A dynamic blockchain platform and its usability and security-related aspects have been widely discussed on the internet. The blockchain’s hybrid consensus process and the many coins that revolve around it have often been the subject of contentious debates. However, only a small number of networks have truly addressed the interoperability problems head-on, creating a variety of obstacles for the trading industry. Let’s look at some information about the currency before delving into the price estimate for Ren.
The Ren network, which promises to enable asset transfers across blockchains, has REN as its native coin.
After hitting an all-time high of $1.83 in February of last year, the coin had a unique 2021. What is the most recent forecast for the price of REN coin?
The Brains Behind the Game: REN
It all started when Taiyang Zhang and Loong Wang, two Australian National University classmates, wanted to work for an unique company once they graduated. Their own software firm, which they had formed, quickly gained a reputation for its proficiency in trading algorithm development. The first hedge fund Zhang sweated him the break required was Virgil Capital.
Along the way, he saw the significant obstacles and bottlenecks that cryptocurrency traders had to deal with. Additionally, he noted that the primary cause of these difficulties was the fact that OTC purchases were included in the public blockchain transactions, which also controlled price volatility. A big exchange wallet causes issues in OTC trading while misleading investors. The hardest affected were wealthy investors. As a result, REN’s beginnings took on an obsessive nature.
Reliability Encased Network (REN) Definition
Zhang made the decision to utilize the Ethereum platform and ETH-20 for REN because he believed it provided the best option for the OTC issue: the Republic protocol. Zhang worked with Wang to address blockchain interoperability difficulties since he was aware of Wang’s expertise in developing distributed database technologies, including the creation of a code language for blockchain.
Thus, in the summer of 2017, the Republic System was created with the goal of creating a protocol for separate crypto-asset blockchains to successfully interact. With the possibility for both total transparency and non-disclosure, REN went on to become the first open protocol that permitted movement across blockchains.
Interoperability Redefined (RENVM)
Understanding the meaning of “Dark Pool” is crucial for comprehending REN. The pool refers to a purchase, and dark refers to anonymity, as implied by the name. By purchasing a big quantity of assets anonymously on OTC marketplaces, investors may be duped.
Ren’s primary operating system is referred to as RENVM, or Ren Virtual Machine. There is a RENVM benefit for all transactions that take place across blockchains on Ren. The cross-chain cryptographic instructions are computed, authenticated, and processed by the Nodes with the assistance of RENVM. “Darknodes” are the name for these nodes. The whole ecology of these revolves on a mathematical formula that divides the orders into manageable chunks, keeping the nodes unaware of the total quantity of transactions. This improves security, particularly given that RENVM runs on Ethereum and that ERC-20 is used to process all transactions.
As a result, the main functions of the REN token are to pay the trading commissions for orders placed on RENVM and to pay bonds to the “Registrar,” a smart contract that oversees the Darknodes in the Ren ecosystem. Both decentralization and stability are ensured via smart contracts and RENVM, respectively. RENVM SubZero completely allows transactions in a decentralized and trustless way, avoiding the chance of any outsiders or intermediaries, in contrast to zero-disclosure and being an open-source. RenBTC, RenBCH, RenZEC, etc. are the crypto assets tokenized by RENVM and are also interchangeable with the real cryptocurrencies BTC, BCH, ZEC, etc.
RenVM is also conceived in such a way that programmers may connect it to other blockchains like Tezos. The official name of Republic Protocol is now REN, Wang stated on Medium in reference to the developments achieved in 2019. The switch from decentralized darkpools to decentralized interoperability for blockchains shall be a significant development in the history of REN. Moving to Chaosnet from the RENVM mainnet, known as SubZero, was one of the subsequent developments.
The previous year was challenging, but not for REN. 2020 saw REN concentrating on projects, a consortium of DeFi enterprises, and important collaborations.
Around the world, governments are scrambling to enact laws and rules that will permit or facilitate the use of initial coin offerings (ICOs) and token issuances by businesses. In essence, there is no regulator over REN. Instead, it is a peer-to-peer, community-governed computer network made up of “nodes,” or user PCs, that can withstand any financial downturn.
The Board of REN came to the realization that expansion requires more than just individual operational capability. In order to advance the protocol, well-known companies like Kyber Network, MATIC, Polychain Capital, and IDEX were included.
These alliances provided utility, security, and improved RENVM. It wouldn’t be an exaggeration to suggest that these connections helped the REN project attract a steady stream of users, financiers, and developers.
Use Cases for REN Preaching Into Practice: Changing It
The REN project’s complete ecosystem is open source. Profiting from the advantages of Bitcoin and Ethereum, REN guarantees total network transparency and transaction confidentiality. Even though transactions are recorded in the main blockchain, other users on the network are in no way aware of the sender, the recipient, or even the amount transferred.
