The Definitive Guide of RENEC Token
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.
Featured Content
1. What is the RENEC token?
2. RENEC Token Basics
3. How to mine or own RENEC?
a. RENEC Token Mining Instructions
b. How to get more RENEC?
c. Total supply of RENEC
d. Some notes when mining RENEC
4. RENEC and Remitano Network Roadmap
5. Outstanding advantages of RENEC and the ecosystem of the Remitano Network
a. Flexible scalability
b. Enables cross-chain communication
c. Safe Transactions with Checksum Wallet
d. Advanced DPoS technology
6. Four blockchains products of RENEC ecosystem
a. User-friendly token with built-in multi-signature
b. Decentralized exchange with competitive fees
c. Escrow with lower fee
d. Low fee smart contract
7. Why should investors approach RENEC right now?
8. Conclusion
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 prestige and quality P2P escrowed cryptocurrency exchange 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.
In addition 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
How to mine or own RENEC?
RENEC Token Mining Instructions. Currently, users can only earn RENEC by mining it on Remitano app. Especially, the mining of this token is now completely free.
Kindly follow the instructional steps below to keep mining RENEC:
- Step 1: Register on remitano website using the link below:
- Step 2: After successful registration, Search for "Remitano" on App Store or Google Play Store and Download Remitano mobile app.
- Step 3: Open the app and login. Then tap "Verify account" on the menu to verify phone number (if you haven't done it yet).
- Step 4: Click on the drop-down menu at the top left corner of the app, and click on "Earn RENEC" in the menu.
Then on the mining page, Scroll down to mine RENEC by tapping the button "START MINING/Mine RENEC" to receive the airdrop.
Then you will see the the counting time of the RENEC being mined.
Note: The mining will stop after 24hrs. Login to the app daily to keep mining RENEC.
You can also refer your friends and family members to start mining RENEC. If they are inactive on the app, you can click on the button "Remind friends to mine RENEC".
They will be automatically reminded to mine RENEC. See the yellow arrow from the last screenshot above.
Note that it is very much important for you to verify your level two account by submitting identity documents.
To verify your account, click on "Verify account" from the menu.
Then click on "verify" next to level 2 and follow the instructional steps to verify your account with documents verification.
After successful verification, the "verify" will change to "Verified". See screenshot below.
Another opportunity to earn more RENEC is to be a good RENEC ambassador by inviting or referring your friends to mine RENEC.
ALSO help them to verify their level 1 and level 2 accounts. You can see the RENEC rewards you will get and enjoy when your friends mine Renec and also verify their level 2 account.
See the amazing RENEC rewards from the screenshot above.
Start Mining Renec; Keep Mining Renec; Tell Your Friends To Start Mining Renec before the opportunity goes. This is once in a life-time opportunity.
What Can I Do To Get RENEC?
Mining of Renec has officially ended on the 30th of September, 2022. So Renec has been officially launched on the 20th of October, 2022. So whether you mined RENEC through the free mining program or not, this is the best opportunity for you to buy or swap RENEC now with USDT by following the steps below:
follow the instructional steps below to get prepared on how you can buy or swap RENEC after launch from 20th of October onwards:
Step 1: Register on Remitano through the link below if you don't have REMITANO account:
https://remitano.net/renec/ng/join/3449864
Step 2: After successful registration, Search for "Remitano" on App Store or Google play store and Download Remitano mobile app.
Step 3: Open the app and login in.
Step 4: Verify your level 2 account by Doing your KYC.
Step 5: Then, learn how to swap coins on remitano from the link below: while waiting for your Level 2 KYC to be fully verified.
https://www.globaltechedu.com/2022/04/how-to-swap-coins-on-remitano.html
Note: (From the tutorial guide on the link above on how to swap coins on Remitano), The same process you can use to swap/trade RENEC.
Be an early investor by following the instructional steps above to buy RENEC from Remitano by swapping. Don't miss out on this Amazing opportunity.
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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 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 number 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%.
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 "Earn 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.
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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
Main products:
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:
1. Low fee decentralized P2P with multisig technology
2. Decentralized token exchange with low fees
3. Decentralized escrow service with low fees
4. 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.
Development Roadmap
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 broughly shareswith 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:
renec[CHAINCODE][20bytesAddressPubkeyHash][Checksum]
#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.
