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What is REN coin and how does it work?

by Financial Economy

REN Coin is the native token of the Ren project and acts as a nexus for nodes running RenVM, known as Darknodes. Ren aims to expand the interoperability and thus accessibility of decentralized finance (DeFi) by removing liquidity-related barriers between blockchains. Detailed information about what is REN coin and how does it work, how to buy, how much is the price, etc. is in the continuation of the content. You can browse here for information about SAFEMOON coin.

What is REN coin and how does it work?

REN is the token used as a tie to run a Darknode that powers the sMPC network (RenVM). The decentralized Darknode network is unauthorized. However, to avoid spoofing a large number of identities, 100,000 REN coins are required to register and run a Darknode. This prevents malicious people from running an unlimited number of Darknodes and overwhelming the network with badly operating Darknodes.

Users should receive 100,000 REN for each darknode they register and be ready to connect it to an Ethereum smart contract. This amount is refunded after the Darknode is unregistered. Darknodes and those who run them earn rewards in BTC, ETH, ZEC, DAI and ERC-20 tokens for contributing to the network. In addition, RenVM, a virtual machine protocol, is defined as a network for decentralized applications that enhances interoperability, enables cross-chain lending, clearing, collateral and more.

How to buy REN coins? How much is REN coin?

Ren coin can be purchased from the listed cryptocurrency exchanges. It is in the interest of investors that the exchange to be traded is “reliable”. As of July 6, 2021, the price of 1 REN is around $0.40. REN coin has been fluctuating since its launch. Investors wonder how REN coin will chart for the rest of 2021.

Note: The information contained in this content is for informational purposes only. It is not investment advice.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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