Ren, previously known as Republic Protocol, is an open protocol that facilitates interoperability and liquidity between various blockchain-based platforms for different dApps. Integration with the RenVM protocol allows crypto token transfer between any blockchain platform, and DeFi projects can benefit from multi-collateral lending and cross-chain OTC trading. It is also possible to integrate cross-chain assets into the existing DEX, which can be unlocked for a fee.
Launched in May 2020, the RenVM protocol harnesses the power of a decentralized network of machines known as the Ren Virtual Machines. The destinations available are Ethereum and the Binance Smart Chain, while the crypto assets currently supported on the RenVM protocol are Bitcoin, Bitcoin Cash, ZCash, and Doge. So, let’s know more about the REN coin and understand the steps to buy it.
Brief History of REN Coin
The Republic Protocol was launched in 2017 by Taiyang Zhang and Loong Wang. In January 2018, the REN coin was first privately sold and then publicly traded in February 2018. RenVM, the virtual machine mainnet, was launched in May 2020.
The RenVM network is secured with the byzantine fault-tolerant protocol. RenVM is backed by advanced technologies like Shamir’s Secret Sharing cryptographic principle, Secure Multiparty Computation algorithm, and the Hyperdrive Consensus Mechanism.
How to Buy REN Coin: Steps to Do!
The REN token is available for free trading on Coinbase, Gemini, Binance, and Houbi Global. The following steps can guide traders on purchasing REN coins:
Sign-up on a crypto trading platform
Traders need to find a suitable cryptocurrency exchange of their choice and open an account with them. After registering on the platform, they would access all the platform features, including the wallet feature and multiple trading options.
Obtain a wallet
The next important step is to get a wallet. Wallets facilitate storing the crypto assets in cold storage, thereby saving them from falling into the wrong hands. Primarily, traders can either go for hardware storage wallets or software storage wallets. The main difference between the two is that hardware wallets store the funds offline, and software wallets store the funds using a local connection.
Purchase REN coins
The next step requires traders to start making purchases via options like market orders and limit orders.
After buying REN coins, traders can either hold them for an extended period or take up trading options like margin trading, swing trading, or day trading as feasible for them. They can also buy other crypto assets with it or sell them.
Current REN Price & Beyond
The price of the REN coin is $0.918 at the time of publication of this post, and it is currently having a market cap of $911 million. Besides this, its circulating supply is 997 million coins and has a 24-hour trading volume of $119 million.
Ren crypto-asset had witnessed two massive peaks in its pricing history, once in May 2018 when its price hit $0.14 and then in August 2019, when the token’s price soared up to $0.148. According to the ren predictions by CryptoNewsZ, the cost of REN tokens could rise to $4 in 2025. Check out the detailed REN price prediction at https://www.cryptonewsz.com/forecast/ren-price-prediction/.
Is It Good to Buy a REN Coin?
Ren is a newer crypto-asset that is currently in its initial growth phases. It is suited for those who want to take benefit of the RenVM protocol. Additionally, it is also an ideal crypto investment for those who want to make smaller investments or newbies who don’t want to invest in expensive crypto assets.
REN crypto-asset operates with the help of a darknode. Thus a darknode can be used with Digital Ocean, Amazon Web Service, and Google Cloud. Crypto investors can either choose to buy and hold REN coins or use them for trading purposes.