Ren is an interoperability and privacy protocol that facilitates the private transfer of tokens between blockchains.
Ren is an interoperability and privacy protocol that facilitates the private transfer of tokens between blockchains. Originally focused on providing dark pool functionality, Ren pivoted in 2019 towards a broader goal of enabling the private transfer of cryptoassets and liquidity between disparate blockchains. For now, the project is focused on the decentralized finance (DeFi) sector to which end it has partnered with several notable DeFi projects, and formed the Ren Alliance in March 2020. Ren is developing the RenVM, a Byzantine fault-tolerant virtual machine that through the use of gateways and in concert with secure multiparty computation allows for private cryptoasset transfers between Ethereum, Bitcoin, Bitcoin Cash, Zcash and ERC20 tokens as well as allowing Ethereum smart contracts to use BTC, BCH, and ZEC with additional assets to be added in future. For every token transfer, a minimum 0.1% fee is applied, denominated and paid in the token being transferred (i.e. ZEC transfers incur fees paid in ZEC). Users can opt to increase this fee in order to increase the likelihood of a node broadcasting their transaction, similar to the notion of dynamic fees for Bitcoin and Ethereum gas payments. Ren envisions its capability as enabling a far wider range of DeFi applications and services on Ethereum by onboarding liquidity from other cryptonetworks while preserving user privacy. The RenVM is currently in chaosnet, a stage beyond testnet, with the move towards mainnet expected in 2020.
Ren’s native token, REN, is used to submit REN-denominated bonds that help prevent Sybil attacks. In order to operate a node in Ren’s network, known as a darknode, an entity must post a bond of 100,000 REN and a further 100,000 bond for every additional darknode thereafter. By posting such a bond, the entity is entitled to a percentage of the fees collected from users.
Ren raised $34 million in its February 2018 ICO and minted a fixed supply of 1 billion ERC20 REN tokens.