At the end of June 2021, Remitano launched its very first token called RENEC and now allows users to mine this coin for free. So what is RENEC? How do you obtain RENEC and what is its potential? Let’s find out together in the article below
What is the RENEC Token?
RENEC is the abbreviation of Remitano Network Coin – the official token of the Remitano Network. This is a Blockchain designed to make it possible for users to transact quickly with cheaper fees, secure escrow, and execute complex smart contracts using the RENEC token.
Currently, users can only earn RENEC through mining on the Remitano exchange. We will learn more about these definitions in the following sections.
For those who don’t know, Remitano is one of the prestigious and quality P2P escrowed cryptocurrency exchanges in more than 30 countries all over the world. Currently, the exchange is allowing users to buy and sell P2P with 6 cryptocurrencies which including
- Bitcoin (BTC),
- Ethereum (ETH), Tether USDT (USDT),
- Bitcoin Cash (BCH),
- Litecoin (LTC), and
- Ripple (XRP).
In addition, the exchange also has other outstanding investment products such as Invest, Swap, etc. to meet the investment needs of customer groups.
Furthermore, to serving the Vietnamese market, Remitano’s products are also expanded to many other countries around the world. Remitano’s users come from more than 30 different countries, typically: Malaysia, Indonesia, Cambodia, African countries (Nigeria, South Africa, Ghana), India, Pakistan, Venezuela- this diversity contributes to the solid position of the Remitano exchange as well as the potential level of the RENEC token.
RENEC Token Basics
- Token: RENEC
- Blockchain: Remitano Network
- Protocol: Authorized Proof of Stake (DPoS)
- Token Type: Utility Token
- Base Mining Power (solo): 0.02 RENEC/hour
- Supply: Supply will be decided as a result of the RENEC mining program
- Whitepaper: https://remitano.com/renec/ng/renec-whitepaper
- Mine RENEC: https://remitano.com/renec
So, How to own RENEC?
RENEC Token Mining Instructions
Currently, users can only earn RENEC by mining on the Remitano app. Especially, the mining of this token is now completely free.
Step 1: Download the Remitano app on Google Play or App Store and register an account
Step 2: Then tap “Verify account” on the menu to verify the phone number (if you haven’t done it yet).
Step 3: Choose “Mining RENEC” in the menu and then “Scroll down to mine RENEC” and tap the button “Mine RENEC” to receive the airdrop.
How to get more RENEC?
How much RENEC can I earn per day?
Each user can mine once every 24 hours after completing the account registration and verifying phone number Level 1. The amount of RENEC received by each user is determined by two factors: Your solo mining power and RENEC commission from friends.
Your solo mining power
- Your maximum mining power as a solo miner is 0.02 RENEC/hour
- For phone number verification users (Level 1): 0.01 RENEC/hour. You will receive 0.24 RENEC within 24 hours.
- For document verification users (Level 2): 0.02 RENEC/hour. You will receive 0.48 RENEC within 24 hours.
RENEC commission from friends
You will earn a referral RENEC commission for each person who successfully registers a Remitano account using your referral link, completes at least phone verification (Level 1), and starts mining RENEC. Your referral RENEC commission will be 20% of your downline’s mined RENEC.
For example, You refer 400 users to sign up on Remitano, 100 out of 400 complete document verification, 50 out of 100 people mine RENEC, 50 out of 400 complete verification phone numbers and also mine RENEC. So, the total amount of RENEC you get from referrals within 24h is: 7.2. The specific calculation is ([50 0.02 24] + [50 0.01 24]) 20%.
Note: Remitano reserves the right to modify the way RENEC is distributed to users.
Where can I see my RENEC balance?
You can find out how much RENEC you own in one of two ways:
- Option 1: From the main menu, select “Mining RENEC” The section “Your RENEC Balance” can be found here.
- Option 2: Go to “Dashboard” > “Wallet” The Remitano Wallet is where all of the coins supported by the exchange are stored, including the Remitano Network Coin, are kept (RENEC).
Note that Remitano Network will suspend this mining operation after Remitano Network is started. Therefore, investors need to take advantage of this period to participate in mining and avoid missing attractive opportunities.
Total supply of RENEC
As planned, the mining program is estimated to last about 1 year from July 2021. That is also when the first blockchain mainnet can go live with at least 5 million users having successfully claimed its RENEC token. In case there are less than 5 million users who have claimed RENEC tokens, the mining program can be extended for up to 3 months.
On the developer side, every time the community receives a token, 0.25 tokens will be put into the development fund of the system. At the same time, this fund will be locked. The plan to “unlock” the locked tokens is as follows:
After the 5th year, there will be a voting mechanism to develop the remaining 30% of the fund. The goal of this will determine the direction of the system’s next upgrade.
