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REN, formerly known as Republic Protocol is the ERC-20 token of the REN Virtual Machine, or RenVM, which facilitates transfers of tokens between blockchains while protecting users’ privacy. Amounts and wallet addresses can be kept private while tokens are sent between chains by a trustless and decentralized virtual machine. REN holds custody of tokens with a 1-1 ratio, but with all data kept secret and decentralized. This means REN tokens are in the hands of secure custodians and fully backed if a hack did occur.
With Zengo, you never need to keep track of recovery keys or worry about security. Our wallet is non-custodial and secured by the latest facial recognition technology. With Zengo’s intuitive, yet still advanced features, it is easy to use both for veterans and new users.
Zengo makes holding and trading crypto simple and safe for new users while offering advanced features veterans love. Here is what is possible with a Zengo REN wallet:
Tracking a crypto portfolio in an ever-changing market can be a challenge. Zengo allows you to ditch hours spent researching trends or trying to figure out tracking apps. With Zengo’s historical data, analysis of your token’s performance, and live updates of other coins, you can trade with confidence.
We believe that crypto should be accessible to everyone! For that reason, we made sure that the Zengo wallet allows you to send and receive REN to anyone and anywhere in the world with a few intuitive taps.
Zengo makes it easy to purchase crypto! Whether you already own REN tokens or not, the step-by-step instructions for buying crypto with several convenient payment methods make purchasing cryptocurrencies straightforward for everyone.
With Zengo, you can securely purchase REN tokens using standard fiat currencies such as Euros, US Dollars, and the Pound sterling.
We offer multiple secure ways to purchase REN or other cryptocurrencies with the Zengo wallet: Mastercard or VISA, mobile payments apps, SWIFT, SEPA, and Bank Transfers (if you are based in the UK or EU).
HODLing is the act of holding (or storing) a token for an extended period of time. Zengo’s security measures are top-of-the-line, and its recovery capabilities are outstanding. In simple words, Zengo’s wallet ensures you can always access your crypto even if you break, lose, or switch phones.
With Zengo, you can trade your REN with a growing list of tokens quickly and easily. Choose from trusted currencies like Ethereum, Bitcoin, Tether, or USDC, along with many others.
Zengo’s interest rates on savings are higher than most banks! Check out the savings service that applies to certain coins. If you don’t see your favorite coin, keep checking because new coins are added all the time.
Are you ready to invest in REN? Here are the key points to know about the project:
REN is the utility token for a virtual machine called RenVM, which is used for privately sending tokens between blockchains, like Bitcoin and Ethereum. REN allows for interoperability while using sophisticated techniques to keep transactions private and trustless.
REN was created by Taiyang Zhang and Loong Wang, who met at university. They initially wanted to develop Republic Protocol which focused on privacy over interoperability but pivoted when they saw their project’s potential to connect blockchains.
REN was created to address the challenge of connecting liquidity from one blockchain to another. Previous to REN, tokens on other chains were “wrapped” and held by a central party. REN solves this and, in a decentralized, trustless fashion.
Defi has created a huge demand for cross-chain transfers, and trustless privacy has become a concern for many crypto users. RenVM solves these problems, and REN tokens are needed to run the nodes powering REN’s network.
After publishing their whitepaper in 2019, REN’s first mainnet named SubZero was launched in May of 2020. The protocol supported transactions between Bitcoin, Bitcoin Cash, and Zcash with plans to integrate more blockchains.
REN is a proof of stake protocol and cannot be mined. REN’s Darknodes are powered by staking 100,000 REN, but there are no rewards paid. REN is designated as a “work token” that gives users the right to perform work on a network.
There is a maximum supply of 1,000,000,000 REN, which are already minted. As a work token, REN is not burned and isn’t designed to be currency. Instead, REN’s value is based on scarcity determined by the scope of adoption.
