• REN price could be ready to break out from the downtrend as price gears up for a short-term recovery creating more bullish sentiment.
• REN looks strong on both low and high timeframes. 
• The price of REN breaks out on the daily timeframe after forming an descending triangle.

Ren Protocol (REN) has recently shown great recovery after some setbacks as the price has remained downtrend against tether (USDT). Previous weeks in the crypto space have been slow, with most altcoins and major cryptocurrencies such as Bitcoin (BTC) moving in a range. The month appears promising, with altcoins such as Ren Protocol (REN) bouncing off their lows with hopes of a rally with the current trend shift. (Data from Binance)

Ren Protocol (REN) Price Analysis On The Weekly Chart

The new month has been a relief for most crypto projects, with altcoins such as REN showing bullish strength and BTC leading the market rally from a low of $18,800 to $20,100. With the market looking more promising for crypto assets, we may see more cryptocurrency recovery, as the previous month prevented major altcoins from rallying.

In recent weeks, the price of REN has not shown the same strength as seen in other altcoins such as Cosmos, as it has continued to fall to its weekly low of $0.1.

Following a rally from a low of $0.1 to a high of $0.11, the price of REN was rejected because it could not break above $0.11, acting as resistance to the price of REN and the area of supply.

Since then, the price has struggled to find support, falling to a weekly low of $0.1, forming a good support zone with what appears to be a demand zone for more buy orders.

The price of REN remained in this $0.11 range before breaking out following a bullish weekly close, with the price looking more bullish for the week.

Weekly resistance for the price of REN – $0.1.

Weekly support for the price of REN – $0.15.

Price Analysis Of REN On The Daily (1D) Chart

On the daily timeframe, REN’s price remains bullish, flipping the resistance at $0.11 and holding above this region with good volume as the price targets $0.14 creating more bullish sentiment after breaking out of descending wedge.

REN is currently trading at $0.12, with the price holding above the 8 and 20-day Exponential Moving Averages (EMA) after breaking through resistance in this region. The price of $0.116 corresponds to the 8 and 20-day EMAs of REN.

Daily resistance for the REN price – $0.14

Daily support for the REN price – $0.11.

Featured Image From Coingape, Charts From Tradingview  

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Helpful Links

► Republic Protocol Website: https://renproject.io/
► Whitepaper 2017: https://renproject.io/whitepaper_1.0.0.pdf
► Litepaper 2019: https://renproject.io/litepaper.pdf
► GitHub https://github.com/renproject

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#⃣ Socials #⃣

► Official Blog: https://medium.com/renproject
► Telegram English: https://t.me/renproject
► Telegram Korean: https://t.me/renkorea
► Twitter: https://twitter.com/renprotocol
► Facebook: https://facebook.com/renproject
► Reddit: https://www.reddit.com/r/renproject

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Overview

The Republic Protocol is a blockchain project developing a decentralised dark pool protocol.

Utility token is REN which is an ERC20 token. Token was issued on the 21 Feb 2018 and they completed an ICO in January and February of 2018 where they raised 5,000 ETH.

Token currently has most of their trading on the Binance exchange. Token trading is volatile as liquidity is still rather thin.

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Disclaimer

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.

#Crypto #REN #Blockchain #Review #Token #ERC20 #binance #trading #otc

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Time Stamps

1:00 Introduction
1:50 Dark Pool Overview
3:14 Ren Virtual Machine
5:33 Ren Token Overview
7:46 Token sale & Price Performance
8:57 Team & Advisors
9:47 Development & Roadmap
11:22 Ren Trading & Wallets
12:21 Conclusion

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Helpful Links

► Website: https://renproject.io/
► Original Whitepaper: https://renproject.io/whitepaper_1.0.0.pdf
► GitHub: https://github.com/renproject
► Research Report: https://research.binance.com/projects/republic-protocol
► What is a Dex?: https://medium.com/@sytaylor/what-is-a-decentralised-exchange-e2b86e844fe9
► Guide to Dark Pools: https://guides.pm-research.com/content/iijtrading/2010/1/101
► ChaosNet User Guide: https://docs.renproject.io/chaosnet/chaosdex

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Socials

► Official Blog: https://medium.com/renproject
► Twitter: https://twitter.com/renprotocol
► Telegram: https://t.me/renproject

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Project Overview

Ren wants to create a decentralised exchange protocol that is not only private but also interoperable.

With their Ren Virtual Machine, they want to give users the ability to build private and trustless decentralised applications.

Technology

The Ren Virtual Machine or RenVM is the engine the engine that powers the Ren Network. It’s basically a network along with an accompanying SDK that allows developers to build in multichain functionality to their dAppps.

In order to facilitate the private matching of orders on the RenVM, Shamir Secret Sharing schemes are used. With this, orders are broken up into multiple shares and are distributed through the network in a secure way.

In order to run the secret scripts the RenVM use Ren’s Secure Multiparty Computations. RenVM is Byzantine Fault Tolerant. This means that even if some of the nodes go down the network will still function effectively.

For Consensus ren uses hyperdrive. This is a modified version of the Tendermint consensus mechanism that was developed specifically for the RenVM.

