Update on Remitano Network (RENEC) in Q3/2022

 As stated in the RENEC Whitepaper, the RENEC mining period will be extended by 3 months until the end of September 30, 2022, which will also be the expected time of the RENEC mainnet launch.


Validator Node and Staking

Now, anyone can run the validator node software on their personal computer with the proper required configurations. However, this requires technical knowledge, and your computer must be online 24/7. You can refer to the instructions for running the validator node software here: 

https://docs.renec.foundation/running-validator

Node validators play an important role in the operation of a blockchain, according to the Delegate Proof of Stake Protocol (DPoS). It is associated with using RENEC tokens for staking and voting on the network.

When participating in staking, individual RENEC holder will stake their RENEC tokens into staking pools operated by node validators. In retrurn, Staking rewards will be given to node validators and participants in the staking pool.

The staking feature will soon be available in the RENEC wallet when the mainnet launches.


Remitano DEX on Testnet

According to the development roadmap, the Remitano Dex (decentralized exchange) will soon be available on the Remitano Network Testnet at the beginning of Q3. We will have an official announcement when it officially launches.

Remitano DEX functions as a decentralized spot exchange. You just need to connect the RENEC wallet to the exchange and trade with the desired token pairs. For example, RENEC/rUSDT, RENEC/VNDR, RENEC/rUSDC.

Note: all transactions on Remitano DEX during the testnet period have no actual value until the Remitano Network mainnet launches.


Transfer of RENEC token to the Mainnet

Q3 marks a crucial period with preparations for the transfer of RENEC tokens to the mainnet. Completion of KYC level 2 is required for you and your downlines to be eligible to transfer RENEC to the mainnet.

We will have a user interface for validating the RENEC balance that you can migrate to the mainnet soon.


Dapps and Hackathons

Dapps or decentralized applications are important in the development of Remitano Network's blockchain ecosystem. The 3rd quarter of 2022 will set a milestone of pioneering decentralized applications on the Testnet. With that in mind, in Quarter 3, we also plan to host a hackathon for pioneering Dapps developers on the Remitano Network.

In addition to the above highlights, you will also have the opportunity to participate in other new and exciting activities exclusively for miners.

Hopefully, you have had an overview of the 3rd quarter of Remitano Network. Until the mainnet launches, enjoy the remaining time to mine RENEC daily with your friends.


How To Join the Existing Renec Miners

You can follow the instructional steps below to join the existing miners if you are yet to start mining Renec:

Step 1: Register on Remitano through this link: 

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: Click on the drop-down menu at the top left corner of the app, and click on the "Earn RENEC".

Boom! Congratulations! Your Renec will start mining

 The mining will stop after 24hrs. Login to the app daily to keep mining RENEC.


Note: Make sure you also verify your remitano account up to level two to enable you transfer your mined RENEC to mainnet. Click here to read more on how to mine renec and verify your level 2 account.

If you missed out on Bitcoin, Ethereum, or BNB (Binance Coin), don't miss RENEC.


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