What is Ren?

[COLOR=rgba(10, 10, 10, 0.9)]Ren is a software that aims to incentivize a global network of users to allow anyone to transfer both new and existing assets across different blockchains.[/COLOR][COLOR=rgba(10, 10, 10, 0.9)]For example, with Ren, users can lock bitcoins (or other assets) in a smart contract, and in return, receive the equivalent of ether on the Ethereum blockchain. From there, Bitcoin holders could use Ren to access Ethereum’s suite of decentralized finance (DeFi) products without having to sell their bitcoins or even transferring their assets across blockchains.[/COLOR][COLOR=rgba(10, 10, 10, 0.9)]Using these Ethereum tokens, a user could even participate in Ethereum’s DeFi ecosystem, including on lending and borrowing platforms such as Compound or Aave. All the while, the user’s bitcoins would remain locked in Ren software.[/COLOR][COLOR=rgba(10, 10, 10, 0.9)]Should a user seek to unlock their funds, they would need to use the REN cryptocurrency, which is needed to pay nodes for operating and maintaining the network.[/COLOR]
How Does Ren Work?

[COLOR=rgba(10, 10, 10, 0.9)]To manage and execute its complex operations, the Ren software uses a custom virtual machine that deploys its smart contract code to the Ren network.[/COLOR][COLOR=rgba(10, 10, 10, 0.9)]If you’re unfamiliar, virtual machines are emulations of physical computers that can perform computation over a distributed network without revealing the underlying information.[/COLOR][COLOR=rgba(10, 10, 10, 0.9)]To achieve this, Ren’s virtual machine uses zkSnarks, a cryptographic technique popularized by Zcash to shield transactions, and the Shamir Secret Sharing Scheme, which fragments orders to hide information from the nodes.[/COLOR][COLOR=rgba(10, 10, 10, 0.9)]The Ren team argues this design allows anyone accessing Ren to fund an application on any blockchain without exposing information about themselves or their transaction.

source: https://coincupdaily.com/what-is-ren/[/COLOR]