REN is an ERC-20 token using Ethereum architecture. REN tokens can be viewed on Etherscan here; however, transactions completed with the RenVM are private. Currently, REN can transfer Bitcoin, Bitcoin Cash, ZCash, and Dogecoin between Ethereum and Binance chains.
REN uses complex cryptography called Shamir’s Secret Sharing to break data into pieces and scatter them around the virtual machine’s nodes. This means no single node can know private keys and must combine data with a certain number of other nodes.
Wrapped tokens are not private and are held by a custodian with a central point of failure, making assets vulnerable. REN, however, is a private, trustless, and decentralized system acting as a custodian that is uncommonly difficult to hack. In the rare event that REN is hacked, all funds are backed at a 1:1 ratio to reimburse users.
If you’re just starting out or looking to upgrade to a more secure flexible wallet, Zengo has all the features to keep your crypto secure with quick and easy access. Here’s why Zengo is the best wallet for keeping crypto trading simple.
Zengo’s cutting-edge security won’t prevent your access to your crypto. Through Zengo’s non-custodial platform, you have 24/7 access to your assets. REN can be held, bought, sold, traded, or sent anytime with Zengo.
Zengo’s advanced wallet security is powered by 3-factor authentication, threshold key signature (TSS), and the latest facial recognition technology.
Zengo allows access to your assets 24/7, so you can send, buy, sell, or trade REN with just a few taps on your phone. With no minimums, maximums, or huge fees, Zengo gives you control of your crypto and makes trading easy.
We guarantee the recovery of your cryptocurrencies, even in the event of loss, damage, or theft of your device. Zengo uses biometrics, not private keys, so you always have control of your assets.
When your assets are on the line, you want to speak to a human being! Zengo’s in-app support is online 24/7, where our agents can solve any problems and answer questions.
Do you still have questions regarding Zengo’s REN wallet? Here are some answers to help you get started.
You don’t need technical knowledge to get into crypto. Just download the Zengo app from Google Play or the App Store. Tap through the prompts to get verified, and you are good to go! Go to the home screen, and you can purchase crypto.
To store REN coins you will need a safe crypto wallet that supports REN. Zengo’s advanced biometrics and security protocol protect your assets and make sure that access is always yours. Even when a phone is broken, lost, or stolen, Zengo’s authentication methods will recover your coins, so you don’t need to stress.
For sending, trading, or holding cryptocurrency, you need to have a crypto wallet like Zengo. Your crypto wallet acts as proof that you own your assets, acting as an identification card. Selecting a trusted and reliable wallet is essential for protecting your crypto assets.
A REN wallet is quick to set up with five simple steps:
Now that your wallet is created, you can buy and trade REN and other cryptocurrencies.
Your personal REN wallet address is generated when you register for a Zengo account. Simply touch the asset on your home screen and swipe right to view a long string of numbers and letters – this is your wallet address. To receive crypto, you need to give this to the sender. The sender can also scan the QR code, so you don’t need to type everything out.
On the Zengo home screen, touch REN, and swipe left. Follow the steps and enter their wallet address, and tap Send. The receiver will get a notification when the coins have arrived. If the person you wish to gift REN to does not have a crypto wallet, send them an invite to join Zengo!
It only takes a few taps! Locate REN in the Zengo home screen, click on it, and swipe left. Follow the prompts, hit send, and wait for the receiving person to get a notification the tokens have arrived.
Receiving REN is simple. You just need to share your wallet address with the sender! To get your address, touch REN on the Zengo home screen and swipe to the right. The numbers and letters that appear are your individual REN address, share these or have the sender scan the QR code. Once the funds have been sent, wait for a confirmation that the tokens are in your wallet.
Disclaimer: The information provided herein is for educational purposes only. Zengo does not provide any investment or financial advice whatsoever. As with any financial or investment decision, conduct your own research and due diligence to properly evaluate the benefits and risks of any investment or financial transaction and seek the advice and guidance of qualified financial professionals, in connection with any investment or financial transaction.
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