Token

The REN token is used as a bond for the Darknode operators. This is done in order to align economic incentives and to dissuade any sort of dishonest behaviour by these node operators.

You will need to place 100,000 REN into a bond in order to run these Darknodes. The benefits of running a Darknode is that you will be paid transactions fees for recompiling order pieces and matching them with opposing orders.

Ren sold their ERC20 based tokens in a crowdsale that took place in January and February of 2018. This was a combined private sale and public sale spaced a few weeks apart.

Team, Partners & Development

Ren is led by Taiyang Zhang as the CEO. He has previously worked as a software engineer and as a manager at a Quantitative investment fund.

The CTO is Loong Wang who has also worked as a software developer. His specialty is in distributed and high-performance computing.

The Ren team has been quite busy over the past year and a half. You only need take a look at their GitHub activity to get a sense of how much work is been done.

Trading & Wallets

Ren does about $3m of trading volume in a day. This is about average for a token that is ranked just outside of the top 100.

There is limited exchange support with the bulk of the orders being done on Binance. This limits liquidity and price discovery.

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Disclaimer

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.

#Ren #darkpool #crypto #Ethereum #Review #trading #darknode #Binance #blockchain #DEX #trading #cryptocurrency #Defi

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– 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

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Useful Links

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

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What is Ren?

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.

What is RenVM

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.

Benefits of RenVM

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.

WBTC Cafe

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.

Ren Token & Darknodes

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.

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Disclaimer

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

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Essential Videos

RenVM Explained https://youtu.be/Wyahsfa1s08
Pancakeswap Explained https://youtu.be/7rEqGX4eRnk
Tokenomics Explained https://youtu.be/ftCaqG7wckg

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– TIMESTAMPS –
0:00 Intro
2:28 Ren Recap
5:02 Ren Updates
6:55 REN Price Analysis
9:45 REN Price Potential
11:31 Ren Roadmap
13:46 Centralization Concerns
15:40 Conclusion

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Useful Links

► Ren explained in detail: https://www.coinbureau.com/review/ren-project/
► Ren Bridge 2.0: https://bridge.renproject.io/mint
► Ren + Alameda partnership: https://medium.com/renproject/ren-alameda-90a8f471b323
► RenVM statistics: https://darknodes.online/
► Ren centralization details: https://medium.com/renproject/renvm-and-the-road-to-decentralisation-72213c3bee3a

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Ren Recap

Ren was founded by Australian software developers Taiyan Zhang and Loong Wang in late 2017. Back then Ren was known as ‘Republic Protocol’ and focused on making it possible to do trustless OTC trades.

Republic Protocol rebranded to Ren in 2019 and shifted its focus to interoperability, making it possible to transfer cryptocurrencies between blockchains in a trustless manner.

The Ren main net launched in May of 2020, making it possible to use Bitcoin, Bitcoin Cash, and Zcash on the Ethereum blockchain.

Ren Updates

In August 2020, Ren partnered with Acala Network to bring Bitcoin to the Polkadot ecosystem. In September 2020, Ren announced they would also be supporting the Binance Smart Chain.

In October, the Ren token was listed on Coinbase. In November, Ren unveiled their Multichain upgrade, which foreshadowed support for Digibyte, Dogecoin, Filecoin, and Terra.

In February, Ren officially integrated the Binance Smart Chain. They also became a part of Alameda research and will be working to bring wrapped assets to the Solana blockchain.

REN Price Analysis

In mid-February, REN reached its tentative all time high of 1 and a half dollars, a 10x move. This was likely driven by the announcement that Ren had officially added support for the Binance Smart Chain.

Because REN’s only use case is as a bond for Darknodes, its value is highly correlated to the TVL within the RenVM, which has been increasingly gradually over time.

REN Price Potential

How high REN could go seems to depend on the TVL locked within the RenVM. Although this has been increasingly steadily as Ren adds support for new chains, these new chains are not adding TVL.

Moreover, renBTC is the primary asset being minted by the RenVM – people do not seem to be wrapping any other supported cryptos. Still, speculation and a low market cap could drive REN higher.

Ren Roadmap

In brief, the endgame of Ren is to become the interoperability hub for the entire cryptocurrency space. To achieve this, they are planning to do two things.

First, they will make it possible to instantly mint wrapped assets thanks to an elaborate p2p loan mechanism which has yet to be implemented.
Second, they will make it possible to swap wrapped assets directly between chains instead of having to go through the main chain as a middle man (e.g. unwrap back to Bitcoin, then wrap onto another chain).

Centralization Concerns

Even though RenVM has nearly 1800 Darknodes, they do not actually have very much power over the network.

Almost everything about the RenVM is controlled by the Greycore, a set of 13 Darknodes run by the Ren team.

Thankfully, the Ren team has been planning to decentralize the RenVM for some time now, and detailed this process in a Medium post last summer.
No date has been set for this yet however, and something tells me that it will be pushed back with each additional chain that is added to the RenVM.

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Disclaimer

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 cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Ren #defi #crypto #ethereum #renvm #blockchain #renbtc

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