{"id":11028,"date":"2023-01-22T13:34:13","date_gmt":"2023-01-22T13:34:13","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=11028"},"modified":"2022-05-18T04:31:44","modified_gmt":"2022-05-18T04:31:44","slug":"all-about-ren","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/all-about-ren","title":{"rendered":"All about REN"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/all-about-ren\/#history_of_ren\" >History of REN<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/all-about-ren\/#how_does_ren_work\" >How does REN work?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/all-about-ren\/#how_does_ren_achieve_decentralized_asset_exchange\" >How does Ren achieve decentralized asset exchange?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/all-about-ren\/#what_is_renex\" >What is RenEx?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/all-about-ren\/#what_is_the_ren_token\" >What is the REN token?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>You may have heard about the\u00a0<strong>REN<\/strong>\u00a0project. If not, or if you want to learn more about how it works, stay reading this article because I will tell you\u00a0<strong>all about it<\/strong>\u00a0below.<\/p>\n<p>REN is a blockchain project that is known as the first and only\u00a0<strong>open source<\/strong>\u00a0protocol that provides access to liquidity between blockchains for all\u00a0<strong>decentralized applications<\/strong>\u00a0or\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-dapp\/\">dApps<\/a>. Such a project enables communication and token delivery between blockchains through the use of smart contracts.<\/p>\n<p>The project has its own\u00a0<strong>virtual machine, RenVM.<\/strong>\u00a0The RenVM is a decentralized virtual machine that plays the role of an engine for the platform and does not need to rely on third parties or intermediaries to function. This virtual machine operates through a new secure computation algorithm that enables secure computations\u00a0<strong>through multiple inputs<\/strong>\u00a0and multiple parties. Such computations enhance a\u00a0<strong>privacy layer for dApps<\/strong>. If you want to know more about the Ren Virtual Machine, you can check\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/\">this article<\/a>.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"history_of_ren\"><\/span><strong>History of REN<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Ren\u2019s story begins thanks to its two\u00a0<strong>creators<\/strong>\u00a0named Taiyang Zhang and Loong Wang. Both developers were classmates at the<strong>\u00a0Australian<\/strong>\u00a0National University. Moreover,\u00a0<strong>Taiyang Zhang and Loong Wang<\/strong>\u00a0worked together at the same startup after graduating. It all started when Zhang\u2019s friend asked him to program a\u00a0<strong>trading algorithm<\/strong>\u00a0intended for his cryptocurrency hedge fund. That hedge fund was called Virgil\u00a0<strong>Capital<\/strong>\u00a0which Zhang co-founded.<\/p>\n<p>During his work at Virgil Capital, Zhang thought there was a\u00a0<strong>lack of support for OTC cryptocurrency trading<\/strong>. At the time, there was no way for investors to buy a large number of cryptocurrencies without affecting the markets. This was because all transactions were publicly\u00a0<strong>available<\/strong>\u00a0on the blockchain just as they are now, including OTC trading.<\/p>\n<p>With the advent of\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0Zhang believed that this project would be<strong>\u00a0the perfect platform<\/strong>\u00a0to build the project that would later become the solution to the OTC problem,\u00a0<strong>REN Republic Protocol.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Wang\u2019s addition<\/strong>\u00a0to the project was not a surprise, as Wang had extensive experience<strong>\u00a0in coding Blockchain technologies<\/strong>\u00a0so Zhang invited him to participate.<\/p>\n<p>When Wang joined the project, he almost immediately realized that there was yet another\u00a0<strong>problem<\/strong>\u00a0in the world of cryptocurrencies. This problem was the\u00a0<strong>lack of interoperability between blockchains<\/strong>. As a result of this problem, the Ren project was founded.<\/p>\n<p>&nbsp;<\/p>\n<p>By\u00a0<strong>2017<\/strong>\u00a0REN was already a fact after its<strong>\u00a0foundation<\/strong>. This project had as its main objective to make OTC cryptocurrency trading achieve full decentralization in addition to creating a protocol for blockchains to interact.<\/p>\n<p>&nbsp;<\/p>\n<p>Raising capital was not difficult at all, as in\u00a0<strong>2018<\/strong>, the project launched two rounds of<strong>\u00a0initial coin offerings or ICOs<\/strong>\u00a0through the REN token. The first ICO was\u00a0<strong>private<\/strong>\u00a0and took place in January of the same year. That ICO managed to raise\u00a0<strong>$28 million.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The second ICO was of a public nature and took place in February of the same year. It raised\u00a0<strong>4.8 million dollars<\/strong>. At that time the token was worth around 0.05 dollars and more than<strong>\u00a056% of the total supply of the token was sold.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1322938979\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu%C3%A9-es-REN.