It's no secret that the weather on the virtual asset market is made by "whales". As soon as the owner of a large amount of digital coins decides to move his assets from his personal wallet to the exchange and put up for auction, the market immediately starts moving and small traders start selling this cryptocurrency. Conversely, if the whale withdraws money from the trading platform, its actions are synchronously duplicated by most of the other players.
Often moneybags do this on purpose, to stir up passions and manipulate the rate of a particular cryptoasset, but in some cases they would prefer to conduct a transaction in confidence. However, the blockchains of most cryptocurrencies are completely transparent and all movements of funds between addresses are easy to track. And here the REN cryptocurrency comes to the rescue. The Republic Protocol project provides an opportunity for the over-the-counter exchange of virtual assets without any publicity.
What is REN?
The REN cryptocurrency is liquidity and freedom, at least this is how the developers position their project. By and large, Republic Protocol is a decentralized exchange built on the basis of the RenVM virtual machine. At the time of this review, the RenVM protocol is compatible with the Bitcoin, Bitcoin Cash, Ethereum and Zhash blockchains. For transactions, the Darknodes network is used, which performs cross-chain operations in the OTC markets.
RenVM runs on a special algorithm called Shamir's secret sharing scheme. All large transactions are split into many small parts and, thus, individual nodes participate in order processing without knowing the total amount and the final address of the recipient of funds. The sMPC computation algorithm allows Darknodes to run scripts together without exposing the inputs or outputs to anyone, not even RenVM machines.
The system is protected by the Byzantine fault tolerance mechanism, and even if some of the nodes are under the control of intruders, this will not lead to data loss. Given the high cost of collateral (1 REN = $ 0.333166), an attack on the network is very expensive and therefore unlikely.
Protection system
If a hacker tries to figure out the placed bids, he will be very disappointed. Each darknode receives a maximum of two order fragments, which are randomly distributed among all working nodes. A Sibyl attack with such a transaction processing scheme is almost impossible. To see the full picture and to be in control of the situation, you need to control almost the entire system, which is very expensive and technically difficult to do.
Creation of “fake” counter orders in order to determine liquidity and search for real counterparties is also economically unprofitable. You need to post a deposit and pay a commission and it is not a fact that this will immediately bring results. In addition, participants suspected of hostile activities are deprived of their collateral.
Republic Protocol remains fully decentralized and is not subject to the censorship of external regulators. RenVM enables a seamless exchange of value between blockchains, enabling DeFi interoperability. This directly improves the efficiency of services in the decentralized finance marketplace by adding more liquid assets to the Ethereum ecosystem. Regardless of the DeFi app, RenVM can provide its own cross-chain user experience, enabling seamless and decentralized interoperability for the first time. Any defi project can include RenVM in their applications and existing smart contracts.
The REN cryptocoin, created on the basis of the ERC-20 protocol, is the digital fuel of the platform and performs two main tasks:
Accepted as payment for network services.
Acts as a collateral asset when a shadow node (Darknodes) is launched.
Everyone who wants to launch a node in the Republic Protocol network must deposit 100,000 REN to the Registrar's wallet. With the same coins, he will receive a reward for processing transactions.
Appearance history and team
Republic Protocol was founded by two Australian National University classmates Taiyang Zhang and Long Wang. Previously, they had their own enterprise for the development of computer software, then Taiyang Zhang founded the cryptocurrency hedge fund Virgil Capital and asked his friend to create a trading protocol for him.
In the course of his work, Zhang drew attention to the problem of the influence of large investors on the volatility of the cryptocurrency market and decided to find a solution that would ensure the anonymity of transactions when transferring value between blockchains, without losing decentralization. This is how the idea of ??creating a Republican Protocol appeared.
The Ren cryptocurrency entered trading in March 2018 after the ICO. The project was supported by such major market players as FBGcapital, Polychain capital, Signum capital, ZhenFund and a number of other corporations. The Republic Protocol team consists of 12 people, you can learn more about them on the official website.
Mining
Traditional POW mining is not supported. You can earn REN cryptocurrency by running Darknode, which will match and execute orders placed by traders in Darkpool.
To register, you need to have 1 ETH on your METAMASK wallet balance and pay a deposit (100,000 REN). You will also need an Amazon AWS or Digital Ocean account.
The node software is designed for Linux or MacOS platforms. For Windows computers, install Linux Sub-System or rent an inexpensive VPS.
Where to buy cryptocurrency, available exchanges
Republic Protocol tokens are supported by the BINANCE exchange and dozens of other trading platforms. First of all, we recommend that you pay attention to Binance, it is a reliable and secure service with high liquidity and low fees.
Other available sites:
- Coinbase Pro
- Huobi Global
- Poloniex
- Uniswap (v1)
REN wallets
Any crypto wallet that supports the ERC-20 standard is suitable for storing Republic Protocol tokens. This could be MEW, Metamask, Trust Wallet, or a LEDGER hardware safe.
Development prospects
According to rough estimates, the Republic Protocol system has earned about 35,000 ETH throughout its history. And this, despite a period of prolonged stagnation in the digital asset market.
The opportunity to conduct a major deal without disclosing the details is attractive to institutional investors. However, developers need to advertise their product more actively and attract new customers.
Advertising is the engine of commerce and the REN team should not neglect this rule. For ordinary users, the project is interesting only in terms of buying tokens for long-term investments. And here again it is necessary to promote the Republic Protocol on the market. In August this year, the REN exchange rate gradually began to rise. You can add Republican Protocol tokens to your investment portfolio, keeping in mind risk hedging.
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