How to buy Ren (REN)

A beginner's guide to buying and selling REN in UK.

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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.
CryptocurrencyREN
Total supply1 billion
InflationNone
NetworkERC20
PurposeTo guarantee the 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
Kriptomat Cryptocurrency Exchange
Credit card, Neteller, SOFORT, Skrill, SEPA
EUR

198
cryptocurrencies

Buy a large selection of cryptocurrencies instantly via credit card or bank account after registering. Store your crypto conveniently in Kriptomat's multi-currency wallet.
Uphold Digital Money Platform
Bank transfer (ACH)
AED, ARS, AUD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HRK, HUF, ILS, INR, JPY, KES, MXN, NOK, NZD, PHP, PLN, RON, SEK, SGD, USD

49
cryptocurrencies

Buy, send and convert more than 49 currencies at the touch of a button.
BC Bitcoin Cryptocurrency Broker
Credit card, Debit card, Faster Payments (FPS), BACS, Instant SEPA
GBP, EUR

122
cryptocurrencies

BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

41
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
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