Ren Crypto: A Smart Investment Decision?

Ren (REN) is an open protocol developed to offer interoperability and liquidity between various blockchain platforms. Its native token is REN, which is used to pay trading fees for orders made on RENVM and to pay bonds to the registrar, a smart contract that manages Darknodes in the Ren ecosystem. Ren's value has increased steadily over the years, and it has achieved a place near the top 100 most valuable cryptocurrencies in a very short period of time. As per the latest upgrades, developments, and new project forecasts, REN investors can expect many partnerships and integrations around 2024, which may boost the price of REN in the crypto market.

REN's interoperability and liquidity benefits

REN is an open protocol developed to offer interoperability and liquidity among various blockchain platforms. Its native token is REN.

The central platform around which Ren operates is called RENVM, i.e., Ren Virtual Machine. All exchanges that happen on Ren across blockchains have a RENVM advantage. The Nodes are empowered by RENVM to calculate, authenticate, and process the cross-chain crypto instructions. These nodes are called “Darknodes”. The entire ecosystem of these works around a scientific algorithm that distributes the orders in small segments so that the nodes are not made aware of the entire amount of the transaction. This enhances security, especially because RENVM operates on Ethereum, and all transactions are processed using ERC-20.

The token REN has two operations to perform: One, to pay the trading fees for orders made on RENVM, and two, to pay bonds to the “Registrar”, a smart contract that manages Darknodes in the Ren ecosystem. Decentralization gets assured through smart contracts, and so is stability guaranteed via RENVM.

In contrast to zero-disclosure and being an open-source, RENVM SubZero facilitates transactions entirely in a decentralized and trustless manner, eliminating the possibility of any outsiders or middlemen. The crypto assets tokenized via RENVM are renBTC, renBCH, renZEC, etc., and these are also inter-transferable to the actual cryptocurrency BTC, BCH, ZEC, etc.

REN's long-term growth potential

REN Crypto's long-term growth potential looks promising, with several factors contributing to its positive outlook. Firstly, REN is an open protocol designed to enhance interoperability and liquidity among various blockchain platforms. This feature addresses a significant challenge in the market, helping large traders move substantial amounts of bitcoin and other cryptocurrencies without impacting market prices. This ability to facilitate cross-chain transactions efficiently is a significant advantage.

Secondly, REN's native token, also called REN, serves two essential functions. It is used to pay trading fees for orders made on the Ren Virtual Machine (RENVM) and to pay bonds to the "Registrar," a smart contract that manages Darknodes in the Ren ecosystem. Darknodes are the nodes empowered by RENVM to calculate, authenticate, and process cross-chain crypto instructions, ensuring security and anonymity.

Thirdly, REN has a low market cap, currently ranking around 461st in the cryptocurrency world. While it has struggled to gain a top position, its unique use case and growing adoption could drive price increases over time. Some predictions even suggest that REN could reach $1 by the end of 2022 and continue to grow steadily, surpassing its previous all-time high of $1.83.

Additionally, REN's team has a strong background in coding distributed database technologies, including the invention of a coding language for blockchain. This expertise inspires confidence in their ability to maintain and enhance the REN protocol over time.

Lastly, several price predictions and forecasts for REN indicate positive long-term growth potential. While there are varying estimates, some sources predict that REN could reach $5 by 2025, $10 by 2026, and even $25 by 2050. These forecasts highlight the potential for substantial returns for long-term investors.

REN's price history and future predictions

Price History

REN was first launched in February 2018, with an initial price of around $0.082. The price remained relatively stable for the next couple of years, mostly operating between $0.04 and $0.13. The crypto market experienced a downturn in late 2018, causing REN's price to fall to $0.01548 on 27 November 2018, its all-time low.

In early September 2020, REN's price peaked at above $0.50, but this surge was short-lived. The crypto market, including REN, experienced a boom in early 2021, with REN reaching an all-time high of $1.83 on 20 February 2021. However, this was followed by a period of decline, with REN's price falling below $0.50 during the summer. REN recovered somewhat in August and ended the year at $0.5298.

The year 2022 saw a decline in the crypto market, and REN followed suit. It reached a high of $0.6131 on 3 January 2022 but then fell sharply due to Russia's invasion of Ukraine, hitting a low of $0.249 on 24 February 2022. REN showed some signs of recovery in March, reaching $0.5288, but this was short-lived as a series of market crashes followed. By 15 June 2022, REN's price had dropped to $0.08459. The crypto saw modest gains in August, reaching $0.2278, but then entered a downward trend again, falling to $0.07464 in November following the collapse of the FTX exchange.

Future Predictions

While it is challenging to predict the volatile cryptocurrency market, several websites and analysts have made REN price predictions for the short, medium, and long term.

