Review on Ren by francis fernandez
REN: a multifunctional platform for comprehensive use
Ren is a token mode cryptoactive that operates on the Ethereum blockchain that works under an open protocol to allow interaction between several blockchains in financial operations that include the exchange of different digital currencies.
The mission of this virtual currency is to facilitate interoperability between networks for the creation and operation of decentralized finance applications.
REN is the native token of the platform.
What is REN's technology based on?
REN's technology consists of the use of a Ren virtual machine (RenVM), made up of a network of servers called Darknodes that guarantee computing power, bandwidth and its storage capacity to the entire ecosystem.
This integration is what facilitates interoperability or unrestricted cross-chain to decentralized finance applications. Thanks to this compatibility it is possible to create cryptocurrencies such as RenBTC and RenZEC as a result of the migration of digital currencies such as BTC and Zcash to the Ethereum blockchain.
Regarding the consensus protocol; Ren employs the Tendermint algorithm which gives the blockchain decentralization, autonomy, and immutability.
It also has a protocol that contributes to your privacy known as the unique secure multipart calculation algorithm.
The Ren coin uses a consensus mechanism based on the good behavior of Darknode traders; which must maintain 100,000REN as a sign of good behavior while working in a Darknode.
The purpose of the REN token is to guarantee the good behavior of the Darknodes through its holding.
Where to buy the cryptocurrency?
REN tokens can be purchased at exchanges such as CoinSpot, Binance, among others. The purchase process consists of three basic steps: select the exchange, make a deposit or transfer of funds and buy REN.
Pros
- It allows the exchange of crypto assets between various blockchains.
- Serves as a platform for financial trading through the use and creation of decentralized financial applications.
- It is based on an open protocol that allows any person or programmer to access its infrastructure as a collaborator.
- Facilitates financial exchange worldwide without restrictions.
Cons
- It is a digital asset subject to the risk of volatility in the crypto market