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN-300x205.jpg 300w\" alt=\"Qu\u00e9-es-REN\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_ren_work\"><\/span><strong>How does REN work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As mentioned above, REN is based on the Ethereum blockchain so it is an\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-an-erc-20-token\/\">ERC-20<\/a>\u00a0token. The project is responsible for providing an open source protocol with the goal of creating a decentralized network of nodes to match\u00a0<strong>orders<\/strong>, without having order<strong>\u00a0information.<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>To achieve this privacy, orders are first\u00a0<strong>divided into cryptographic fragments<\/strong>\u00a0that will later be\u00a0<strong>distributed<\/strong>\u00a0throughout the network. The project nodes work on combining fragments\u00a0<strong>without revealing<\/strong>\u00a0the market intent and then matching the\u00a0<strong>reconstructed orders.<\/strong><\/p>\n<p>When matches have been found, atomic exchange between\u00a0<strong>traders<\/strong>\u00a0is initiated through the<strong>\u00a0peer-to-peer (P2P)<\/strong>\u00a0network. This protocol is largely prepared for smooth operation through a decentralized and hidden order book and atomic exchange infrastructure for trading between<strong>\u00a0BTC, ETH and ERC20 blockchains.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"how_does_ren_achieve_decentralized_asset_exchange\"><\/span><strong>How does Ren achieve decentralized asset exchange?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>As mentioned above, the Ren project enables the decentralized exchange of cryptocurrency assets through blockchains using its core platform known as\u00a0<strong>Ren Virtual Machine (RenVM).\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>The exchange on the platform is achieved using the \u201c<strong>Darknodes<\/strong>\u201d responsible for providing the computing power to achieve the identification and processing of cryptocurrency orders between blockchains. This process is achieved using an algorithm known as \u201c<strong>Shamir Secret Sharing Scheme<\/strong>\u201c. Said algorithm is responsible for fragmenting the orders in such a way that the Darknodes do not know the amount involved in the transaction or the destination of the cryptocurrency being carried out.<\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div id=\"image_1181843377\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu%C3%A9-es-REN2.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN2-300x205.jpg 300w\" alt=\"Qu\u00e9-es-REN\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN2-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2022\/01\/Qu\u00e9-es-REN2.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h3><span class=\"ez-toc-section\" id=\"what_is_renex\"><\/span><strong>What is RenEx?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>This project has an important element for its\u00a0<strong>operation.<\/strong>\u00a0This is RenEx in charge of providing a\u00a0<strong>set of tools<\/strong>\u00a0aimed at making it possible for\u00a0<strong>funds and institutional investors<\/strong>\u00a0to operate in a digital asset market in a<strong>\u00a0secure and equitable manner.<\/strong><\/p>\n<p>This is a service that did not exist in the market at the time of the project\u2019s creation. This element is strongly supported by major funds, strategic investors, trading desks and many other<strong>\u00a0participants in the same market.<\/strong><\/p>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<div class=\"is-divider divider clearfix\"><\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_is_the_ren_token\"><\/span><strong>What is the REN token?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As expected, this project, like many others, has its own\u00a0<strong>native platform token<\/strong>. This token is used<strong>\u00a0to pay the fees<\/strong>\u00a0associated with the use of the platform.<\/p>\n<p>The total supply established by the development team for this\u00a0<strong>ERC-20<\/strong>\u00a0token is\u00a0<strong>1,000,000,000,000 REN<\/strong>\u00a0of which more than 851,254,753 REN are in circulation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>You may have heard about the\u00a0REN\u00a0project. If not, or if you want to learn more about how it works, stay reading this article because I will tell you\u00a0all about it\u00a0below. REN is a blockchain project that is known as the first and only\u00a0open source\u00a0protocol that provides access to liquidity between blockchains for all\u00a0decentralized applications\u00a0or\u00a0dApps. Such [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":7388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11028","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-criptomonedas"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11028","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=11028"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/11028\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/7388"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=11028"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=11028"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=11028"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}