The whole framework is based on Sub-Zero through RENVM rather than zero-disclosure evidence, enabling mathematical consistency of the entire transaction method to be cross-checked without disclosing any information or messages about the other party to the transaction. REN has frequent update schedules, which means this protocol is flexible to suit the different use cases of today as well as the unforeseeable use cases of future. This puts the ultimate power in the hands of the user.
When peers engage in phony or fraudulent transactions, REN may catch them if a verified block can track its predecessor. REN is based on cryptographic techniques that depend on evidence with a sub-zero degree of disclosure and the mathematical consistency of the whole blockchain-enabled transaction, which is cross-checked without disclosing any information or messages about the other party to the transaction. Therefore, security threats are dealt with first. This protocol’s key feature of assuring liquidity and ensuring the blazing-fast speed of transactions on the network stands out.
Thus, the RENVM makes it possible for the following features to be used, which adds a lot of value for both end users and dark node owners. Below are a few of the few presumptions:
1) An embeddable, all-purpose online wallet UX: This refers to a wallet that may be made for any kind of cryptocurrency asset. The REN network is where the public and private keys are controlled and saved. This wallet may also be accessed by using a login, password, and a connection to the Ren network, just like any other wallet. Upon creation, investors may access their money using an in-page UI element akin to MetaMask, but without the need of a pre-installed Chrome plugin and without being restricted to Ethereum.
Darknode revenue: REN has also included a clause relating to the pricing structure. In addition to darkpool trading, certain wallet services like as quick transfers, insta-pick up, etc. are implemented whenever RENVM’s new fee system gathers fee moving money.
2) A better DEX UX: Developers may add a liquidity pool to RenVM by creating a user-friendly and streamlined trading interface UI. The monies are transferred by the pool from one RenVM-controlled wallet to another when the pool receives instructions from RENVM and after post-authentication at a set cost.
Even while this function seems to be comparable to that of other centralized exchanges, it differs in that you are in charge of your own money and the pool is managed by network-controlled compute logic rather than a business. Another benefit is that you can transact in many currencies with lightning-fast processing.
Darknode revenue: The RENVM exchange is special in that it offers a variety of trading advantages in a single package. In addition to offering lower chapter transaction costs than other exchanges, RENVM-based exchanges also decrease settlement times and provide a wide range of other currencies for inter-credibility. As a result, the whole REN ecosystem encompasses more than only classic OTC but also more established spot or margin trading.
REN ICO: Do Not Disappear
Like other financial offers, REN is garnering attention for ICOs (Initial Coin Offerings) When it was still the Republic Protocol in 2018, it began to make progress. It unveiled two offerings: the first was a private ICO that raised USD 28 million in January. Just a few days later, in February 2018, the major public ICO held its performance, raising 4.8 million USD.
The meager price of 3 cents per token served as the primary enticement for investors to purchase REN. You may be astonished to learn that more than 1 billion tokens were available for sale.
The past prices of REN
Let’s look into the past of REN’s pricing before moving on to the future. Although previous performance cannot predict future outcomes, it may help us put things into perspective.
On February 21, 2018, the day of its introduction, REN was available for purchase for $0.0798. The new cryptocurrency clearly attracted attention since the next day it hit an intraday high of $0.9145. The excitement, however, seemed to be fleeting since by March 8th, 2018, it had fallen to an intraday low of $0.0545. The price fell to $0.04877 in intraday trade the next day before somewhat rising to $0.05416.
The currency spent the next weeks around the $0.05 level, sometimes falling below $0.04 until surging to close at $0.07111 on April 16, 2018. On May 3, it reached an intraday high of $0.1049 and stayed at or around this level for the next several weeks. However, the price fell since it couldn’t continue. The last day it was this high for a while was May 23, 2018, when it was over $0.10.
The cost decreased gradually, to an all-time low of $0.01548 on November 27, 2018. The next year or two for the REN currency wasn’t particularly noteworthy, even if it never nearly reached similar lows again. It remained below $0.04 for the most of the first half of 2019 until crossing that threshold in late May. Early in July, it exceeded $0.10 before settling at or around $0.05; it wouldn’t cross that threshold again until late May 2020.
A little more encouragingly, the currency routinely traded at or over $0.20 in the latter few months of 2020 before ending the year at $0.3213. Although REN was created during a boom, its true potential had not yet been fully realized.
Early in 2021, the cryptocurrency industry saw rapid expansion, and REN joined in the frenzy. The cost of the coin kept rising, surpassing $1 on February 11, 2021, and hitting an all-time high of $1.83 on February 20, 2021. However, it was unable to maintain that level, and on March 25, 2021, it dropped to an intraday low of $0.8129.
REN quickly recovered and traded over $1 for the most of the first half of April 2021 before gradually declining to trade between $0.70 and $0.90.
The currency was already losing value when the catastrophe occurred. When most cryptocurrencies experienced the big day fall on May 19, 2021, REN was particularly heavily impacted. It dropped from an intraday high of $0.7631 to an intraday low of $0.363, before bouncing back to settle at $0.469.
