The web has been spreading abundant information about a dynamic blockchain platform and its features related to usability and security. Time and again, the hybrid consensus mechanism of blockchain and various tokens revolving around it has also been in heated discussions. However, very few networks have delved into addressing the interoperability issues that pose various bottlenecks for the trading community.
Before delving into the prediction of Ren’s price, let’s take a look at some of the details regarding the currency.
A cryptographic method that has zero disclosure evidence foundations and mathematical consistency of the entire blockchain-enabled transaction that is authentic and fast.
Welcome to the new decentralised avatar of finance – REN!
REN: THE MASTERMINDS BEHIND THE GAME
It all started when two classmates at the Australian National University by the name of Taiyang Zhang and Loong Wang decided to work for a start-up company after graduation. Soon, their own founded software company started programming trading algorithms, becoming famous for their expertise. The first hedge fund Virgil Capital for which Zhang sweated out the necessary rest.
During this journey, he also witnessed the huge challenges and bottlenecks faced by investors when trading cryptocurrencies. He also observed that the main reason for these hurdles was that public transactions on blockchain also included OTC purchases and that also governed price volatility. A large exchange-to-wallet misleads investors while posing problems in OTC trading. Wealthy investors were the most affected. Thus, the genesis of REN became a compulsive origin.
Definition of REN: Network locked in trustworthiness
Zhang decided to have Ethereum’s ETH-20 framework for REN as an obvious choice because he thought it gave the ultimate solution for the OTC problem: the Republic protocol. Knowing Wang’s expertise in coding distributed database technologies, including the invention of a coding language for blockchain, Zhang collaborated with him to solve blockchain interoperability problems.
And so, in the summer of 2017, the Republic Protocol was born, aimed at designing a protocol for independent cryptoasset blockchains to communicate effectively. Also with the potential for non-disclosure and complete transparency in mind, REN went on to become the only open protocol that facilitated movement between blockchains.
RENVM: Interoperability redefined
To understand REN, it is essential to understand what “Dark Pool” means. As the name justifies, pool means buy and dark means anonymous. Investors can be fooled in the OTC markets by buying a large amount of assets anonymously.
The central platform around which Ren operates is called RENVM, i.e. Ren Virtual Machine. All exchanges that occur on Ren through blockchains have a RENVM advantage. Nodes are empowered by RENVM to compute, authenticate and process cryptographic instructions between chains. These nodes are called “Darknodes”. Their entire ecosystem works around a scientific algorithm that distributes orders into small segments so that nodes are unaware of the total number of transactions. This improves security, especially since RENVM operates on Ethereum and all transactions processed using ERC-20.
Therefore, primarily the REN token has two operations to perform: one, to pay trading fees for orders placed on RENVM, and two, to pay bonuses to the “Registrar”, a smart contract that manages Darknodes in the Ren ecosystem. Decentralisation is ensured through smart contracts and also stability is guaranteed through RENVM. In contrast to zero disclosure and being open source, RENVM SubZero facilitates transactions in a completely decentralised and trustless manner, eliminating the possibility of any outsiders or intermediaries. The cryptoassets tokenised through RENVM are renBTC, renBCH, renZEC, etc. and these are also intertransferable to the actual cryptocurrency BTC, BCH, ZEC, etc.
Moreover, RenVM is so conceptualised that it can be integrated by coders to other blockchains such as Tezos. Speaking about the progress made in 2019, Wang had tweeted on Medium saying, “The official name of the Republic Protocol is now REN. This will be a crushing development in the history of REN where the entire pivot moves from decentralised darkpools to decentralised interoperability for blockchains.” Other developments included the change of RENVM’s core network, called SubZero to Chaosnet.
The last year was tough, but not for REN. In 2020, REN focused on signing significant partnerships, a consortium of DeFi companies and projects.
REN Partnerships
Jurisdictions around the world are rushing to implement legislation and regulations to allow or facilitate companies to conduct initial coin offerings (ICOs) or token issuances. In essence, REN is not governed by any regulator. It is rather a computer network governed by a peer-to-peer community composed of user machines or “nodes” that withstand all monetary recessionary storms.
The REN Board realised that the mere individual functionality of the operation is not enough and that growth means spreading the wings. So renowned names such as Kyber Network, MATIC, Polychain Capital and IDEX were added to take the protocol to lofty heights.
