Over the entire period of full-fledged implementation of blockchain in world technologies, a large number of electronic assets, called cryptocurrencies, have been created and developed in parallel. However, not all of them have a currency purpose, but were created for other purposes. Definitely Ethereum and Bitcoin are considered the leaders in the world of cryptocurrencies. Do not forget about smaller, but promising systems, one of which is REN. The article will provide a detailed overview of this electronic currency, the history of its origin, the dynamics of the exchange rate and the outlook for the next few years.

About Ren

The cryptocurrency industry has been developing at a rapid pace in recent years, and many businessmen are showing a desire to invest in its growth. In ordinary markets, this function is performed by dark pools, which allow trading through hidden orders. These are private exchanges that take up to 30% of the volume of all classic trading in Europe and the USA.

Such excitement in the cryptocurrency market led to the creation of the Republic Protocol, which uses dark pools in its work, which is considered a decentralized exchange. Dark Pool is a special platform for making large transactions that ordinary users do not have access to. REN is engaged in the exchange of Ethereum, Bitcoin and ERC20 tokens. The system is provided with reliable protection against hacking due to the protocol of confidential calculations.

REN includes a cross-chain function, with which you can make any transaction on different blockchains without inviting intermediaries. The project has good characteristics, an unblemished reputation and is considered a good platform for people wishing to invest large sums in the cryptocurrency industry. The use of dark pools does not allow cryptocurrency to respond to large infusions of money and give erroneous value rates that would change dramatically almost every day.

Republic Protocol is considered a high-quality exchanger, which order book is used for their work, guarantees confidentiality to each user. The REN token issued by the developers is the subject of investor motivation and security. Despite the fact that the capitalization of the cryptocurrency is relatively low, experts assess its positive dynamics in the course of the rate growth.

Working principle and capabilities

The main goal of the Republic Protocol is considered to provide nodes in such a way that all data about users and their financial transactions are completely encrypted, without access by unauthorized persons. This seems like a rather difficult task, but innovative technologies in the cryptocurrency sphere of activity allow such plans to be implemented. Besides, such a program needs constant updates and improvements.

To divide orders into several parts and distribute them evenly over the network, the developers use Shamirs secret. It is impossible to restore the order without almost all the collected fragments. To avoid fraud and illegal actions in relation to such fragments, a smart contract called Registar is used. This is the development of the Ethereum system. Such a distribution of fragments will force any attacker to retreat, because the price of the work will be too high.

Another possibility of REN is considered to be the ability of nodes to calculate different orders to find profitable financial transactions. This entire procedure is carried out privately in order to exclude the possibility of creating an original order. The Zero-knowledge proof protocol is used to make calculations.

When the required deal is found, the next action starts an atomic swap between users in the Republic Swarm Network. All transaction data is securely protected. Such a network has the following properties:

user identification program;
optional online presence;
information is confidential until the execution of the order;
Republic Dark Pool can be appreciated by any user.
There are speculations that the third party could be Ethereum, which honestly confirms transactions and has no personal interest. Thanks to such a protective system, the capabilities of attackers are limited to a minimum.

Features and differences of the REN system

In order to understand in detail and understand the principle of operation of the Republic Protocol, it is recommended to refer to an example:

The user wants to sell a certain amount of coins.
An order is filled with an indication of the number of tokens, after which it is placed in the public domain.
The second user, who is a member of the platform, fills out a buy order and submits it to the general system.
The order can become a guideline for small buyers, who will set similar prices according to the pattern.

At the moment, the developers are trying to implement all the technical ideas in the project, which are then submitted to github, where the development map is uploaded. Dividing an order into fragments does not guarantee complete security for the system. Attackers can create fake nodes and try to collect all the information about the fragments. Such actions are called "Sibyl Attack".

To protect against this, a simple mechanism for identifying users and nodes was created using REN coins as collateral value. System protection is built in such a way that fragments are distributed in random network topologies. To control the network, you need to own all the fragments, and only in this case you can decrypt the order book.

The main drawback for the exchange floor is liquidity. The problem is indicated very sharply, usually when starting a project. The main reason is the lack of popularization of the new system. The developers are solving this issue through cross-chain relationships with other exchanges and providing an opportunity to work on high liquidity of assets. Crosschain is a protocol that can be used to change currencies of different blockchains.

