What is Ren?
RenVM is a DeFi protocol that allows getting tokenized versions of cryptocurrencies at a 1:1 ratio. Thus, it enables liquidity addition from digital assets like BTC to Ethereum-based Dapps. Locking up an asset, users get its tokenized version, mainly in the form of the ERC-20 standard. Later, they can burn them, to withdraw the locked ones. Ren was established by its CEO Taiyang Zhang, in 2017. Then it’s name was Republic Protocol. Ren as it is, was brought out in January 2018. The protocol released its virtual machine RenVM in May 2020. It doesn't use a centralized custodian to hold the locked assets. Ren employs the model which suggests ensuring privacy through private and randomly grouped nodes. REN is RenVM’s native token. Using it, network participants can operate a node and collect fees from transactions. The token has a fixed supply cap of 1 bln tokens. REN serves as a link for those running a network of machines, called Darknodes. For powering the network, Darknodes receive rewards.