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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.
How to buy REN
Follow these steps to purchase your first REN.
- Compare crypto exchanges
The easiest way to buy REN is from a cryptocurrency exchange. Use our comparison table to find an exchange with the features you want such as low fees, ease of use or 24-hour customer support.
- Create an account
To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
- Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – Bank transfer, debit card, wire transfer and credit cards are all widely accepted.
- Buy Ren
You can now exchange your funds for REN. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking "buy." If you like you can now withdraw your REN to your personal wallet.
Where to buy REN in Australia
Compare exchanges that list the REN token on things like payment methods, fees and features.
A step-by-step guide to buying Ren
Want to buy Ren? Follow these simple steps:
Step 1. Create an account on a cryptocurrency exchange that allows you to trade REN
Compare exchanges that support REN, then determine if the exchange you choose supports buying REN with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account.
- Note: It's also recommended that you set up two-factor authentication to provide an extra level of security.
Step 2. Deposit funds into your account
Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.
- Note:The exact process for depositing funds into your account varies depending on the exchange you choose.
Step 3. Buying REN
The final step is to trade your chosen currency for REN on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.
Which wallets can I use to hold REN?
Unless you're looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it's generally much safer to store your REN in a secure wallet.
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.
|Total supply||1 billion|
|Purpose||To guarantee behaviour of Ren nodes|
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.
Key factors to consider when buying REN
Cryptocurrencies can be extremely volatile assets. Before making a cryptocurrency purchase it is crucial to evaluate all factors that may influence the token price. Both the project and the use of the token should be considered.
Ren aims to tackle issues surrounding the interoperability of blockchains. The connectivity of different blockchains is one of the key stumbling blocks of wider cryptocurrency adoption. Ren's solution to the problem is novel and makes it a key contender in the space. However, Ren's success will truly hinge on the adoption of its protocol by decentralised applications.
The primary use case of the REN token is for the operation of Darknodes on the network. Each Darknode requires a 100,000 REN commitment. The price of REN is therefore directly correlated to the demand for Darknode creation. If more people want to become Darknode operators on the network, the demand and in turn scarcity of REN will increase.
The maximum supply of REN tokens is capped at 1 billion. Of that 1 billion, 996 million are currently in circulation. 62.8% were sold to investors in 2018, and the remainder were distributed amongst community developers, the Ren team and advisors. 200 million REN are also held in the project's reserve.
How to sell REN
To sell the native REN token find a cryptocurrency exchange that it is listed on. This could be a centralised or decentralised exchange. You will then need to follow a similar process to that depicted in Step 3 above. Select the cryptocurrency, stablecoin or fiat currency you would like to exchange your REN tokens for. Once you have found an exchange pairing you are happy with, look for the 'Sell REN' button and enter the amount you wish to sell.
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