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REN Ready to RALLY?? TOP Defi Pick!! πŸ“ˆ



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πŸ“Ί Ren Video 2019 πŸ‘‰
πŸ“Ί WBTC Video πŸ‘‰

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– TIMESTAMPS –
0:00 Intro
1:49 What’s Ren?
3:21 What’s The RenVM?
6:00 Advantages of RenVM
7:50 RenVM Powering Etheruem
9:40 Utilizing the RenVM
11:20 WBTC Cafe
13:00 REN Token & Darknodes
15:50 REN Tokenomics
17:55 Conclusion

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⛓️ πŸ”— Helpful Hyperlinks πŸ”— ⛓️

β–Ί Ren Web site:
β–Ί Ren Bridge:
β–Ί Ren Mainnet:
β–Ί WBTC:
β–Ί WBTC Cafe:
β–Ί Utilizing WBTC Cafe:

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πŸ“ What’s Ren? πŸ“

Ren is a decentralised interoperbility protocol that’s attempting to deliver collectively completely different blockchain ecosystems. They’re growing an answer whereby you possibly can switch worth from one blockchain to the opposite.

It’s a distinctive answer to cross chain worth switch that we have now not seen earlier than. It doesn’t create artificial tokens or “wrap” tokens. You might be merely transferring liquidity from one ecosystem to a different together with your present good contracts.

πŸ€” What’s RenVM πŸ€”

You’ll be able to consider it as some fomr of decentralised trustless custodian that holds your belongings as they transfer between the blockchains. You ship over an asset like Bitcoin to the VM which can then mint this BTC into an ERC20 equal.

Whereas renBTC is much like Wrapped Bitcoin, there are a couple of distinct variations. Firstly they don’t seem to be saved at a centralised custodian like is completed with WBTC. Right here, funds are saved at a centralised custodian at BitGo.

RenBTC can be trustless. You needn’t should depend on a centralised Custodian to should launch your funds. The darknodes will do it for you the second that you simply requset it.

πŸ“ˆ Advantages of RenVM πŸ“ˆ

RenBTC could be built-in into different DeFi dApps and protocols. This mainly signifies that these dApps can open up a sea of liquidity for his or her community from the Bitcoin, Bitcoin money or Zcash ecosystem by integrating the RenVM.

It may also be a very backend operation. Customers of the dApp might not even know that they’re utilizing the RenVM to facilitate an operation. A case and level may very well be a Dex that trades Bitcoin for Ethereum.

RenVM can be nice as a result of in contrast to with WBTC, there is no such thing as a KYC that must be achieved on the customers. You merely must ship your Bitcoin over and the VM will convert that into renBTC and ship the ERC20 equal.

β˜•οΈ WBTC Cafe β˜•οΈ

It is a dApp that has built-in with the RenVM and which permits merchants to transform their Bitcoin into WBTC whereas utilizing renBTC as an middleman foreign money. That is helpful as a result of WBTC has rather more liquidity than renBTC.

The conversion is completed on the backend and nobody can inform that the renBTC has even been used. It’s also an effective way to get round that KYC headache that often surrounds WBTC.

πŸ’° Ren Token & Darknodes πŸ’°

The Ren token is an ERC20 token that was bought in a personal and crowd sale that occurred again in 2018. They have been initially known as the Republic Protocol they usually needed to construct a “Darkish Pool” decentralised trade protocol.

The unique use instances for these Ren tokens was to pay for transaction and computaiton charges within the protocol. It was additionally for use as a bond by those that have been working the Darkish nodes.

Nonetheless, final 12 months the challenge went by way of a reputation change and targeted extra on the concept of a DeFi interoperability protocol. Now the Ren token’s principal use case will probably be as a bond with the intention to function a darknode.

The bond that’s required with the intention to present darkish node companies is 100,000 Ren which at newest costs implies about $15,000. You’ll be able to mainly consider this as akin to working a masternode or validator node on another proof of stake blockchain.

There are professionals and cons to utilizing Ren solely as a bond. Whereas there is no such thing as a “utility” demand to pay for these transaction charges, there’s demand with the intention to purchase the tokens and retailer them in the dead of night nodes. Given that each one charges are paid within the transacting foreign money, this might improve the demand to run a darknode and therefore the demand to carry REN.

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πŸ“œ Disclaimer πŸ“œ

The knowledge contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who isn’t a licensed monetary advisor or registered funding advisor. Buying and selling Foreign exchange, cryptocurrencies and CFDs poses appreciable danger of loss. The speaker doesn’t assure any specific consequence.

#Bitcoin #Ethereum #Ren #Renbtc #Overview #crypto #Defi

Source: Coin Bureau

20 Responses

  1. LOOK INTO POLKADOT BY THE SAME FOUNDER OF ETHEREUM … REN AND SYNTHETIX AS WELL THEY ARE REALLY BUILDING A PRODUCT THAT SOLVES ISSUES IN THE CRYPTO COMMUNITY
    I WAS PRETTY LUCKY. GOT INTO MINING BITCOIN AND LITECOIN BACK IN 2012. BITCOIN WAS AT $50 BUCKS, LITECOIN AT AROUND 2 BUCKS. REGRETTED NOT GOING ALL IN. GOT INTO MINING ETH IN 2016 AT 5 BUCKS. BOUGHT ANTSHARES NEO AT ICO. CHAINLINK BACK IN 2018. XRP RIPPLE BACK AT UNDER 1 CENT. NOT TO SAY IM SOME EXPERT. MADE A LOT OF MISTAKES AS WELL. REALLY FEEL IN MY GUT THIS IS GOING TO BE GOOD.

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