REN - a cryptocurrency that connects Bitcoin with Ethereum

Yes, there is no exaggeration in the title. Thanks to the Ren project, it is possible to transfer cryptocurrencies safely and without risk (e.g. Bitcoin) on blockchain Ethereum. Until now, this required trust in an intermediary who had access to the funds for a while, but thanks to Ren, it is a completely decentralized operation. And enjoying more and more interest. The REN token went up, however in the last 12 months by 1974%.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for the Ren - a project that for the first time safely combines two seemingly mismatched crypto-jigsaw elements: Bitcoin and the Ethereum network.

How does the Ren work

It started with the support of three cryptocurrencies: Bitcoin, Bitcoin Cash and ZCash. It is these coins that can be transferred to the Ethereum network from the beginning of the Ren project. The so-called The Ren Bridge, which is based on the Ren Virtual Machine. Contrary to appearances, however, this is not a specific device, but a decentralized platform that allows you to transfer funds between previously incompatible blockchains.  

It is worth emphasizing that all transactions are encrypted, so there is no possibility of stealing funds. Even the trading pages themselves cannot see their details. 

Everything is based on the virtual machine creating new tokens as standard ERC-20. They are a reflection of Bitcoin or other cryptocurrencies. On the way back, the tokens are converted to BTC or ZCash, and the renBTC or e.g. renZEC token that was previously created is burned and disappears. The original version of the cryptocurrency goes to the address from which it was sent.

Owners of 100 thousand. tokens act as nodes that provide computing power. They earn about 0,1% of the funds flowing through the network. 

Undoubtedly, the advantage of the project is that it can be implemented in any application that already exists or will be developed on the Ethereum network. You can connect the Ren platform with any smart contract, which will undoubtedly facilitate trade between companies or people who have different cryptocurrencies in their wallets, based on separate blockchains. It will also increase the liquidity of smaller or less popular blockchains than Ethereum (and after all, practically all of them are now smaller and less popular), which will undoubtedly stimulate the entire cryptocurrency market. And that's what's already happening, because Ren collaborates with an increasing number of crypto projects. Among them, among others UniSwap, Kyber Network, Curve Finance and Balancer, which invest in cross-chain technology. It is quickly gaining popularity and no one has any doubts that facilitating the exchange between blockchains is the future of the cryptocurrency world.

REN token trading and quotation

In order to participate in the exchange and cover the costs of running the virtual machine of the Ren project, you must have a dedicated REN token. So it's no surprise that its popularity continues to grow. 

It can be traded at 21 Cryptocurrency exchanges from around the world. As of February 19, 2021, REN costs $ 1,25. 884 of the target 532 tokens are in circulation, bringing the project a market cap of more than $ 525 billion. Someone invested in REN, this cryptocurrency was the proverbial shot in the center of the target. During the last month, its price increased by 999%, and during the year by ... 999%.