Ren surged to its all-time high right during the beginning of 2021 at $1.7. The cryptocurrency fell brutally – reversing much of its gains accumulated. The price could not sustain above $1. The bullish momentum during September, once again, helped it towards a price level above $1 but the cycle repeated and it fell back to below $1. At the time of writing, the cryptocurrency stands at a price level of $0.70. The price is again surging upwards and the upcoming price movements will show whether the coin will be able to cross 41 again or not. The token has surged by 40% during the past twenty-four hours while the trading volume has increased by more than 1,200%. Ren stands at a market rank of #114.
What is Ren?
The lack of interoperability has been one of the major roadblocks to the growth of the cryptocurrency market. While the blockchain technology is very interesting and has a lot of value to provide, no one blockchain fulfills all of the needs of the market. At the same time, each blockchain is a universe of its own and cannot interact with another blockchain. This is where Ren steps in. It is a blockhain-based software aimed at solving the problem of interoperability. It allows users to transfer assets – both new and existing ones – across different blockchains. The protocol gives a taste of users to a wide variety of ecosystems and also solving a major problem of blockchain technology.
The virtual machine
The Ren Virtual Machine is an integral part of the ecosystem as it serves the core function of enabling interoperability. The virtual machine is essentially an open protocol that provides inter-blockchain liquidity for all decentralized applications. It also enables a seamless transfer of tokens across blockchains without the tedious process of wrapping tokens. Tokens of other blockchains can be accessed through the user’s existing smart contracts – all the while, it does not compromise on speed at all.
The development team has been working on updating the scope of the virtual machine. Recently, the Host-to-Host functionality of the VM was announced to have been launched on the mainnet. With this functionality, the VM is able to support and bridge almost any blockchain present in the crypto market – which is a truly phenomenal feat. The first cohot of the H2H functionality allows the Ren VM to support six major blockchains and fifteen Ethereum-based major tokens.