Four 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.
Conclusion
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.
THE WHITE PAPER OF RENEC
Revision History
0.1 Initial version
0.2 Adjust referral mining power
0.3 Use the term RENEC token to clearly distinguish between tokens
Why blockchain and cryptocurrencies
Blockchain and cryptocurrencies allow everything to be transparent, permissionless, and at the sametime, secure. You cannot fake a transaction on the blockchain because everything is rigorously verified by computers. At the same time, your personal information is protected because an easily generated private key is everything you need to transact on the blockchain. A corrupted organization cannot block your transaction because in a blockchain, every transaction is replicated all over the world.
Blockchain has made it possible to transact globally cheaply. You can transfer value across the globe in seconds at an incredibly small amount of fee, sometimes for free. Filling a long form of paper to justify your 500$ transfer to your relative overseas and waiting 10 working days for it to arrive is just a terrible distant past.
Remitano Network N Chains Model
Once in a while, a new blockchain comes to the market promising something exciting, either an improvement in performance or new capabilities. Together with it, a new token will be sold to you so you can utilize the new capabilities. This is not necessary a bad thing, however the new token bring all the new problems with it, and it will take serious effort to marketing the new token, at the same time put the early investor at risk because the new token value may very well go to zero.
Remitano Network is designed with such problem awareness from beginning. The network is designed so that it is possible to add new capabilities and leverage the latest exciting technology in the blockchain space to the network without the need to introduce a new token.
Remitano Network is not a single blockchain, rather it is a set of blockchains designed to be interchangeable from the beginning. The initial network will be a simple value transfer one, similar to bitcoin, litecoin but with faster block time and more efficient consensus protocol. Then we will add a token decentralized exchange to the network, and then the decentralized fiat-token escrow, and last, a full ledge smart contract platform. As we discover new technologies in the blockchain space, we will add it to the Remitano Network, so with the RENEC token, investor should have the ability to transact quickly, exchange cheaply, escrow reliably, and performing sophisticated smart contracts.
Scalability
Each blockchain will have a specific scalability capacity. With the initial blockchain, we don’t expect it to be huge. But since the network is designed to be extensible from the beginning, we will be adding multiple new blockchain technologies to the network, allowing it to achieve the level of scalability second to none.
Cross-chain communication
In order for RENEC token to be utilized on different technologies, every blockchain in the Remitano Network will need to implement cross-chain communication capability, allowing a specific amount of token to be locked on a blockchain and simultaneously unlocked on the other blockchain.
Auto checksum wallet
Addresses without checksum have cost many users serious loss of money. Remitano Network takes this issue seriously and all addresses on the network will have checksum capability. If you type just one letter wrong in the address, the transaction will be stopped and no loss will happen. Also, Remitano Network uses a distinctive address format compared to other networks, so that it’s impossible to incorrectly send your coin to an address that your wallet or exchange can’t (or not willing to) recover.
Mis-sending has happened a lot in the past due to similarity in address format among BTC/BCH/LTC, ETH/BSC.
The current draft of the address format is renec [CHAINCODE][20bytesAddressPubkeyHash][Checksum]
We will see if it need to be improved until the launch of the first mainnet
Products
4 products have been initially planned to be developed on the Remitano Network. All products will be running on 1 single node software. So when a new blockchain is added to the network, users only need to download the new node software and replace the existing one. The node software shall be available on Linux, Windows and Mac OSX.
Low fee decentralized P2P electronic cash with multisig capability
The first blockchain offers just a simple ability to transfer RENEC token from one person to another. The network will also support wrapped tokens, which are other coins wrapped on the network. The wrapped tokens are similar to the ERC20 tokens on Ethereum, except it will be much more simpler. You can’t do crazy smart contracts with it yet.
The network will also support multisig wallets, allowing multiple people to co-control a wallet. We don’t offer a lot of crazy things in the first blockchain, except a built-in ability for the tokens to be transferred to the next blockchain. RENEC token will be premined 100% and all circulating token will be airdropped to users who joined the mining program prior to the launch of mainnet. The rest of the token will be burned to ensure the fair distribution and limited supply of the token. There will be no ICO or IEO. You need to join the mining program to own RENEC token.