For the short term, as of 28 November 2022, CoinCodex predicted that REN could rise to $0.1166 by 3 December 2022 and then fall to $0.1139 by 29 December 2022. PricePrediction.net anticipated that REN could close 2022 at around $0.11 and then gradually increase to $0.16 in 2023, $0.24 in 2024, and $0.35 in 2025. CryptoPredictions.com also predicted that REN could end 2022 at $0.1754 and then experience a decline in 2023, falling to $0.1374 in November 2023, before recovering to $0.2184 by November 2024.

For the medium term, Wallet Investor, as of 28 November 2022, took a bearish stance, predicting that REN could fall to as low as $0.00800039 by late November 2023. In contrast, Digital Coin Price anticipated that REN could reach $0.23 by the end of 2024, indicating a more conservative but still positive outlook.

For the long term, Wallet Investor, as of 28 November 2022, predicted that REN could reach $5.35 by the end of 2024, indicating a potential for significant growth. Cryptopolitan's algorithm forecast that REN could reach a price of $3 to $5 within a few years, highlighting its potential as a long-term investment opportunity.

It is important to remember that price predictions are often wrong, especially in the volatile crypto market. Analysts and algorithm-based forecasters can quickly change their predictions, and actual prices can deviate significantly from these estimates.

REN's market position and competition

Ren (REN) is an open-source, Ethereum-based token that enables the transfer of cryptocurrencies between blockchains. It aims to bring popular assets like Bitcoin and Zcash to blockchains, including Ethereum, allowing these assets to participate in a multi-chain decentralised finance (DeFi) ecosystem. Ren's core product, RenVM, is focused on bringing interoperability to DeFi.

Ren was founded in 2017 by Taiyang Zhang, who has a background in the crypto space, having co-founded a crypto hedge fund and a software and web development startup. It was initially known as Republic Protocol and launched its virtual machine mainnet, RenVM, in May 2020.

Ren's protocol strives to foster interoperability and liquidity between different blockchain platforms. Its native token, REN, serves as a bond for those operating nodes, known as Darknodes, which power the Ren Virtual Machine (RenVM). RenVM is a network of virtual computers that collectively form a virtual machine, and it employs a Byzantine fault-tolerant protocol that enables secure multi-party computation (sMPC). This functionality allows RenVM to securely manage private keys on different blockchains, enabling the transfer of tokens between blockchains, a feature known as interoperability.

Ren's primary use case is to overcome barriers to entry for DeFi projects. It enables DeFi projects to incorporate foreign cryptocurrency assets, such as Bitcoin and Zcash, into their offerings, broadening the scope of these projects. This feature enhances the interoperability of different blockchain platforms and increases the accessibility and liquidity of DeFi projects.

CoinMarketCap has found that REN is near the top 100 most valuable cryptocurrencies, a position it has achieved in a very short period. As of September 2024, REN is ranked 184th on CoinGecko and 461st in the crypto world. Its market cap is $61,903,764, with a current circulating supply of 999,127,500 REN and a maximum supply of 1,000,000,000 REN. The price of REN has been volatile, ranging from an all-time high of $1.83 to a low of $0.01539.

Ren's competitors include other cryptocurrencies and blockchain platforms that offer interoperability and liquidity solutions. Some of these include:

• Lido Staked Ether (STETH)
• Binance (BNB)
• Wrapped Bitcoin (WBTC)
• Loopring (LRC)
• PNetwork (PNT)
• Multichain (MULTI)
• Cosmos (ATOM)
• Mina Protocol (MINA)
• Polkadot (DOT)
• Avalanche (AVAX)

Overall, REN has a strong market position as it addresses a major pain point in the market, helping large traders move large amounts of cryptocurrencies without affecting market prices. Its decentralised nature also means it is not subject to regulation. However, it faces competition from other established and emerging blockchain platforms and cryptocurrencies that are also working to improve interoperability and liquidity in the DeFi space.

Advantages of REN over other cryptocurrencies

• REN is a decentralised dark pool trading protocol created on the Ethereum blockchain, allowing users to transfer assets across different blockchains.
• REN provides investors with access to over-the-counter transactions (OTC) while ensuring anonymity.
• REN allows for inter-blockchain transactions across decentralised dark pools, meaning large crypto transactions can be carried out away from crypto exchanges.
• REN is underpinned by advanced cryptography and algorithms, enabling the movement of certain crypto assets between different blockchains without the need for complicated middle steps.
• REN has a complex platform designed to overcome the barriers to entry and investment for decentralised finance projects.
• REN's native token is used as a governance token and as a bond for operating a Darknode.
• REN has a high level of privacy, with confidential order books that are hidden from the market, keeping "whale" investors anonymous and inhibiting slippages caused by OTC.
• REN has a high level of security, with anonymous transactions and the use of sophisticated algorithms.
• REN has a higher immunity to slippage, as transactions are made away from exchanges and do not affect the liquidity market.
• REN offers faster transactions.
• REN has a bright future ahead of it in 2022, with ongoing developments happening within the REN ecosystem and the overall crypto market.

Frequently asked questions