REN/USD: Convert Ren (REN) to United States Dollar (USD)

Ren (REN) is an open protocol designed to enhance interoperability and liquidity between different blockchain platforms. The protocol's native token, REN, serves as a bond for those running nodes, known as Darknodes, which power RenVM, Ren's virtual machine mainnet. Ren's primary objective is to improve the accessibility of decentralized finance (DeFi) by eliminating the challenges associated with liquidity between blockchains. It achieves this by allowing DeFi projects to incorporate foreign cryptocurrency assets into their offerings and enabling users to swap any token between any two blockchains without the need for intermediary steps.

Ren operates through RenVM, a network of virtual computers that collectively form a virtual machine. The computers that power the network making up RenVM are referred to as Darknodes. Ren charges various fees for internal operations, but most of these do not contribute to direct profitability and are instead paid to miners. As an ERC-20 token, REN also incurs varying gas fees to power transactions. RenVM employs a Byzantine fault-tolerant protocol that facilitates ECDSA threshold key generation and signing via secure multi-party computation (sMPC), enabling it to securely manage (ECDSA) private keys on different blockchains and shift tokens between these blockchains.

Ren is designed to overcome barriers to entry and investment for DeFi projects. As a plug-in, it enables DeFi projects to incorporate foreign cryptocurrency assets, such as Bitcoin and Zcash, into their offerings. More broadly, it allows users to swap any token between any two blockchains without the need for intermediary steps, such as using "wrapped" versions of tokens. This functionality aims to enhance the interoperability of the DeFi space, making it more accessible and user-friendly.

Ren was founded by Taiyang Zhang in 2017 and was initially known as Republic Protocol. The project was first announced in January 2018, with Zhang outlining its initial use case as a "decentralized dark pool." Ren launched RenVM, its virtual machine mainnet, in May 2020, following a successful initial coin offering (ICO) in 2018 that raised $34 million. Zhang has a background in the cryptocurrency space, having co-founded crypto hedge fund Virgil Capital. Prior to that, he co-founded Neucode, a software and web development startup, in 2014.