In the aftermath of the fall, REN prices between $0.30 and $0.50 became the new standard, but things started to improve at the end of August, with a starting price of $0.5025 on August 17 2021 changing into a closing price of $0.6531 on August 23 2021.
There were highs and lows, but the 29 August 2021 intraday high of $0.7037 was the first time since 19 May that it reached $0.70. Its price reached a peak of $0.8011 on August 31st, the highest level since before the meltdown. The next day, on September 8, after the crypto meltdown, the price fell to $0.62. It was trading at approximately $1.07 on October 27, 2021, and at about $0.89 on November 26, 2021.
Bitcoin fell by 29% in December 2021, making it a terrible month for cryptocurrencies. REN was no exception, trading at $0.56 on January 1 of 2022 before further declining to $0.28 on January 24 due to the protracted bear market. The currency dropped to a seven-month low of around $0.27 on February 21, 2022.
In an effort to promote network compatibility, Voyager added the Ren protocol to the Voyager app on March 2. A “dappback page which may reward users for accomplishing Web 3.0 micro-tasks like joining the community, generating content, etc.” had been made available, according to a protocol announcement made on March 3. The currency had some significant gains on that day, finishing at about $0.40. The price was on an upswing until it closed at $0.49 on March 31.
Based on historical data going back a year and technical analysis, REN developed its own blockchain platform, moving away from its Ethereum basis and eventually being listed on the world’s largest cryptocurrency exchanges.
It wouldn’t be exaggerating to say that this cryptocurrency’s price might shatter all records and endure the test of time, reaching a high of $0.89. For all REN investors, the fact that fiat currencies are unable to survive in the aftermath of the epidemic may come as a relief, guiding them along the road of great expectations and desires to deal in REN. To keep up with the prognosis of REN every 24 hours, one may read the technical analysis and reports of the professional analyst for informative reasons. The REN price may surpass the $0.57 price threshold by the end of 2022.
2023 Price Prediction for REN
By the start of 2023, the REN price is expected to surpass $0.58, according to our pricing projection. 2023 is predicted to have a high of $0.62 and a low of $0.51. By the end of 2023, the average REN price is expected to be $0.56.
2024 Price Prediction for REN
By the start of 2024, the price of the REN coin is expected to surpass $0.83, according to our projection. The projected high and low for 2024 are $0.61 for the high and $0.48 for the low. By the end of 2024, the average REN price is expected to be $0.55.
2025 Price Prediction for REN
Investors may anticipate a reversal by the end of 2025 if they exercise some patience and maintain their expectations high. As REN’s usage increases dramatically, REN will no longer be a newcomer to the world of cryptocurrencies but rather a seasoned participant at $0.85.
2026 Price Prediction for REN
However, the start of 2026 might signal the end of all depressing and dismal pricing patterns for the cryptocurrency industry, particularly for the REN market, and the beginning of an age of dreams and promises brimming with optimism. There may be short-term magic in the realm of cryptocurrencies like REN, as well as predictions of miracles. As predicted by experts, the pandemic vaccination might become more prominent, which could be good news for REN. Cryptocurrency investors usually think long term rather than short term while making plans. The REN price may surpass the $0.74 price threshold by the end of 2026.
REN: The Prologue of an Epic Saga
Trading cryptocurrencies is difficult for beginners. It could be impossible for new swimmers to enter the crypto pool. Moving from a broker’s assistance to doing it alone on an internet platform may be a massive strain for traders. With use cases as the deciding element, REN made the right choice to go from darkpools to blockchain interoperability. The exceptional functioning of REN has been to allow quick, trustworthy, and very valued transactions. The REN team’s tireless efforts to make this project a huge success by removing technical and usability barriers for users of the platform deserve recognition as well.
A cryptocurrency’s valuation is determined by its usefulness, not by its fascinating history. The same holds true and applies to REN as well. The capability of interoperability that powers REN determines its price momentum. The past has no relevance. Since Matic was built on the Ethereum mainchain, it has the benefit of already having programming languages, developer documentation, etc. accessible and not having to start from scratch. Mainly since Matic is an EVM-based side chain, this is the case.
Governments all across the globe are taking action to revive their economy, and REN is likely to feel the effects as well. This ought to turn REN into a vibrant and secure shelter for investors. Experts believe it might drive REN to the bottom of the historically large flood of stimulus from governments and central banks worldwide intended to address the coronavirus outbreak. According to them, such actions depreciate fiat currencies, making REN a desirable substitute.
The way REN has scaled operability concerns and sped up transactions for the general public is what will add layers to the overall pricing mechanism. The issue of widespread acceptance and investment doesn’t come up until after that. It won’t be long until REN will control the whole exchange, at which point certain members of the REN community may discuss fixing the price at a predefined level to prevent the phenomena of skyrocketing prices.