Ren (REN) is a cryptocurrency that powers the Ren network, a decentralized platform designed to enable interoperability and cross-chain transactions between different blockchains. It allows users to transfer assets across chains, such as Bitcoin and Zcash, by minting ERC-20 equivalent tokens on Ethereum. The Ren Virtual Machine (RenVM) is the core technology behind this process, utilizing advanced cryptography and algorithms to ensure trustless and private transactions. REN tokens are used to bond and operate Darknodes, which contribute to the network's computing power and storage, facilitating the movement of assets across blockchains.
The cryptocurrency REN (REN) is primarily used as a bond for operating a Darknode, which is a decentralized machine that contributes to the Ren Virtual Machine (RenVM). The RenVM is a decentralized network that enables the transfer of cryptocurrencies across different blockchains, allowing users to mint ERC-20 equivalent tokens on Ethereum. These tokens can then be used in DeFi applications for various functions such as trading, portfolio management, borrowing, and lending.
Additionally, REN tokens are used as fuel for various activities on the Ren network, including:
- Securing decentralized custodians
- Staking nodes for transaction processing
- Executing smart contract applications
- Paying transaction fees
- Earning rewards for providing liquidity on decentralized exchanges where REN is traded.
Overall, the REN token plays a crucial role in facilitating the interoperability and liquidity between different blockchain networks and DeFi applications.
To store REN tokens, you can use various types of wallets that support Ethereum (ERC-20) tokens. Here are some options:
Coin98 Wallet: You can store REN tokens on Coin98 Wallet by following these steps:
- Open Coin98 Wallet and click "Receive" on the home screen.
- Search for REN Token.
- Click on the correct result.
- Copy the wallet address and send REN to this address.
Exodus Wallet: Exodus is an ERC-20 wallet, so you can store REN tokens on it. You need to add the custom token to your Exodus wallet.
Trust Wallet: You can add REN to Trust Wallet by following a step-by-step guide that ensures a secure method for storing and managing your REN tokens.
Kriptomat: Kriptomat offers a secure storage solution, allowing you to store and trade your REN tokens without hassle. It provides enterprise-grade security and user-friendly functionality.
Hardware Wallets: Hardware wallets like Ledger or Trezor offer the most secure option with offline storage and backup. They are suitable for those with experience and large amounts of REN tokens.
Software Wallets: Software wallets can be downloaded to your smartphone or computer and are more convenient for making transactions. They are less secure than hardware wallets and are better suited for inexperienced users with smaller amounts of REN tokens.
Online Wallets: Online wallets or exchanges, known as hot wallets, can be accessed with a web browser. They are less secure than the alternatives and are best for those who are holding small amounts of REN coins or making frequent trades.
Atomic Wallet: Atomic is a non-custodial multi-asset wallet available for different operating systems (mobile and desktop).
Metamask, Status, Imtoken, Zerion, Frontier Wallet, Argent, Monolith, and Gnosis Safe: These wallets can also be used to store REN tokens, each with their unique features and functionalities.
Enjin Wallet: Enjin wallet allows access to ERC-20 tokens and decentralized applications (dApps).
Ledger/My Ether Wallet: These wallets can also be used to store REN tokens.
When choosing a wallet, consider the amount of REN tokens you have, what you intend to do with them, and the level of security you need.
To buy REN (REN) tokens, follow these steps:
Choose a reputable exchange: Select a trusted cryptocurrency exchange that supports REN, such as Uphold, Kriptomat, MEXC, Kraken, or Securities.io. Each exchange has its own features and requirements.
Create and verify your account: Sign up with the chosen exchange using your email, phone number, and identity. Verify your email and phone number to unlock the full potential of the platform.
Add funds: Deposit money into your account using a bank transfer, credit card, debit card, or Bitcoin (BTC). This will enable you to purchase REN tokens.
- Buy REN: Navigate to the exchange's interface, select REN from the list of available cryptocurrencies, enter the desired amount, preview the transaction, and confirm your purchase. Once confirmed, you will own REN tokens.
These exchanges provide a secure and user-friendly environment to buy REN tokens.
