Within this ulog,
let's look at the REN protocol? REN is a top 100 altcoin on coinmarketcap. It is an old project but one which is regaining hype and life today in alignment with the current 'DEFI and decentralized oracles' trend permeating the world of cryptocurrency. REN's slogan is simple and it is, 'liquidity unchained', instantly hinting 'interoperability', an industry only recently gaining value in the world of 'blockchain' as the world better gets ready for blockchain adoption.
A major aspect of REN is its REN bridge and RenVM that allows people participate with DEFI projects on ETH, using their BTC, BCH, ZEC etc in a secure fashion.
RenVM enables the trustless and decentralized exchange of value between blockchains - bringing interoperability to DeFi.
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.
RenVM is powered by a decentralized network of machines, called Darknodes. They contribute their compute power and storage space in exchange for fees. The requirements for running a Darknode is '100,000 REN' staked as collateral.
The total number of Darknodes is bound by an upper limit of 10,000, determined by the finite supply of 1,000,000,000 REN and the 100,000 REN bond per Darknode.
Darknodes earn fees for powering the network.
This should give you some insight into the token model behind REN.
Your Boy Terry
Read some more about the projects i am working on here: https://uloggers.xyz/2020/07/18/seeking-your-crowdfunding-support-passionately-where-have-we-reached-with-the-setup-macrohard-philippines/
I will like to create more ulog discussions like this, discussing topics and any topic in the mind’s eye of a legitimate illiterate and for that i rented a hub for a few months called ‘Macrohard‘ but i haven't set it up for use.
This hub among other things, will help me in my journey to recovering in my health and will help me begin to take care of my dad who is ill, better.
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