How REN is created

The REN cryptocurrency was created by the developers of the Republic Protocol system. Mining this coin is impossible, since REN is not the main goal of the team, but only serves as an additional tool for organizing work in the system. This cryptocurrency allows you to stimulate financial calculations for the selection of orders from different orders.

Without such an incentive, users will not want to waste their time on this difficult procedure. Also, tokens were introduced for payment to registrars in smart contracts created. This allows traders to use dark pools.

Another use of the REN coin is the payment of commissions in the Republic Protocol system. It is part of the hardware mechanism of an entire decentralized system that rewards users who provide more computing power. This allows you to perform all actions of Republic Protocol users in a timely manner. The commission is paid by the traders themselves (when placing an order on the platform).

If the order expires before the merging process, the commission is returned to the trader in full. Each node that took part in the merging process automatically receives a certain share. It is determined depending on the total number of participants in the process. REN cryptocurrency is available on a limited number of exchanges, the list of which is posted on the network.

Advantages and disadvantages of REN cryptocurrency

REN cryptocurrency is the development of the Republic Protocol team and, like any other decentralized system, has the following advantages:

High level of security of electronic assets of users.
Ensuring the confidentiality of transactions. After the completion of the transaction, only a part of the information that does not carry any value comes into the public domain.
Built-in system protection at any access level.
Low cost and speed of any financial transactions.
However, this system has some disadvantages:

There is no way to acquire full control over the blockchain of a specific cryptocurrency asset.
Too much computing power will lead to transformation into a centralized network and possible data changes in the system.
To exclude such incidents, developers introduce a master node system, appointing trusted executors to monitor the situation and maintain the blockchain system.

Where to store REN cryptocurrency and its place in the top cryptocurrencies

Almost all types of wallets are available for storing this cryptocurrency, namely:

cold;
electronic;
hardware;
mobile;
exchange wallets.
Most wallets are multicurrency. They are translated into Russian. It is recommended to store large amounts of REN cryptocurrency in cold wallets for maximum security, and small funds in exchange wallets so that they are available for work at any time.

At the moment, 1 REN coin costs 2.42 rubles or $ 0.03. This course is primarily due to the low popularity of cryptocurrency in the world, its promotion is a secondary task of the developers of the Republic Protocol. The total supply of REN coins is 1 billion. The cryptocurrency is not included in the top due to its rate and capitalization, however, experts predict a good growth of the coin a few years later, associated with the popularization of the Republic Protocol system through work with smart contracts.

REN cryptocurrency perspective

All decentralized systems, to which the Republic Protocol belongs, are in great demand and user support. Thanks to this, the system has a fairly good potential, which is in every possible way supplemented by the latest developments and technologies used on the platform.

User privacy, smart contracts and security in cooperation allow the Republic Protocol to hope in the future for rapid growth and popularity, as well as attract large investors who, by their arrival, will raise the capitalization of the cryptocurrency.

Big competition in the market can be considered a disadvantage in the development perspective. All projects are trying to develop and cover a larger audience. Still, the creation of cross-chain connections and the liquidity of the project should help attract traders to work with the Republic Protocol.

The most significant step towards progress was made in 2018, when the basic framework of the entire system was developed and tested in real time. At the time of this writing, Republic Protocol is not making dramatic progress, but it has been steadily holding its position throughout the year. Experts note the positive dynamics of the rate growth, but each trader must independently decide whether to work with the Republic Protocol, having studied the characteristics of the system.

Conclusion

It is worth noting that in this article a rather non-standard cryptocurrency system was considered, which is based on completely different goals and objectives than promoting your coin. In order to reach the established directions, developers will have to put in a lot of effort, constantly looking back at competitors.

Reviews of the Republic Protocol characterize it as a stable system, with knowledgeable leadership and constant improvement efforts. The coin is used as a lever of motivation for the high-quality work of traders, serves as a compensation payment for finding compatible order fragments.

Online monitoring of the cryptocurrency will help you decide whether to invest in REN. Now the main condition in almost all areas of activity is security, and the Republic Protocol is able to guarantee it. The system can be a good choice for both experienced traders and beginners in terms of gaining experience in cryptocurrency trading.