decentralized virtual machines. This virtual machine is replicated on thousands of machines working together to add network bandwidth, computing power, and storage capacity. These machines are known as Darknodes. Darknodes get a share of the volume traded through RenVM.
RenVM brings interoperability to DeFi by enabling unauthorized exchange of value between blockchains. This directly improves the use of DeFi by adding more liquid assets to the Ethereum ecosystem. Regardless of DeFi implementation, RenVM can provide a native cross-chain user experience that allows for seamless and decentralized interoperability for the first time.
I believe REN has a bright future. Especially with the increase in the price of Bitcoin, it can be thought that the REN will also increase in the coming weeks. In particular, the fact that the supply of the REN coin is not very high increases the expectations for a price increase. It can be suitable for medium and long term investments.
Pros
- It gives users the opportunity to win prizes
- Creates a safe environment by taking measures against malicious users
- Provides innovative solutions for defi applications
- Provides liquidity flow to Defi
Cons
- Since Ren is a project that requires experience, not everyone can use it easily
