Ren (REN) is the native cryptocurrency token of the Ren Protocol.
Ren Protocol is designed to provide a secure and decentralized way to transfer digital assets between different blockchain networks, such as Bitcoin (BTC) to Ethereum (ETH) and other assets.
Ren Protocol relies on a network of nodes known as “Darknodes” to facilitate the movement of assets between blockchains. Darknodes perform key tasks like generating and verifying Ren-based assets.
It also has a Ren-based assets, such as renBTC (a representation of Bitcoin on the Ethereum blockchain). These assets are backed by collateral locked in smart contracts and are minted and burned as needed to match demand.
Moreover, RenVM is the core technology of the Ren Protocol, enabling the creation and management of Ren-based assets.
REN is the native utility token of the Ren Protocol. REN tokens may be used to pay fees associated with using the Ren Protocol, such as minting or burning Ren-based assets.
Node operators, known as Darknode operators, must bond REN tokens as collateral to participate in the network and earn rewards.
Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by CoinIdol. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.
Source: https://coinidol.com/ren-ren-token/