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Ren (REN) cryptocurrency: How it works and where to buy it

Learn more about what Ren does, why the REN token is useful and where to buy it.

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Where to buy REN Find REN exchanges

The REN token is the native token of the Ren project.

The Ren project is an open protocol for blockchain interoperability. It aims to facilitate cross-chain decentralised finance applications. For example, you can use REN to migrate Bitcoin to the Ethereum blockchain for use in DeFi apps.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Cryptocurrency REN
Total supply 1 billion
Inflation None
Network ERC20
Purpose To guarantee behaviour of Ren nodes

What is DeFi? Read the beginner’s guide

How does the Ren project work?

The Ren network is built around the Ren virtual machine, RenVM. The RenVM is a network of computers called Darknodes, which contribute network bandwidth, computational power and storage capacity to the network as a whole.

This network is what brings private, permissionless cross-chain functionality to DeFi applications.

For example, it lets people migrate Bitcoin and Zcash to the Ethereum network, for use in Ethereum-based applications. These migrated cryptocurrencies would then be known as RenBTC and RenZEC respectively.

Like other self-sufficient blockchains, the RenVM network is intended to be trustless, decentralised and immutable. It accomplishes this through the use of a modified version of the Tendermint consensus algorithm.

Additionally, it has a strong focus on privacy, which is achieved through a unique secure multiparty computation algorithm, which Ren designed specifically for use on its network.

What does the REN cryptocurrency do?

The REN cryptocurrency is the native token of the Ren project. It secures the RenVM.

Darknode operators are required to hold 100,000 REN as a good behaviour bond for as long as they operate a Darknode, similar to how other blockchains use proof of stake tokens to help ensure good behaviour by nodes and a reliable network.

Because there is no issuance schedule for REN tokens, there can never be more than 10,000 Darknodes.

The sole purpose of the REN token is to be held by Darknodes to guarantee their behaviour.

Their incentive for running a Darknode is to be paid by the network’s users. Payment is made in the cryptocurrencies being deployed on the network. For example, when someone uses Ren to turn BTC into RenBTC, they would pay for the service with BTC, which is distributed among the nodes.

How to buy REN

Here’s a step-by-step guide to one way of buying REN. Note that there might be other options available, so you may want to compare cryptocurrency exchanges to find the one that’s right for you.

Where to buy REN

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bank transfer,POLi
NZD

104
cryptocurrencies

Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 40+ more

262
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
AdvCash,Cryptocurrency,Payeer,Perfect Money,Capitalist
USD, RUB

1427
cryptocurrencies

Pay in USD, RUB or trade crypto to crypto at this Russian-based cryptocurrency exchange with hundreds of coins listed.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
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Compare up to 4 providers

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