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Ren (REN) cryptocurrency: How it works and where to buy it

Learn more about what Ren does, why the REN token is useful and where to buy it.

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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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
CryptocurrencyREN
Total supply1 billion
InflationNone
NetworkERC20
PurposeTo guarantee behaviour of Ren nodes

What is DeFi and why is it a trend to watch in 2020?

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

Name Product Deposit methods Fiat Currencies Cryptocurrencies
BPAY,Cash,POLi,PayID
AUD

196
cryptocurrencies

CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 150 cryptos.
Bank transfer,POLi,Osko,PayID
AUD

177
cryptocurrencies

Buy and sell a wide range of cryptocurrencies at competitive rates on this Australian exchange.
Credit card,Cryptocurrency,Debit card,Osko,PayID
USD, AUD, GBP, CAD, EUR, CNY, RUB, TRY, NGN, UAH & 23+ more

204
cryptocurrencies

Get $5 cashback when you make your first PayID/Osko deposit on Binance.com/au.
Binance is the world’s largest exchange by trading volume. Get started with instant zero fee AUD deposits and withdrawals in Australia, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 local customer support.
Credit card,Cryptocurrency
USD, EUR, AUD, CAD, CHF, CZK, DKK, GBP, HUF, ILS & 20+ more

115
cryptocurrencies

Trade various coins through a global crypto to crypto exchange based in the US.
Credit card,Cryptocurrency
USD, JPY, RUB, EUR

387
cryptocurrencies

CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
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Compare up to 4 providers

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