Ren — An open and decentralized protocol providing inter-blockchain liquidity for DApps
Currency and finance is one of biggest applications of blockchain technology, and we have seen it happening with bitcoin and other cryptocurrencies in the ecosystem. However, the power of blockchain goes beyond just currency and finance, and there is a whole new world of decentralized applications or what we call DApps, that extends the power of blockchain to many other areas and industries providing many different use cases.
You might have heard of DApps before, but when is the time you actually used a DApp? I’m sure most of our readers haven’t used a DApp, and a large portion of them won’t even know where to download a DApp and how to use it. This is because unlike currency and finance, the DApp ecosystem needs different set of tools and collaborative technologies in order to move forward which takes us back to one of the fundamental problems faced by blockchain protocols today — the lack of interoperability.
A smart contract (DApp) running on Ethereum can’t communicate with a smart contract running on another blockchain platform like EOS or Cardano. This lack of communication and interoperability limits the growth of DApps, because they cannot leverage the power and features of another blockchain platform.
The second biggest problem is token swapping or liquidity, which means that blockchain platforms can’t swap or exchange the tokens between themselves, just like traditional applications talk to each other and exchange information using a set of APIs.
If you want to swap a token or a coin, you need an intermediary or an exchange in the middle. Blockchain platforms should not just be able to communicate with each other, but they should also have the functionality of swapping the tokens or coins directly without the involvement of a middleman. The blockchain platforms that are emerging today are focusing too much on currency or utility, but very few of them are actually working on building a DApp ecosystem, and Ren blockchain platform is one of them!
Ren is the first and only open protocol that provides access to inter-blockchain liquidity for all decentralized applications. Ren blockchain platform is a collection of Ren Protocol and Ren VM, which helps you transfer any token between any blockchain. Ren protocol and RenVM can be used by any developer in any kind of smart contract for DApp, to bring the functionality of token swapping and exchange quickly and easily without the involvement of a middleman (like an exchange).
Ren protocol and Ren VM can also be used by DEX (Decentralized Exchanges) to provide better peer to peer token swapping without any central authority. Ren blockchain platform is 100x faster than traditional atomic swaps, it integrates into existing infrastructure and it has security built in for large volume trades.
Ren blockchain platform has four distinct components, namely:
- Shamir’s Secret Sharing — A widely known algorithm to keep your data secure and private while exchanging information between the smart contracts on different blockchains.
- Secure multiparty Computation (sMPC) — A special algorithm used by Ren VM to run different kind of scripts by untrusted Darknodes.
- Byzantine Fault Tolerance (BFT) — This allows Ren blockchain platform to identify and penalise the bad actors in the ecosystem.
- Hyperdrive — A modified version of the Tendermint consensus algorithm designed specifically for Ren blockchain platform.
Ren blockchain platform has a currency called REN, which is currently being traded for $0.044 USD and has surpassed a total market cap of $35 Million USD and a daily 24h trading volume of just over $2 Million USD.
The total supply currently stands at 1 Billion REN tokens. Ren blockchain platform is making a bold promise for providing a healthy ecosystem and tools for decentralized applications, and it has been getting a lot of press recently. Based on their market traction and activity, we would recommend REN tokens to those investors who are looking to expand their portfolio with promising projects.