In this guide, we will voice our own and market’s opinion on REN future while discussing Ren price forecast for 2022 and beyond.
Please bear in mind that you should take this and any other prediction with a grain of salt since predicting anything is a thankless task, let alone predicting the future of a novel, highly volatile financial asset like Ren.
Now, let’s head into it. Before we delve deep into the Ren price prediction and answer questions if REN is a good investment or not, why will REN succeed or fail or why will Ren price rise or drop, let’s quickly throw a glance at what is REN and its to date history.
What you'll learn 👉
What Is Ren (REN)?
The Ren protocol (previously Republic Protocol) is designed to provide interoperability by allowing people to transfer cryptocurrency across different blockchains. It lets anyone lock cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) into the Ren software and mint the ERC-20 equivalent tokens RenBTC, RenBCH, and RenZEC in a 1:1 ratio on Ethereum.
These new ERC-20 coins can now be used in DeFi products for a range of functions, like trading, portfolio management, borrowing and lending. The original assets remain locked in the Ren software and can be unlocked at any time by paying a fee.
REN coin explained
The REN coin is the native cryptocurrency token of the Ren VM network. What makes both REN coin and the Ren protocol a little bit different from other systems and their native cryptocurrencies is that you do not need to hold the REN crypto token (coin) to use the Ren network. Instead, you can use the network to transfer other cryptos across blockchains, and pay any fees using the particular currency of the blockchain.
If you would have bet on the right coins this year you could easily have 10xed your capital…
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In terms of who operates the RenVM, this is done by a group of computers called DarkNodes. The DarkNodes help the system by adding capacity, bandwidth and computational power to the network.
Anyone can operate one of these DarkNodes, but it requires paying a deposit of 100,000 REN, which is locked up in a smart contract. A smart contract is a computer program that automatically executes commands once certain conditions are met. The reason a deposit of 100,000 REN is required is because the system is permissionless, so the deposit dissuades people from using the VM for nefarious purposes.
In addition, considering the amount of actual effort and virtual money that goes into running a DarkNode, it is only fair that the people who run them get paid. The payment they receive is in the form of the REN coin. As we have already said, the REN coin is the native crypto token of the Ren network.
Every time someone takes an asset and moves it from one blockchain to another, the DarkNodes get a small reward, paid in REN. That said, you still need to have 100,000 REN if you want to operate a DarkNode.
REN Price Prediction For The Next 90 Days
The whole crypto market is currently on the verge of a real bull run. There is no broader consensus as crypto analysts are divided as some of them are still calling this market a bull trap. Others, lead by famous on-chain experts like Will Clemente and Willy Woo, are calling this a preparation stage for a face-melting bull run. As always, bitcoin has the final say and altcoins will follow suit once the flag bearer decides the direction. Right now, Bitcoin is sucking the life out of altcoins but once it settles in the new price range, altcoins will start to pump - we have witnessed this scenario dozens of times in the distanced and more recent history. Our price prediction model is bullish for the next 90 days with a hint of a bear market at the turn of the year. We expect whales and other bigger players in the market to take their profits around that time which will cause a typical and sudden crypto crash. CaptainAltcoin team created a price prediction model with a multi-faceted approach to crypto that takes into account both technical analysis and fundamental assessment of each project. Fundamentals that we evaluate are team, tokenomics, use case, community, marketing efforts, liquidity and exchange availability, hype & speculative potential and some other proprietary factors developed in our crypto lab.
Below is a tabular overview of how will REN develop in the short-term (for the next 90 days), according to our prediction model:
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Ren Price Prediction 2022
Our prediction model sees a temporary switch to a bear market at the beginning of 2022 before we move onto another leg up in Q3 & Q4 of 2022.
REN Price Prediction 2025 – 2030 – 2040
Our prediction model sees REN reaching new highs in 2025:
$ 9.88REN price in 2030 & 2040 should be a couple of orders of magnitude higher than our 2025 prediction.
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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
