I wondered what the REN token and Republic protocol where. This is due to the anonymous transactions via a dark pool. I also love the simple logo of REN.
You now know that I am discussing many issues that have to do with privacy. I have opted expressly for this, because privacy is a human right in every aspect. A lot of our privacy is being abused because privacy is very vulnerable in the digital age.
Now I will not post a technical story again, because the technology behind REN is very complicated for people without knowledge of cryptography and blockchain, such as myself. I will look at some basic aspects of the Ren Protocol.
we will discusse:
- What is REN?
- The Public Protocol easily explained
- What are dynamic costs?
- What is RenVM
- What kinda problem does RenVM solves?
- What can be build with RenVM?
What is Ren?
REN tokens are ERC20 utility tokens and it is the native token of the Republic protocol. The value of the REN tokens is derived from trade costs and bonds. The costs paid by the traders to dark nodes and for that they will process the orders. And obiligations are submitted by the traders and dark nodes to be able to use the network. This means that the allowances and payments are linked to each other.
Futhermore:
- had a ICO: Yes
- ICO Token Price: 1 REN = 0.05714 USD (0.00005814 ETH)
- Fundraising Goal: 34,400,000 USD (35,000 ETH)
- Whitepaper: Yes https://republicprotocol.github.io/whitepaper/republic-whitepaper.pdf
- max supply: 1.000.000.000
- Has a KYC: Yes
- Role of the token: Utility
- Team: DEV team
- About the DEVS: https://renproject.io/about
- Open source: Yes
- This is a good in-depth review of REN: https://crushcrypto.com/republic-protocol-ico-review/#tab-con-3
The Public Protocol easily explained
This protocol is designed to trade a very large amount of crypto assets between BTC / ETH, BTC / ERC20 and ETH / ERC20 pairs on decentralized dark pools. This means that the orders are executed in the secret order book. The intention is that two parties, for example A and B, can be brought together without knowing what the quantity of the order is, what is being traded and who the parties are.
What are dynamic costs?
Each user must pay a fee of at least 0.1% in fees for moving tokens across the blockchain to increase the fee in steps or pay 0.01% to give Darknodes the incentive to prioritize your transaction. This is better explained in the image below:
What is RenVM
The RenVM is a network with SDk and not an application or a product. With this network, developers can add so-called multi-chain functionality to existing applications. RenVM offers a multi-party calculation algorithm that ensures privacy and interoperability solutions and can be scaled up. And this seems to be the only way that allows private calculations over multiple entrances and parties.
What kinda problem does RenVM solves?
according to the site the following is solved:
For many decentralized applications, especially decentralized finance, privacy and interoperability solutions are fundamental pieces of the puzzle that are still missing.
Confidential privacy and interoperability are absolutely necessary to realize truly decentralized applications that are safe, usable and fluid. Dark pools, DEXs, leverage, lending, collateral, transfer of digital assets and many other use cases are now made private, interoperable and practical via RenVM.
What can be build with RenVM?
RenVM is a plug-in for decentralized financing. That is why every defi application can use the RenVM for their applications and smart contracts.
RenVM serves as a plug-in for decentralized financing and therefore every DeFi application can incorporate the capabilities of RenVM into their applications and existing smart contracts.
Conclusion
There are anonymous transactions via a dark pool. We have the RenVM that is no application or product, its a network. The Republic protocol is a protocol that is designed to trade a very large amount of crypto assets between BTC / ETH, BTC / ERC20 and ETH / ERC20 pairs on decentralized dark pools.
Its about privacy and solving: “For many decentralized applications, especially decentralized finance, privacy and interoperability solutions are fundamental pieces of the puzzle that are still missing.”
Thank you for reading my blog. See you next time.