These partnerships ensured usability, security and further enhanced RENVM. It would not be an exaggeration to say that these partnerships brought a steady variety of users, investors and developers to the REN project.
REN Use Cases: Turning preaching into practice
The entire ecosystem of the REN project is open source. Leveraging the strengths of Bitcoin and Ethereum, REN guarantees crystal-clear transparency and complete confidentiality of transactions on the network. Although transactions are recorded on the overall blockchain, neither the sender nor the recipient nor even the amount transferred is in any way evident to other users of the network.
The entire framework is not based on zero disclosure evidence, but on Sub-Zero through RENVM, which allows the mathematical consistency of the entire transaction procedure to be verified without revealing any data or message about the other party involved in the transaction. Putting the power ultimately in the hands of the user, REN has regular update schedules, which means that this protocol is adaptable to meet today’s varied use cases as well as tomorrow’s unforeseen use cases.
REN can catch fraudulent or spurious pairwise transactions where a confirmed block is able to trace back to the previous block. REN relies on cryptographic methods that rely on sub-zero disclosure evidence and mathematical consistency of the entire blockchain-enabled transaction that is verified without revealing any data or messages about the other party involved in the transaction. Therefore, security hurdles are stopped first. A salient feature that stands out in this protocol is that it ensures liquidity and ensures lightning speed of transactions on the network.
Therefore, RENVM enables the following functionalities creating a lot of value for both end users and darknode owners. Some of the few assumptions are given below:
1) A universal and embeddable web wallet.
UX: This means a universal wallet that can be created for any type of cryptographic asset. Here the public and private keys are stored and governed in the REN network. Like any other wallet, it can also be accessed with a username, password and a connection to the Ren network. Upon creation, investors can reach their funds through a user interface component on the page similar to MetaMask, but would not require a pre-installed Chrome plug-in, and would not be limited to Ethereum.
Darknode revenue: REN has also made a provision regarding the fee system. Whenever the new RENVM fee system collects fee movement funds, multiple wallet functions such as fast transfers, insta-pick up, etc. are implemented, in addition to darkpool trading.
2) An improved DEX
UX: Developers can create a simplified and user-friendly trading interface user interface, thus adding a liquidity pool in RenVM. By instructing RENVM and post-authentication at a fixed price, funds are exchanged by the pool from one RenVM-controlled wallet to another.
Although this function looks similar to other centralised exchanges, the difference here is that you are the master of your own funds and the group is governed by computer logic controlled by the network, not by a company. Another advantage here is that you can trade in countless currencies and all within fast processing.
Darknode Income: A unique feature of the RENVM exchange is that it has a multitude of trading benefits, all packed into one. In addition to enabling chapter transaction costs compared to other exchanges, the RENVM-based exchange minimises settlement time and offers a host of other currencies for inter-credibility. Thus, the entire REN ecosystem goes beyond conventional OTC, but also beyond more traditional spot or margin trading.
REN ICO: Not to be out of sight
REN also like other financial offerings, making headlines for ICOs (Initial Coin Offerings) Started moving forward in 2018 when it was Republic Protocol. It introduced two offerings: one, which was a private ICO in January raising $28 million. The main public ICO staged its performance just a few days later in February 2018, raising $4.8 million.
The main reason investors were attracted to buy REN was a meagre price of 3 cents per token. You’d be surprised that it took a supply of more than 1 billion tokens to be sold.
REN PRICE: TRACING HISTORICAL FOOTPRINTS
Unsurprisingly, REN’s price history has been reasonably predictable. As mentioned above, REN ICO for the public that was below 4 cents, made a dazzling debut skyrocketing the price in May 2018 to 13 cents. However, by winter 2018, the REN / USD price dropped to 1.5 cents which was only 1/4 of the initial REN ICO price.
With Bitcoin vying to become a public option in 2019, it gave momentum to altcoin prices, including the REN price, and touched an all-time high of 15 cents. The impressive rally in the REN/USD price continued with marginal corrections before marking a 9-cent gap at the end of 2019.
As a decentralised finance token (DeFi), the REN price forecast marked a massive 1-year pullback. Another important reason was that the sector offered alternative and diversified investment options to Bitcoin and other digital assets. So, while some financial assets reached record highs, the REN/USD price was still struggling.
Showing resistance that was highly expected at $0.28 and $0.30 respectively, the REN price presented a rebound gaining traction at $0.24 and $0.22 along with its trading volume.
