Review on Ren by Japheth Ayuba
Cross-chain exchange for major crypto asset
The Ren Project is basically an Open protocol that offers a Decentralized Exchange platform which supports Cross-chain assets. Being a protocol hosted on the Ethereum Blockchain, Ren has integrated other blockchains for their Cross-chain exchange. This blockchains include Bitcoin, Bitcoin Cash, Zcash and Ethereum (along with ERC-20 tokens) with more blockchains to be added in due course. The protocol boasts of processing this exchange in a matter of seconds which are handled by it's Darknodes which converts the currency to it's 1:1 value in Ren, a clear explanation is this; when 1 BTC is sent to the address generated by the Darknodes, the BTC is then converted in a 1:1 ratio to 1 renBTC which has the same value as the BTC exchanged. With this mechanism, there is no Cross-chain counterparty risk associated with its project.
The Ren project has its token which is used for it's operation. The Ren token is an ERC-20 compliant token that has experienced good market value since it's first minting. With the token poising a good ROI of 222.83% since it's ICO in 2018, it still has a good market capitalization and occupies the 54th coinmarket ranking as at the time of writing. The token is tradeable on over 50 reputable exchanges with good liquidity matching the
The Ren project is not decentralized as it may seem though the decentralization plans are underway according to it's developers team but with the exposure of this project to being maliciously tampered, it's best to stay away for now pending till when the total decentralization is
Pros
- Permits Cross-chain exchange of assets of different blockchains such as Bitcoin, Ethereum (and ERC-20 tokens) Bitcoin Cash, Zcash and more to follow
- No Cross-chain counterparty risk
- It's native token Ren is an ERC-20 compliant token which can be held on any ERC-20 supporting Ethereum wallet
- The Ren token is listed on over 50 exchanges
- It's good ROI since it's ICO in 2018 indicates adoption of its token. This coupled with it's large market capitalization and a 54th coinmarket ranking
Cons
- The project isn't decentralized which means it's vulnerable to malicious tampering by it's developers
