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What is REN? ($REN)

REN is a DeFi project designed to facilitate cross-chain payments between different blockchain networks. The REN protocol is an Ethereum-based application which enables users to lock assets such as Bitcoin and others, into smart contracts, in exchange for Ethereum. This is one of the functions of the REN decentralized project.

The asset swap then allows users to interact within the Ethereum ecosystem whilst liquidity is locked within the smart contract. The unlocking of smart contracts is one of the utilities of the native cryptocurrency to the network, which is referred to by the ticker $REN. Firstrade clients can buy REN ($REN) and other available cryptocurrencies on Firstrade cryptocurrency trading platform.

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More about REN ($REN)

The REN protocol is run on a proof–of-stake model, where individual nodes on the network play a part in processing transactions. The protocol was developed initially by founders Taiyang Zhang and Loong Wang in 2017, and later launched after a successful private round in 2018. One of the purposes of the $REN cryptocurrency has evolved to being implemented on the bridge which connects currencies from different blockchain ecosystems. $REN is pegged to any digital currency represented on the RENBridge, and swapped to tokens with $REN as a vehicle, and also charged as a small transaction fee as well.

The $REN cryptocurrency token is also used to pay for all transfer, payment and other services accessible on the REN network. There is a fixed token supply of 1 billion $REN, an incentivizing factor for validators on the network, referred to as “DarkNodes”.

Learn more about REN ($REN) and check the most current cryptocurrency prices on Firstrade.

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