REN: Technical analysis: Let’s do the nitpicking
Like many other cryptocurrencies, the price of REN is also vulnerable to market movements and sentiments. Of course, there are dislikes as much as Valentine’s Day for this token. However, despite being highly volatile, the REN price has shown significant long-term price action. It depends entirely on the expertise of the dedicated team of professionals working for this conglomerate. According to expert price prediction, the future price of REN may even double in the coming months, taking it to $1.4.
Pessimism cannot be ignored for the REN price either, as some experts are of the opinion that the price of the currency does not come to an aggressive planning strategy and marketing gimmicks. The newsletter and tweets do not reach the entire trading community and therefore investors, more than often, are at a standstill to know what is happening on the REN front. Mass adoption generally fails, as REN cannot survive on the interoperability bandwagon alone.
There are factors other than the above that govern the price of REN objectively, namely:
Associated currencies: cryptoassets that are linked to REN but do not work well on the exchange also independently govern the price of REN.
The supply-demand relationship, which is an old phenomenon of contradictory demand-supply relationship, works for REN. The more REN holders buy REN on a large scale, it is not surprising that the price goes up and the supply may go down.
Security concerns: These are bottlenecks that when the act of negative publicity can cause the price of REN to fall due to massive selling.
Popularity of dApps: If the demand for decentralised apps increases, as it has done during the Pandemic phase, in the future it will also be good for the future price of REN as well.
Weighting average indicators: The 50-day, 100-day and 200-day simple moving average are among the most commonly used indicators to identify important resistance and support levels for REN’s forecast. Any positive price changes occurring above these averages will show strong REN momentum. Traders also like to use the RSI and Fibonacci retracement levels on the price chart to try to determine the future price prediction of the REN market.
Crypto Volatility Index (CVIX): This index studies volatility and price fluctuations by weighing deviations. The amount of momentum or fluctuations determines the performance of REN. Too much REN fluctuations create fear in the minds of investors and prevent them from buying.
Relative Strength Index (RSI): This emphasises bullish recovery from bearing levels near oversold. RSI reaches overbought, buy orders are bound to increase, creating more volume which will support the uptrend in the short term.
REN FORECAST: 2021-2025-HIGH SCALE OR GOING OUT DRY
REN’s price forecast has really taken a somersault over the last year, totally transforming the trend from the beginning to the end of the year. REN has had a historic ride throughout. All said and done, the REN trend has been quite aggressive, leading to a very bullish path. The price of REN can grow by leaps and bounds, especially for partnerships. New partnerships would bring REN into the spotlight, making it centre stage for investments and a socially esteemed cryptocurrency. In the process, more transactions will be executed with every passing second, which may prove to be a tough challenge for REN’s crypto rivals.
REN price forecast 2021
The end of last year was a tough one with an urge to say goodbye. Mainly due to the pandemic, negative trends prevailed, driving the REN price to 20 cents. However, the beginning of 2021 meant that the REN price could offer a goodbye to all the negative and pessimistic price trends for the cryptocurrency world, especially for the REN market, it could mean the beginning of an era of hopes and promises full of optimism. In the world of cryptocurrencies like REN, there could be a prediction of miracles, there could also be short-term magics. Five years is a long time. With the pandemic vaccine coming to the fore, according to expert predictions, it could mean a boom time for REN. Cryptocurrency investors always plan for the long term rather than the short term. By the end of 2021, the price of REN could cross the $1.4 price level.
REN price forecast 2022
Based on 1-year historical data and technical analysis, REN devised its own blockchain platform making the transition from Ehtereum’s base to enlisting on the world’s major cryptocurrency exchanges by the end of 1 year.
It would not be an exaggeration that this cryptocurrency price could break all barriers and stand the test of time by scaling a peak of $0.66. Given that fiat currencies cannot sustain in the wake of the pandemic, this could be a breather for all REN investors, leading them on the path of high hopes and aspirations to transact in REN. For informational purposes, you can read the technical analysis and expert analyst reports to stay updated with REN’s forecast every 24 hours. By the end of 2022, the price of REN could cross the $2 price level.
REN price forecast 2023
According to our Ren price forecast, the REN price is expected to exceed $2.4 by early 2023. The expected maximum for 2023 is $3.5, and the minimum will be $2. The average REN price forecast for the end of 2023 is $3.