Some important notes when mining RENEC
- Each user can only create 1 Remitano account to perform mining and own RENEC. In the event of detecting fraudulent actions (for example, 1 person owns many accounts), Remitano has the right to withdraw the entire amount of RENEC that you own in all accounts. The policy of handling violations on a case-by-case basis is decided by the exchange.
- The mining process is not automatic, you have to log onto the Remitano app every after 24 hours since the last time of mining and click on the “Mining RENEC” button under “Mining RENEC” to receive tokens.
- Any outside trading information (if any) is a spontaneous act of fraud.
- Remitano has the full right to change and adjust the way RENEC is distributed to users.
RENEC and Remitano Network Roadmap
Remitano Network is not a single blockchain but a collection of blockchains specifically designed to be interchangeable. Remitano Network will have cryptocurrency of 4 main blockchain products including:
- Low fee decentralized P2P with multisig technology
- Decentralized token exchange with low fees
- Decentralized escrow service with low fees
- The low-fee smart contract system
The Remitano Network will be built through a series of phases, each typically lasting a quarter. With each phase, each new blockchain product will go through 3 states: development state, testnet state, and then mainnet state. It is estimated that each product will stabilize after 3 quarters from the start.
Note: The roadmap below is for reference only, Remitano may adjust the roadmap to ensure the quality of the Remitano Network.
Outstanding advantages of RENEC and the ecosystem of the Remitano Network
After a preliminary understanding of the RENEC token, the next aspect that most investors want to learn is that RENEC and the ecosystem of the Remitano network have advantages.
What is the highlight? And what is the potential of this token? The next part of the article will answer the issues that investors would wonder about. Here are 4 outstanding features of RENEC.
#1. Flexible scalability
The crypto market over the past few years has seen strong technological advancements. Therefore, it is inevitable that blockchain networks can update new technology to keep up with the trend. With early protocols like PoW (Proof of Work), mining the above cryptocurrency would be expensive and energy-consuming. This has led to it being gradually replaced by protocol PoS (Proof of Stake) or brough shares with less energy expenditure.
However, no project can always possess technologies that are ahead of its time because blockchain technology is constantly evolving. For that reason, the Remitano Network has been designed to be scalable from the start, allowing many new blockchain technologies to be added to the network. From there, it achieves scalability that is not inferior to any other network.
#2. Enables cross-chain communication cross-chain communication
Remitano Network uses technology that allows users to exchange assets across different blockchains using only a single token, RENEC. Accordingly, Remitano Network will lock many tokens on this blockchain and unlock them on another blockchain.
In other words, instead of creating each blockchain with a different token, Remitano Network is an entire ecosystem of blockchains but using only one token which is RENEC- this is the “unique” point of RENEC. As a result of this, the development team can regularly update the latest technologies without creating new tokens.
#3. Safe transactions with self-checksum wallet
One of the problems that cause many investors to lose money “unjustly” is entering the wrong wallet address. Remitano Network is extremely concerned about this and as a result, all addresses on the Remitano Network have a “checksum” feature. Accordingly, if the user enters the wrong address, the entire transaction process will be stopped. This helps prevent any possible losses.
After more than 6 years of operation and witnessing many cases of users confusing wallet addresses of BTC/BCH or ETH/BSC coins, Remitano Network is designed to have a separate wallet address format, unlike the wallet addresses of other networks. This prevents investors from transferring the wrong coin to other systems that cannot be reversed.
As planned, the address part with RENEC will have the following format:
#4. Latest DPoS Technology
DPoS Technology (Delegated Proof of Stake) – Delegated Proof of Stake is a protocol in the blockchain being used by famous networks like EOS with EOS token, TRON with TRX token, and especially Cardano with the ADA token. DPoS is a product born to solve the shortcomings of PoS and PoW protocols, two protocols that most crypto projects are using today.
DPoS possesses a technology-based parliamentary democratic way of operation. This approach is intended to overcome some of the shortcomings of concentration.
This technology was created by Daniel Larimer, it is a consensus mechanism for shareholders to vote for delegates. These delegates will then be responsible for validating transactions and maintaining the system. If that sounds familiar, this is how the US presidential election works. The people will vote for electors and the electors will elect the President.
The role of the delegate includes the following:
- Ensuring their nodes are always up
- Collecting transactions across the network into blocks
- Confirming transactions
- If problems arise, DPoS will take care of the issues based on fairness and democracy
PoW’s problem is resource consumption, and PoS’s problem is fairness. PoS tends to reward higher stake shareholders more. When choosing the amount of staking, nodes often tend to choose large shareholders, making it hard for small shareholders to make a profit – the result makes the rich richer.
With DPoS, small owners can delegate their discretion to other actors running large blockchain nodes to validate transactions._ This is a technology that Remitano applies to protect the interests of small and retail investors in the market._
How to Own Renec Token
4 Products that form the ecosystem around RENEC
After going through the features RENEC possesses, this article will explain the products in the Remitano Network’s ecosystem in more detail. Here, RENEC will play the role of the “lifeline” of the entire system.
