What Is Ren?

About Ren (REN)

Ren is an open protocol providing interoperability between blockchains. It has started RenVM, which is a machine mainnet. Back in 2020, it raised $34,000,000 during its ICO. 

The significant goal of the project is to improve the accessibility of DeFi via eliminating a fence to cross-blockchain liquidity. 

REN is the token of the platform. It works as a link for nodes activating RenVM.  

Where did Ren (REN) come from?

Tatiyang Zhang and Loong Wang are authors of Ren. They established it in 2017 and announced it in 2018, whilst talking about “decentralized dark pool”. Ren is good for various use cases, however, initially it’s made to overcome the obstacles of entry and investments for Decentralized Finance companies.

RenVM, which we mentioned before, is a network of computers representing a virtual machine. It's made to power the platform. 

What are the advantages of Ren (REN)?

1. Fee distribution
   
   The charged fees for inner transactions are paid to miners. The gas fees are utilized to power the transactions. 
2. Technology
   
   Ren offers a technology of connecting different blockchains. Users can exchange any asset between any 2 blockchains with no need to take middle steps (like utilizing wrapped tokens). 
3. Experienced team

What are the disadvantages of Ren (REN)?

1. Competition
   
   The ideas of Ren are already used in other projects which creates a competition. There are many crypto concepts on the market, and it’s hard to move on whilst some projects are better invested or popular.  
2. Not well-known
   
   Considering the launch in 2018, Ren’s community is not that big, which makes it hard for the project to promote its ideas and products. 

How to buy Ren (REN)?

In order to purchase a REN token, go to the SimpleSwap homepage. Get acquainted with this guide to buy REN:

1. Let’s assume, you plan to exchange BTC for REN. Select the crypto you wish to exchange (BTC) in the 1st drop-down list. Insert the number you want to swap.
2. Choose REN in the 2nd drop-down list. You will see the estimated amount that you’ll receive after the swap.
3. Click the Exchange button.
4. Enter the Recipient's Address. REN will be sent to this address. Be careful and make sure you use the correct address.
5. Create the exchange.
6. You will see the BTC deposit address. You have to transfer the necessary amount of BTC to this address to start the exchange.

SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.