REN price forecast 2024
According to our Ren coin price forecast, REN is expected to cross $3.60 in early 2024. The expected high for 2024 is $4.5, and the low will be $3. The average REN price forecast for the end of 2024 is $4.
REN price forecast 2025
With a little patience and keeping long-term hopes high, investors can expect a turnaround by the end of 2025, as REN adoption would grow exponentially, by which time REN would no longer be a naïve participant in the cryptocurrency world, but a seasoned player at $5.
REN: Beginning of an epic saga
Cryptocurrency trading is not easy for new dabblers. Joining the crypto pool for new swimmers could be a Herculean task. Trading can be a gigantic burden for those who are moving from the help of a broker to doing it on an online platform independently. REN has made the right decision to transition from darkpools to blockchain interoperability, especially for the governing factor of use cases. REN’s exemplary functionality has been to enable expedited, trust-based and highly valuable transactions. Credit is also due to the dedicated REN team that has burned midnight oil to make this project a highly successful one by removing technological and operational hurdles for users on the platform.
The functionality of a cryptocurrency defines its price and not its epic origin. The same is true and valid for REN as well. The interoperability functionality that drives REN is what defines its price momentum. The story is meaningless. Built on the Ethereum mainchain, Matic has the advantage of readily available programming language, developer documentation, etc. and doesn’t have to build everything from scratch. This is mainly because Matic is an EVM-based sidechain.
Governments around the world are taking steps to restore economies and this is expected to have an influential impact on REN as well. This should make REN an active and safe haven for investors. According to experts, some cryptocurrency fanatics say it could push REN into the unprecedented wave of stimulus from governments and central banks around the world aimed at addressing the coronavirus crisis. Such measures, they say, devalue fiat currencies, making REN an attractive alternative.
It is the way REN has scaled up operability problems and made transactions faster for the masses that will also add multiple layers to the whole pricing mechanism. Only then does the question of widespread adoption and investment arise. The day is not far off when the entire exchange will be dominated by REN and a cohort of the REN community starts talking about fixing the price at a predetermined level to avoid the phenomenon of skyrocketing!
FREQUENTLY ASKED QUESTIONS
Is REN crypto a good investment?
REN can be a profitable investment option. Price ren equal to 0.335 USD at the beginning of this year. According to our REN forecast, a long-term price increase is expected; the price forecast for 2025 is around $5.
Where can I buy REN?
You can currently buy REN on a number of cryptocurrency exchanges, including Binance. Once you have your trading account set up on one of the exchanges that trade REN, you will need to transfer your BTC or ETH from Coinbase to that specific exchange. This is done through a wallet system.
Is it possible to bet on REN?
Ren token holders can bet REN and earn a large amount of assets instead of the native asset, which limits the selling pressure of reward earnings.
Where are REN tokens stored?
Ren (REN) is on the Ethereum network (ERC-20) so it can be stored using any ETH compatible wallet.
What can be built with RENVM?
RENVM serves as an add-on for decentralised finance and therefore any dApp can incorporate RENVM’s capabilities into their existing applications and smart contracts. Special care has been taken to ensure that RENVM is composable with existing blockchain and DeFi applications.
Does REN offer complete anonymity for all transactions?
REN enhances user privacy by encrypting sender, amount and recipient data within single-signature transactions published on its public blockchain ledger, specifically for transactions involving shielded addresses.
Will REN cross $1?
Of course, the stars look pretty favourable for next year. Despite last year not being a very motivating period from a global perspective, the current year will witness major changes in the economic scenario for most countries and for the better!
In fact, the currency crossed the $1 mark in the month of February.
How can I buy REN?
There is an overview of the exchanges available to you and a buying guide to help you make an easy comparison. Rates are taken directly from the official website socket of each exchange. For trust exchanges or exchanges that do not offer web sockets, the rates are updated every 60 seconds.
How do I store REN in the wallet?
Cryptocurrency wallets that support REN include My Ether Wallet (MEW – desktop), Atomic Wallet (mobile), Trust Wallet (mobile) and Exodus wallet (mobile and desktop). Hardware cryptocurrency wallets that support REN include Ledger, Trezor and KeepKey. Since REN is an ERC-20 token, it can be stored in virtually any wallet that supports Ethereum. As such, there is no shortage of software wallets and hardware wallets where you can store your REN tokens.