What Is Republic Protocol (Ren)?
Ren (REN), formerly known as Republic Protocol, is a unique open protocol that provides “inter-blockchain” liquidity access through the decentralized “Dark Pool.” The platform is built on a decentralized virtual machine and then replicated on thousands of machines: RenVM, similar to a blockchain. Anyone can access the virtual machine and execute scripts correctly, even offline, even malicious actions. The platform is powered by a variant of multiparty computation (MPC) and REN tokens, so miners can combine expensive calculations without revealing the commercial process.
Ren focused on dealing with “huge” deals quietly and secretly to avoid upsetting the market. Ren Dark Pool feature will help you solve the problem in a completely simple way through privacy, interaction and reality. In short, Ren’s primary goal is privacy for all decentralized financial applications (DeFi).
What is the Dark Pool?
Dark Pool is essentially a private exchange, it is similar to OTC trading, where individual and institutional investors can execute orders anonymously in terms of price, number of transactions. Unlike traditional exchanges, orders are public on an order book. And RenEx is Ren’s Dark Pool trading platform, which has now been put into trial operation.
Ren (REN) is the main token used in the Ren ecosystem. REN was officially released to the market in early 2018 through ICO. Currently, the coin is running on the Ethereum platform according to the ERC20 standard.
How does Ren work?
Basically, Ren provides an open-source protocol to build a network of decentralized nodes to match orders without revealing order information. This is done by dividing the orders into multiple codes, then distributing them across the network. Nodes work to combine the code without revealing the purpose of the market and then match the orders that are built together. When an order result is found, an atomic exchange is started between two traders in a peer-to-peer manner.
In short, the protocol lays the groundwork for:
- Anonymous decentralized order book
- Decentralized order matching
- Atomic swap infrastructure for cross-chain transactions BTC, ETH and ERC20
- Protocol tokens, REN
Ren is the world’s first decentralized dark pool blockchain ecosystem, it is a unique combination of innovation, financial architecture, security and compliance. Along with other platforms in the crypto space, Ren maybe just a stimulating project in closing the gap between institutional investors and cryptocurrencies.
The Ren project team has quite a lot of experience in software development and financial markets. Ren’s CEO, Taiyang Zhang, previously worked as a software engineer and manager at a quantitative investment fund. Besides, Loong Wang participated in the project as CTO. Wang has worked as a software developer at Neucode and for many years as a researcher at Australian National University. His expertise is in distributed computing and high performance.
Taiyang Zhang and Loong Wang
Regarding the contingent of advisors, the REN project has the presence of a number of experienced investors and developers:
Dorjee Sun: CEO of Perlin Network
Loi Luu: CEO of Kyber Network
John Ng Pangilinan: Partner of Signum Capital
Prabhakar Reddy: Accell investor and partner
Anup Malani: An economist at the University of Chicago
Pros and Cons
Advantages of REN
REN digital currency offers many outstanding advantages. Ren integrates with other blockchains to bring privacy and interactivity. By doing so, it improves on new and existing DEX applications, DeFi applications and dApps.
- Natural integration interoperability with new and existing smart contracts that is written on any blockchain.
- Interoperability works in zero-knowledge. For example, using ZCash in an Ethereum smart contract will not require that ZCash’s knowledgeless properties are compromised.
- Interoperability is simple and abstract out of the user. Users do not need to use special wallets or special transactions. For example, users who trade Bitcoin on Ethereum DEX will never need to do anything but transfer Bitcoin on the Bitcoin blockchain itself.
- It helps to secure transactions for large volumes. Secret scenarios never reveal their input, output or status. These scripts can also respond to events on different blockchains and send transactions to different blockchains.
Disadvantage of REN
- Weak internet marketing.
- In order to support the claimed large volume of transactions, the system requires first to acquire a large number of miners.
REN is carrying a great potential plus a good team, able to adjust the development direction well. However, the process of developing a RenEx product in beta is still relatively immature, requiring investors to have patience. Therefore, before deciding to invest, you need to study the price cycle and market movements to invest in the right time.