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.
|Total supply||1 billion|
|Purpose||To guarantee the behaviour of Ren nodes|
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
More guides on Finder
Compound (COMP): How it works and where to buy it
Learn more about the COMP cryptocurrency in this beginner’s and buyer’s guide.
Balancer (BAL): How it works and where to buy it
Learn more about the BAL cryptocurrency in this beginner’s and buyer’s guide.
Bancor Network (BNT): How it works and where to buy it
Learn more about the BNT cryptocurrency in this beginner’s and buyer’s guide.
KAVA cryptocurrency: How it works and where to buy it
Learn more about the KAVA cryptocurrency in this beginner’s and buyer’s guide.
Thorchain (RUNE): How it works and where to buy it
Learn more about the RUNE cryptocurrency with this beginner’s and buyer’s guide.
YFI cryptocurrency: How it works and where to buy it
Learn more about the YFI cryptocurrency in this beginner’s and buyer’s guide.
What is DeFi? Beginner’s guide to decentralised finance
Confused about DeFi? Find out how it works in this easy-to-read guide.
Finder Cryptocurrency Predictions 2020
Finder’s quarterly survey of fintech leaders for their 2020 price predictions on the top trending cryptocurrency coins.
Hedera Hashgraph (HBAR): Complete guide
Learn more about Hedera Hashgraph and how to buy HBAR in this guide.
Review: Binance cryptocurrency exchange
Read our review for everything you need to know about the Binance cryptocurrency exchange, including its usability, fees, potential security risks and more.
Ask an Expert