As expected, initially Remitano Network will deploy 4 products on the same node. Then, when the system is more developed, users only need to download new node software as well as replace existing software. The above software is configured to be compatible with popular operating systems such as Windows, Mac OSX, and Linux.
#1 User-friendly token with multi-signature integration
This is the first product on the system, this blockchain startup will provide tools for investors to trade RENEC tokens. Remitano Network will support wrapping tokens in the same way that ERC-20 has done. However, it is worth noting that it will be much more compact and simple.
In addition, Remitano Network will integrate a multi-signature wallet for users; this makes it possible for multiple people to co-own a wallet. This is a function that helps increase security for users, especially for fund accounts. If one or a few signatures are problematic, the funds are still safe.
#2. Decentralized token trading with competitive fees
Decentralization is one of the key features of blockchain technology and Remitano Network will also apply this feature to its products. The remitano.com website will act as an exchange, where users can swap digital and fiat assets for RENEC tokens, and then use RENEC to swap for other coins on the exchange – Remitano’s decentralized exchange (DEX). This process will be very quick and convenient.
An important issue for the crypto industry is transaction costs. This is one of the problems plaguing Ethereum’s top developers as their gas fees skyrocket. Users, when swapping coins through RENEC tokens on Remitano’s decentralized exchange, will only have to pay a fee 40% cheaper than usual.
As for how it works, when an exchange user has RENEC tokens the cost will be calculated in RENEC. In the remaining cases, the investor will lose the fee charged on the amount received. This product will be launched in Q1 2022 (decentralized token exchange).
#3. Escrow with lower fee
After having the basics in cryptocurrency trading, the development of a decentralized escrow service is essential. A decentralized escrow broker that allows transactions between fiat and cryptocurrency securely. While many people believe that KYC can be bypassed when trading on decentralized escrow exchanges, KYC is necessary to protect you from fraudulent transactions.
So even though this is a decentralized solution, the system will still require users to provide KYC information. Specifically, buyers need to complete KYC with one of the intermediaries, aka oracles, on Remitano’s list of trusted entities to make escrow. The intermediary receives a fee of 0.4% for margin transactions on RENEC tokens, 40% cheaper than escrow with other tokens.
#4. Low fee smart contract
After a trading system as well as an escrow, the fourth blockchain in the system will be introduced with more complex functions based on the smart contract platform. The RENEC token will be used to pay for gas fees when running contracts on the network, similar to what the Ethereum network is doing.
Why should investors approach RENEC right now?
There are many successful token exchange projects in the world. The case of Binance Coin (BNB) and the Binance Smart Chain network is a prime example of the success of an exchange token with a solid network foundation.
Considering that frame of reference, and the information from the beginning of the article so far, we can see that RENEC is a token that represents a solid foundation and has a clear direction.
In other words, the developers of the RENEC project have determined what they are going to do and how they need to go. Along with the available advantage that comes from the reputable exchange Remitano, RENEC could very well be a great profitable investment opportunity in the not too distant future. Therefore, owning RENEC as soon as possible is a good thing to do.
In the immediate future, existing investors can participate in mining to own RENEC. This is a completely free money-making opportunity. Have you ever heard lamentations like: “If only I had invested in Bitcoin in 2011 I would be a dollar billionaire now?”. At that time, Bitcoin was also a nascent coin with potential technological features. And this is something that RENEC is no less than.
The community meaning of the project
One thing that undeniably makes RENEC more valuable than other tokens is its community significance. As the initiator of this project, Remitano has announced it will work closely with the community to develop additional products.
Accordingly, Remitano.com will continue to manage the development fund and spend it in phases to fund the development of these products for the first 5 years after the launch of the first mainnet.
A committee will then be formed to oversee how the development fund will continue to grow the network.
The committee will operate completely decentralized, with voting rights determined by the number of RENEC shares held by holders.
RENEC token is a strange name that is familiar to investors. From the intrinsic value of this token, investors can see great advantages as well as a diverse ecosystem. Not stopping there, with RENEC we can also see how devoted developers are to the crypto community.
Through this article, we hope to give readers an overview of the RENEC token as well as the Remitano Network ecosystem. If you have any questions or comments, don’t hesitate to leave them below.
Scam Warning: Currently users can only earn RENEC through mining on the Remitano exchange. Users are still not able to transfer RENEC anywhere. So all information about buying, selling, trading RENEC anywhere else is a scam. Everyone should pay attention to be vigilant, learn information from official sources to avoid the risk of unnecessary damage.
Disclaimer: All of the above content is only to provide official information about Remitano’s RENEC token, and is not a recommendation to invest, buy or sell any cryptocurrency or asset. any major, including third-party services.