The P2P electronic cash will be using Delegated Proof of Stake (DPoS) which is one of the most efficient consensus protocols so far. DPoS is the consensus protocol powered EOS, Tron and Cardano network
Low fee decentralized tokens exchange
The second blockchain will be featuring a decentralized tokens exchange. Remitano.com will be providing a gateway where users will be able to convert between tokens and its equivalent assets, so users can then transfer to the decentralized tokens exchange to be able to swap any tokens easily and cheaply.
A pair that swap from/to RENEC token will incur a fee that is only 40% to a pair that doesn’t. If a pair featuring RENEC token, the swap fee will always be collected in RENEC token. In other case, the swap fee is always collected on the receiving amount.
Low fee decentralized escrow service
The third blockchain will be a decentralized escrow, which allows the transacting between fiat and crypto securely. Although it’s generally believed that it’s possible to skip KYC on the decentralized escrow, it’s known that KYC provides necessary protection from fraud money. So although it’s a decentralized solution, there will be oracles on the network that provide KYC information and seller will be able to require buyers to complete KYC with at least an oracle among his trusted list to be able to perform in the escrow. An escrow on RENEC token incur 0.4% in fee paid to the arbitrator. An escrow of other token will incur 1% fee paid to the selected arbitrator.
Low fee smart contracts system
The fourth blockchain will be a full-ledge smart contract with the ability to perform sophisticated contracts, similar to the one on the Ethereum network. RENEC token will be used to pay for gas to run contract on the network
Supply
RENEC token will not have a predefined cap initially, but rather the cap will be decided as a result of the mining program. Users from all around the world can participate in the mining program to claim his share of RENEC token. The mining program will be announced sometime during July 2021, and is estimated to last around a year, when the first blockchain mainnet is possible, and a at least 5 million users has successfully claimed his RENEC token. In case of less than 5 million users has successfully claimed the RENEC token, the mining program can be extended for another 3 months at most.
For every RENEC token claimed by the community, 0.25 RENEC token will be awarded to the development team and be unlocked over a period of time to fund the development and marketing of Remitano Network.
Mining power
In order to prevent abuse, each user must complete at least Level 1 verification at remitano.com in order to mine RENEC token. Currently this means a phone number verification.
Mining speed corresponding to level of verification at remitano.com:
Referral mining bonus
If a user introduced other users to the program, he will be rewarded 20% as their referred users mine RENEC token.
Plan for the usage of the development fund
The schedule for the development fund unlock:
After 5 year, 30% of the fund will remain, and a voting mechanism will be developed so different teams can bid on the next improvements to the network and be granted appropriate amount by RENEC token holders
Who backed Remitano Network
Remitano.com commits to deliver the first 3 products for the Remitano Network, namely:
1. Low fee decentralized P2P electronic cash with multisig capability.
2. Low fee decentralized tokens exchange.
3. Low fee decentralized escrow service
After that, remitano.com will work closely with the community in order to build other products.
In the first 5 years since the launch of the first mainnet, remitano.com will continue to manage the development fund and spend it according to the unlock plan to fund the development of these products. After that, a committee will be formed to further manage how the development fund will be used to aid the further development of the network. The committee will be set up in a totally decentralized manner and voting power will be decided via RENEC token holding.
Roadmap
The Remitano Network will be built through a series of phases which usually last for a quarter each. Through each phase new product will be brought through 3 states: development state, testnet state and then mainnet state. It is estimated that each product will be stable after 3 quarters since its inception.
Notice: The roadmap below is just for reference, it’s up to remitano.com to adjust the roadmap along the way to ensure the appropriate quality of the Remitano Network.
Phase 1 - Q2 & Q3 2021
- In phase 1, a mining program via remitano.com will be launched, allow users to start claiming RENEC token
Phase 2 - Q4 2021
- Development of decentralized P2P cash product
Phase 3 - Q1 2022
- Launch testnet of Decentralized P2P electronic cash product
- Development of decentralized token exchange
Phase 4 - Q2 2022
- Launch testnet of decentralized token exchange
- Launch mainet of decentralized P2P electronic cash product - Airdrop RENEC token to miners
- Development of decentralized escrow service
Phase 5 - Q3 2022
- Launch mainnet of decentralized token exchange
- Launch testnet of decentralized escrow service
Phase 6 and onwards
From phase 6, we will continue to perform further research for great blockchain solutions and add similar capabilities to the Remitano Network
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