What is Ren (REN)? Details of how Ren . works

Over the past few years, the development of the increasingly large electronic market has led to the birth of many blockchains. But the question is whether the blockchains born can really interact with each other really well. So Lace was born to solve interoperability between blockchains. So Lace How it works, its function, let’s go to learn more about this project.

What is Ren?

Ren is a secure virtual computer network that provides interoperability for decentralized applications, enabling cross-chain lending, exchanges, mortgages, and more.

The project launched the Mainnet in May 2020 and allows the conversion of BTC, Bitcoin Cash and Zcash to the ERC 20 network through the Wrapped and Ren Virtual Machine (RenVM) mechanism.

Project Functions

Ren focuses on interoperability between blockchains. Ren’s biggest application is RenVM.

RenVM is a network operated by decentralized virtual machines. These virtual machines are called Darknodes, and they work together to provide power, contribute bandwidth, and make the network more secure.

Darknodes will receive a portion of the trading volume of tokens on the Ren Protocol platform as an incentive to contribute resources to them on RenVM.

Similar projects

Wrapped Bitcoin (WBTC) Project. Wrapped Bitcoin is a fairly new innovation that effectively brings BTC to the Ethereum Blockchain

So what is the advantage for Ren to compete?

  • With the Ren protocol, users are not required to go through a KYC process to swap bitcoins for yuan. On the other hand, BitGo, the centralized custodian service provider behind Wrapped Bitcoin (WBTC) requires users who want to wrap their bitcoins in WBTC to go through a KYC process.
  • BitGo holds the private keys of bitcoin wallets, and that automatically makes them the central point of failure. In contrast to REN, bitcoin is held in a decentralized network of Darknodes within the Ren protocol and that reduces the risk of becoming a central point of failure.
  • Users must fully trust BitGo to store their bitcoins securely and respect users’ exchange requests. Compared to the Ren protocol, users don’t have to worry about that because there is no authority to prevent users from mining or exchanging their bitcoins.

Project highlights

Digital currency Lace offers many outstanding advantages. Lace integrates with other blockchains for privacy and interoperability. By doing so, it improves on new and existing DEX applications, DeFi applications, and dApps.

  • Interoperability integrates natively with new and existing smart contracts written on any blockchain.
  • Interoperability can work in the absence of information. For example, using ZCash in an Ethereum smart contract will not require that the knowing properties of ZCash have been compromised.
  • Interoperability is simple and non-abstract for the user. Users do not need to use special wallets or special transactions. For example, users who trade Bitcoin on the Ethereum DEX will never need to do anything but transfer Bitcoins on the Bitcoin blockchain itself.
  • It helps to secure high volume transactions. Confidential, never reveal their input, output or state. These scripts can also respond to events on different blockchains and send transactions to different blockchains.

How does REN work?

Basically, Lace provides an open source protocol for building a decentralized network of nodes to match the orders of buyers and sellers without revealing information. This is okay Lace This is done by splitting orders into multiple cryptographic chunks, and then distributing them across the network. Without revealing market intent, the nodes work to combine pieces of code and then match the orders built together. When a match is found, an atomic exchange is initiated between the two traders in a peer-to-peer manner.

Structure of LACE Consists of 3 different floors including:

  • Application Layer: This is the top layer, which is the application of technology of Lace.
  • Core Layers: This is the layer containing Ren’s core layers, including:
    • Zero-Knowledge Transaction Layer: This layer is capable of storing and transferring tokens between different Blockchain networks without revealing the wallet balance and the amount of tokens traded.
    • Interoperability Layer: This layer is scalable to Zero-Knowledge transactions and can perform trusted swaps between Blockchains in secret.
    • Dark Pool Layer: This is the layer that determines the secret execution of orders. Only the person doing the transaction knows the volume and volume of the transaction (even the exchange does not know).
  • RenVM: RenVM is like an operating system, it uses a combination of secure multilayer algorithm (sMPC) and zkSNARK to allow applications, core layers running on it to ensure confidentiality. RenVM was developed to replace the use of another 3rd party VM. This will lead to more trust in REN’s network.

Roadmap – Development Roadmap

  • 1/2/2018:Republic Protocol (former name of the project) completed fundraising with main investors Polychain and FBG Capital.
  • October 1, 2018:Republic Protocol releases its first mainnet, along with RenEx as the dark pool as the first decentralized application built on top of the protocol.
  • 1/1/2019: Darknodes are released to the public and now anyone can participate in powering the decentralized network.
  • January 18, 2019: Republic Protocol evolves into Ren and expands its scope to provide interoperable and private liquidity.
  • 31/01/2019: Ren partners with BitGo and Kyber to start the WBTC initiative; RenEx becomes a marketer for WBTC.
  • 03/05/2019: Ren partners with Aztec to incorporate their privacy-focused technology into the Ren ecosystem.
  • April 24, 2019: Introducing RenVM
  • May 9, 2019: Upgrade to improve security and sustainability on the Darknode network.
  • 20/05/2019: RenVM is successfully deployed to Devnet
  • 05/08/2019:
    • RenVM successfully deployed on Testnet
    • RenVM SDK released. Allows any developer to bring trustless, decentralized and permissionless interoperability to their DeFi application.
  • October 24, 2019: Ren implements Hyperdrive consensus algorithm to bring fast decentralized consensus to RenVM.
  • 11/06/2019: Successfully deployed RenVM Chaosnet
  • May 27, 2020: RenVM Mainnet SubZero has been successfully deployed
  • RenVM Mainnet Zero deployed successfully
  • RenVM Mainnet One has been deployed successfully

Team – Team

Project development team Lace has quite a bit of experience in software development and financial markets. CEO of Ren – Taiyang Zhang, previously worked as a software engineer and manager at a quantitative investment fund. Besides, Loong Wang joined the project as CTO. Wang was a software developer at Neucode and for many years a researcher at the Australian National University. Wang’s expertise is in distributed computing and high performance.

The group consists of 12 members. Among them, the two most prominent names include:

Taiyang Zhang and Loong Wang

Advisor – Advisor

Project Lace presence of several experienced investors and developers:

  • Dorjee Sun: CEO of Perlin Network
  • Loi Luu: CEO of Kyber Network
  • John Ng Pangilinan: Partner of Signum Capital
  • Bohhakar Reddy: Accell’s Investor and Partner
  • Anup Malani: An economist at the University of Chicago

Partner – Partner

Project cooperation with very big names like Alameda Research, 1Inch… Hope in the future Lace will be invested and developed further by big companies.

Investor – Investor

The investor team has the presence of many well-known names in the field such as: Polychain Capital, Signum Capital, HyperChain Capital, Huobi Capital, Binary Financial… to help the project go faster and we are somewhat more assured about the project. project.

Token

Basic information

  • Token Name: Ren Token
  • Ticker: REN
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Contract: 0x408e41876cccdc0f92210600ef50372656052a38
  • Token type: Utility
  • Total Supply: 1000,000,000 REN
  • Circulating Supply: 881,153,018 REN

Token Allocation

  • Private Sale: 56.6%
  • Public Sale: 8.6%
  • Reserve Fund: 19.9%
  • Development team and team of advisors: 9.9%
  • Community and development partners: 5%

Current Ren Token Rate

Where to buy and sell Ren

People can buy REN from centralized and decentralized exchanges like Uniswap, Coinbase, and OKEx.

Conclude

Lace is carrying a great potential plus a good team that can adjust the direction of development well. I hope you have somewhat understood the project.

Above is all the information that GTA Research team has researched about the project Lace and is not investment advice. Hope this article will help you get the necessary information and give your personal opinion about the project.

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