Review on Ren by Fanuel PORPORTY
Ren ensure private transactions between blockchains through bridges.
Blockchains suffer a lack of interoperability, several projects like Polkadot, Ark are trying to solve the problem. To ensure interoperability, Ren opted for tokenization. Indeed, the protocol ensures the custody of the assets of the users, then creates tokenized versions of these assets, in ERC-20 tokens. Ren, in addition to seeking to resolve interoperability issues, she seeks to make decentralized finance much more accessible to the masses by removing liquidity barriers between differents blockchains.
HOW REN WORKS?
Ren hides quite technology sophisticated and difficult to understand. Among other things, Ren enables decentralized and trustless exchange of cryptocurrencies across blockchains using its central platform, the Ren virtual machine called RenVM. The RenVM uses a network of nodes which exploits the computing power necessary to identify and process the orders between different chains. Orders placed through the nodes are fragmented using software to maintain the anonymity of transactions.
MY OPINION ON THE REN PROJECT
Ren managed to create a protocol that makes cross-chain transactions fast, trustless, and decentralized, making a very interesting project. The development team has worked tirelessly to ensure their protocol works exactly as it should, so as to minimize the technological and cognitive load of users within their system.
Pros
- Ren is an open source protocol
- The REN cryptocurrency is the native token of the Ren project and It secures the RenVM.
Cons
- REN technology is complex for beginners. To understand the value of Ren’s technology, one needs to have a level of understanding of crypto trading, which very few people have, even in the crypto space.
