The cryptocurrency movement rests upon a few core principles that are lacking in fiat such as trustlessness, permissionless, decentralization, and of course, privacy. Right now, exchanging your Bitcoin to, let’s say, Ethereum is not a problem. All mainstream centralized exchanges (CEX) can do that, but making this cross-chain trade efficient, trustless, and private on a decentralized exchange (DEX), is not currently possible. The Ren project is dedicated to solving those.
Ren began in late 2017 as Republic Protocol, a cross-chain decentralized dark pool; a secret exchange where traders could open orders without anyone knowing what their order was. During development, Ren quickly realized that dedicating an entire network of machines to a single dark pool – consuming their compute power, storage, and network bandwidth – did not make sense. So, in 2018, Ren started expanding the protocol to allow anyone to build their own dark pool with its own set of rules. RenEx was the first of these dark pools and launched at the end of 2018.
Ren continued to advance the underlying technology in an attempt to solve the problems that still remained. A hidden order book was one thing, and it was a huge step forward, but the protocol needed more than that to capture a true use case. End-to-end privacy was needed; from opening orders to executing them. Cross-chain interoperability was needed; integrating liquidity from different blockchains, from BTC to ZEC to EOS to everything else, and forcing order execution (in ways that atomic swaps never will).
With the above said, it was evident that Ren had solved something much bigger, beyond the challenges faced by just dark pools. All decentralized finance (DeFi) applications need a way to solve privacy and interoperability and our solution could be made generic. While it solved privacy and interoperable liquidity for dark pools, it also solves the same issues for DEXs, lending platforms, leveraging platforms, collateral platforms, and so much more.
This is exactly what Ren has done with the evolution to RenVM, bringing privacy and interoperable liquidity to all of DeFi.
If you want to understand what RenVM is, think of it as an engine that provides interoperability to decentralized financial platforms. Technically, it is a SDK for enabling private and interoperable solutions for dApps that doesn’t compromise their liquidity, usability, and security.
Currently, RenVM is built in Go and Rust, and they use Solidity for smart contracts. The team is very serious when it comes to auditing and reviewing, making sure their smart contracts and pull requests are well-checked.
The Ren project is all about community. Its team shares a deep connection with their users and the other projects interested in RenVM. Ren’s team say they are continually learning from their supporters and improving its performance accordingly. The ultimate goal is to get the core technology close to perfection and that’s obviously hard work that takes time. Apart from that, Ren is devoted to making its product applicable to any ecosystem, universally compatible, and easy to integrate.
And if you’re keen on diving into the depths of technical details, you’re more than welcome to have a look at Ren’s documentation here.
The REN token acts as a bond that is necessary to run Darknodes. Although the network is permissionless, the bond serves to organize a stable network and not to let malicious adversaries interfere. Currently, you need 100,000 REN to run a Darknode. Once you decide to close it, you will get your bond back.
Darknode operators get rewards for their contribution, and if you want to run one you can do so now by following these directions.
REN crypto is an ERC20 token that you can easily buy on a variety of mainstream and decentralized exchanges. And Lumi Wallet is the perfect place to store it.
Lumi Wallet is a multicurrency HD wallet that helps you manage major coins such as BTC, ETH, EOS, and 900+ ERC20 tokens. It comes in the form of mobile apps for iOS and Android, as well as a web version. It is anonymous and client-side, which means that both assets and private keys are yours exclusively.
Although we’ve got a lot of advanced users, we’re dedicated to making crypto simple for anyone, regardless of their background. So if you’re not sure how to manage your digital funds yet, follow our simple instructions.
How to Manage REN in Lumi Wallet
If you haven’t got our app yet, download Lumi Wallet first. After you’re done creating an account and you’ve written down your mnemonic on a piece of paper (and made a copy in safe digital storage) get yourself a REN wallet.
- Go to the ‘Wallets’ section and tap on the ‘Manage Wallets’ button
- Type ‘REN’ and choose it from the list
- Confirm and check out the new wallet
Now you can easily transfer your tokens to Lumi Wallet. Tap on the REN wallet and hit on the ‘Receive coins’ icon. There, you will see your REN wallet address which you can use anywhere to send your funds or receive them from somebody else. And in the case that you need to send your funds elsewhere, just tap on the ‘Send’ icon on the bottom.
Lumi Wallet also allows you to check REN crypto price graphs and monitor your transaction history.
Also, you can exchange and buy coins and tokens right inside the app. At the moment, we have equipped the wallet with a crypto to crypto exchange but very soon a fiat payment option is also going to be available.