Deep Dive into Ren Protocol

Emirex Group | Sep 4, 2020 6:07:29 PM
On September 3rd, Emirex listed Republic Protocol (REN) for trading on the Emirex exchange. Below is detailed information about the project’s current condition and potential.

Current available trading pair on the Emirex exchange: REN/USDT

  • Ren is an open protocol meant to enable the permissionless and private transfer of value between any blockchain; decentralized exchange darkpool protocol.
  • It uses its platform called Ren Virtual Machine (RenVM), which is powered by "Darknodes" that provide the necessary computing power to identify and process cross-chain cryptocurrency orders.
  • The Republic Protocol uses the Shamir Secret Sharing Scheme to split a large order into smaller ones. In such a way, Darknodes do not know the amount or destination of the transaction.
  • REN cryptocurrency is a reward and payment token in the Republic Protocol ecosystem.

CryptoCurrency Profile

  • Token Standard ERC-20
  • Ren Price $0.435655 USD
  • Ren ROI 445.92%
  • Market Rank #44
  • Market Cap $385,425,962 USD
  • 24 Hour Volume $90,694,319 USD
  • Circulating Supply 884,705,285 REN
  • Total Supply 999,999,633 REN
  • All Time High $0.593227 USD (Sep 01, 2020)
  • All Time Low $0.015394 USD (Nov 27, 2018)

REN token sale

  • Private sale (28 Jan 2018): 565,988,000 REN at ~$0.0513 per token, 56.6% of the total token supply.
  • Public sale (2 Feb 2018): 86,000,000 REN at ~$0.05610 per token, 8.6% of the total token supply.

Token supply breakdown

  • Private Sale (17 Feb 2018): all tokens unlocked (565,988,000 REN).
  • Public Sale (17 Feb 2018): all tokens unlocked (86,000,000 REN).
  • Community development & partners (17 Feb 2018): all tokens unlocked (50,000,000 REN).
  • Team and advisors (Feb 2020): all tokens unlocked (99,000,000 REN).
  • Company reserve (17 Feb 2018): all tokens unlocked (199,012,000 REN).

About Project

Republic Protocol (REN) is a decentralized exchange-traded dark pool protocol; an OTC trading platform that allows traders to sell large amounts of assets in the quietest mode, without involving the market. It enables a decentralized and trustless exchange of cryptocurrency assets between blockchains using its platform, the Ren Virtual Machine (RenVM). All transactions are verified and performed using zero-knowledge proof technology, which allows users to maintain the confidentiality of transactions.

The principle of operation of the Republic Protocol is to divide information on randomly selected nodes (Darknodes). After finding a response order distributed in the same way, the involved nodes begin to interact. Such data processing is carried out through cooperative work, eliminating the need to collect the separated fragments again.

Republic Protocol excludes the records of the transactions being conducted. The history stores only basic values ​​such as the time and the amount received, which are visible only to the participants themselves.

Based on the proposed functionality, the following distinctive features of the Republic Protocol can be distinguished:

  • An original identification system that allows users to participate in ongoing transactions;
  • Trading does not require participants to be online, smart contracts with orders independently check for the presence of counterparties and, if detected, process the application;
  • Shared information means that all data is protected from disclosure and theft.

Republic Protocol establishes cross-chain links, which provide users with a high level of asset liquidity and allow them to actively interact with other trading platforms.

REN token

REN is a token used in the Ren ecosystem and it performs the following functions:

  • The first function is to pay trade fees for any orders made on RenVM.
  • The second function is to pay bonds to the Registrar, a smart contract that operates Dark Nodes in the Ren ecosystem.

This smart contract ensures the decentralization and stability of the RenVM protocol. If a member wishes to run Darknode, they must pay a deposit of REN 100,000 to the Registrar.


Any project can benefit from cross-chain liquidity. RenVM serves as a plug-in for decentralized finance and therefore, any DeFi application can incorporate RenVM’s capabilities into their applications and existing smart contracts. 

Recent News

  • June 2020: Introduced an incentivized BTC Liquidity Pool in partnership with Synthetix and Curve;
  • July 2020: Announced the listing of renBTC asset on;
  • July 2020: Released the first version of the Multichain;
  • August 2020: Introduced its road and progress towards decentralization.


In the first quarter of 2020, Ren was focused on two things: continuing to develop and test RenVM and creating the Ren Alliance, which is described as a consortium of DeFi companies and projects.

Further, the team projected a development concept according to which, RenVM will move through multiple phases of deployment as it slowly becomes a fully decentralized network:

Sub-Zero Phase

It is the opening phase of RenVM's existence, and was released on the 27th of May 2020, at 11 am GMT. It represents the minimum viable feature-set required to achieve interoperability between blockchains using MPC cryptography.

At the beginning of phase sub-zero, the Ren core developers will secure and maintain all nodes in the Greycore, and the Greycore will be the only group of nodes responsible for consensus and execution. Community nodes will be responsible for operating the P2P networking, including storage. During this phase, the codebase will be open-sourced, the Greycore will be expanded to include more node operators, and the governance of Greycore membership will be handed over to the community. Node operators, and REN holders, will have the ability to decide on the addition/removal of Greycore members. Once both of these features have been enabled, RenVM will move to phase zero.

Zero Phase

Phase zero is the maturity phase for RenVM. It is the phase in which it will become fully decentralized, feature by feature.

  1. The core will be enabled. The core is run by community nodes and is responsible for consensus and the coordination RenVM. The randomness beacon is part of the consensus and will be maintained by input from both the core and the Greycore.
  2. Shards will be enabled. Shards are constantly shuffled and are responsible for the execution of cross-chain transactions. All execution requires two private keys, one from a shard, and one from the Greycore. This includes the locking of assets that are living away from their home blockchain.
  3. Community governance will be enabled. This is mostly implicit in the running of community nodes that power the core and shards. However, some parameterization of RenVM is possible, and community governance will become responsible for overseeing these changes.

Once all of these features have been enabled, RenVM will be moved to phase one.

One (and beyond) Phase

Phase one is the final phase of RenVM. This phase begins once all features have been released, and RenVM has become fully decentralized. From this point onwards, all changes to RenVM will be governed by node operators and REN holders.

This phase is named after the canonical “stable version”. In software development, “version one” is used to identify the first version that can be considered stable for its intended purpose. Although RenVM has been stable since the beginning of phase sub-zero, the use of “one” here signifies stability in the context of full decentralization.

Further development on RenVM will continue, but the decentralized nature of RenVM will mean that all changes must go through appropriate governance and consensus within the community before being deployed. As such, no specific feature-set can be anticipated for phase one and beyond.


The total volume of OTC trading in the United States is high, including the percentage of transactions that take place in dark pools. Such service is in demand in the cryptocurrency market. Given Ren's rapid development and phased implementation of the conceived plan, there is a broad perspective for further development in the market.

Attractive aspects of the project that allow it to become a market leader:

  • REN is independent of Ethereum and can easily move to another platform as it is cross-chain compatible. Almost any trading pair can be represented.
  • Absence of competitors both inside the blockchain space and outside. The platform is highly protected and provides an option for dark pools and hidden order books.
  • The REN token has real uses as everyone will need to pay a commission, from which a reward will be formed for miners who ensure the operation of the network and the execution of trade orders.

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