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

0
387

πŸ”₯ TOP Crypto TIPS In My Newsletter πŸ‘‰ https://guy.coinbureau.com/signup/
πŸ—» Get The Top Deals In Crypto πŸ‘‰ https://guy.coinbureau.com/deals/
πŸ“² Coin Bureau Insider Channel πŸ‘‰ https://t.me/cbinsider
🐦 Follow Our Twitter πŸ‘‰ https://twitter.com/coinbureau
πŸ“Ί Ren Video 2019 πŸ‘‰ https://www.youtube.com/watch?v=9ewvUvKHye0
πŸ“Ί WBTC Video πŸ‘‰ https://www.youtube.com/watch?v=1Wqs278hN6M

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

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

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

⛓️ πŸ”— Useful Links πŸ”— ⛓️

β–Ί Ren Website: https://renproject.io/
β–Ί Ren Bridge: https://bridge.renproject.io/
β–Ί Ren Mainnet: https://mainnet.renproject.io/
β–Ί WBTC: https://wbtc.network/
β–Ί WBTC Cafe: https://wbtc.cafe/
β–Ί Using WBTC Cafe: https://medium.com/renproject/wbtc-cafe-is-now-on-mainnet-d3b48e3eeecc

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

πŸ“ What is Ren? πŸ“

Ren is a decentralised interoperbility protocol that is trying to bring together different blockchain ecosystems. They are developing a solution whereby you can transfer value from one blockchain to the other.

It is a unique solution to cross chain value transfer that we have not seen before. It does not create synthetic tokens or “wrap” tokens. You are merely transferring liquidity from one ecosystem to another with your existing smart contracts.

πŸ€” What is RenVM πŸ€”

You can think of it as some fomr of decentralised trustless custodian that holds your assets as they move between the blockchains. You send over an asset like Bitcoin to the VM which will then mint this BTC into an ERC20 equivalent.

While renBTC is similar to Wrapped Bitcoin, there are a few distinct differences. Firstly they are not kept at a centralised custodian like is done with WBTC. Here, funds are stored at a centralised custodian at BitGo.

RenBTC is also trustless. You don’t need to have to rely on a centralised Custodian to have to release your funds. The darknodes will do it for you the moment that you requset it.

πŸ“ˆ Benefits of RenVM πŸ“ˆ

RenBTC can be integrated into other DeFi dApps and protocols. This basically means that these dApps can open up a sea of liquidity for their network from the Bitcoin, Bitcoin cash or Zcash ecosystem by integrating the RenVM.

It can also be a completely backend operation. Users of the dApp may not even know that they are using the RenVM to facilitate an operation. A case and point could be a Dex that trades Bitcoin for Ethereum.

RenVM is also great because unlike with WBTC, there is no KYC that needs to be done on the users. You merely need to send your Bitcoin over and the VM will convert that into renBTC and send the ERC20 equivalent.

β˜•οΈ WBTC Cafe β˜•οΈ

This is a dApp that has integrated with the RenVM and which allows traders to convert their Bitcoin into WBTC while using renBTC as an intermediary currency. This is beneficial because WBTC has much more liquidity than renBTC.

The conversion is done on the backend and no one can tell that the renBTC has even been used. It is also a great way to get around that KYC headache that usually surrounds WBTC.

πŸ’° Ren Token & Darknodes πŸ’°

The Ren token is an ERC20 token that was sold in a private and crowd sale that took place back in 2018. They were originally called the Republic Protocol and they wanted to build a “Dark Pool” decentralised exchange protocol.

The original use cases for these Ren tokens was to pay for transaction and computaiton fees in the protocol. It was also to be used as a bond by those who were running the Dark nodes.

However, last year the project went through a name change and focused more on the idea of a DeFi interoperability protocol. Now the Ren token’s main use case will be as a bond in order to operate a darknode.

The bond that is required in order to provide dark node services is 100,000 Ren which at latest prices implies about $15,000. You can basically think of this as akin to running a masternode or validator node on some other proof of stake blockchain.

There are pros and cons to using Ren only as a bond. While there is no “utility” demand to pay for those transaction fees, there is demand in order to buy the tokens and store them in the dark nodes. Given that all fees are paid in the transacting currency, this could increase the demand to run a darknode and hence the demand to hold REN.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

πŸ“œ Disclaimer πŸ“œ

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Bitcoin #Ethereum #Ren #Renbtc #Review #crypto #Defi

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here