blog posts

REN Digital Platform and Currency (REN) is designed to combine blockchain technology with the structure of traditional investment markets. This platform used to be called the Republic protocol but is now known as REN. Wren claims to have very high security and has made inter-blockchain transactions possible.

REN Digital Currency?

The REN digital currency project is almost like a public blockchain, which, like other blockchains, consists of several nodes and includes a virtual machine called RenVM and a BFT agreement.

Unlike most similar platforms, Ren also provided the ability to run as a plug-in; For this reason, users can use it easily. Also, unlike many other protocols, blockchain support in the REN protocol does not require a messaging protocol; Because REN uses sMPC technology, this technology has added very useful capabilities.

History of REN Digital Currency (REN)

In late 2017, the Republic Protocol came into force. It was a decentralized network protocol that allowed transactions and transactions to be performed completely privately (without other users being informed of orders) between different blockchains.

In 2018, the developers of the REN project developed the network and made significant changes to it. The project began to add more dark money, and unlike in the past, when all its resources were allocated to one dark money, it made it possible for the public to create dark money of their choice. One of the first coins was called RenEx.

Wren tried to extend the protocol ideally by eliminating minor flaws and shortcomings. So Ren set up a secret order office and then tried to provide head-to-head security for all orders (from start to finish). Creating this security and working with and blocking multiple blockchains was one of the challenges for REN developers.

Eventually, Ren went beyond dark money and became a practical protocol for connecting networks and maintaining security. Many of the problems on previous related platforms (such as decentralized exchanges) were addressed by creating this practical and secure protocol for inter-blockchain communication and liquidity transfer between networks.

How does the Ren protocol work?

Ren’s interesting feature is that the nodes that make up its network process orders without knowing their content, which ensures the security of this network. To do this, all orders are encrypted and segmented, and then distributed over the network with sMPC technology.

Therefore, nodes can process parts and execute the final order without knowing the content of the orders. Exchanges in this network are completely atomic and occur on a peer-to-peer basis. This means that the exchanges are done in a one-time manner, and it is not possible for one part of the order to be done and another part not to be done; Therefore, many errors will be prevented.

As mentioned, the Wren Protocol maintains a confidential or secret order book decentralized. Orders are distributed in batches and decentralized (using Shamir secret subscription scheme) and finally processed in a completely decentralized manner. The exchange infrastructure of this protocol, which is possible between bitcoin, atrium, and ERC20 blockchains, is completely atomic.

The nodes in this network are called Dark Nodes. These nodes are tasked with finding peer orders and performing atomic exchange after matching parts. In addition to the secrecy of the order book, the details of the transactions remain asymmetric, confidential, and confidential with encryption.

This protocol also has a native token called the REN digital currency.

How is REN security ensured?

As we explained, REN security is very high despite the mentioned protocols. Orders, after segmentation and encryption, reach the dark nodes for processing. But the matching operation of these parts is done without revealing their content. Each node processes several pieces, and eventually, the results of the different nodes will be combined to process each order.

In addition to the security and confidentiality of exchanges, the atomic nature of the network’s infrastructure has made it possible to create a peer-to-peer and completely secure connection for users who intend to exchange their assets.

Therefore, it can be said that if the majority of the Dark Nodes do their job properly and do not intend to abuse, there will never be any disruption in the network. Even if several Dark Nodes intend to abuse, they have only a portion of the order pieces and can not execute the entire order. In addition, individuals provide collateral for their cooperation in this network, which makes it practically impossible to do so.

What are Dark Nodes in Ren’s Digital Currency System?

Dark Nodes are, in fact, computing devices that operate on the Ren network and receive rewards.

The core of the Ren protocol is called RenVM. Decentralized applications (dApps) can run on the network using the RenVM software development kit and take advantage of its capabilities. RenVM is created with Go and Rust languages, ​​and its smart contracts use Solidity.

What is a REN token, and what is it used for?

Ren’s native token is the REN digital currency with many applications in this network. Here are some of these applications.

Dark nodes operating in the REN network will receive a fee from the network paid in REN digital currency. This fee is part of the network’s fee from the customer to execute orders.

Dark Nodes must also pay 100,000 Ren as collateral in the Registrar Smart Contract to operate on this network. Of course, this amount will be refunded to people when they leave the network, but receiving it can prevent possible abuses. It should be noted that the total supply of REN digital currency will be one billion Ren units.

Everything You need to know about Ethereum

Concluding remarks

The special features and characteristics of the Ren network make this network and the Ren digital currency (REN) a very practical solution for large companies. Businesses or companies can make all kinds of large financial transactions in a secure and decentralized way in this network. In addition to OTC exchanges, lending, and profit-making, leverage transactions, making money, etc., are also possible in this network. The Ren protocol can also be used for many decentralized exchanges (DEX) because of its interconnectedness.

Although there are still many obstacles and shortcomings for large organizations to enter the field, the emergence of powerful protocols and platforms such as REN, which have introduced blockchain technology into the traditional financial market and applied exchanges, can play a significant role in developing of this technology. Rising digital currency (REN) or other cryptocurrencies play a role.