Ren, formerly known as Republic Protocol, is a Protocol for a large number of crypto assets between BTC/ETH, BTC/ERC20 and ETH/ERC20 to be traded in the distributed dark pool. It is the only blockchain enterprise known to have such distributed crypto asset dark pool trading technology. In traditional US and European equity markets, dark pools account for about 10-30% of all industry trading volume. Jpmorgan chase, Goldman Sachs, Fidelity, Deutsche Bank and Morgan Stanley are among the few brokers with dark pools.

Provide mobile access protocols between different blockchains for all decentralized applications.

All transactions on the blockchain are public (including over-the-counter transactions). Whenever someone moves a large amount of cryptocurrency from a wallet to an exchange, it is usually interpreted as an intention to sell the asset. When there is a lot of exchange to wallet or wallet to wallet trading, it indicates that the investor thinks the cryptocurrency is valuable and worth holding (or buying). Therefore, when a large transaction occurs, it often causes great attention and price fluctuation. The open nature of cryptocurrencies (such as Bitcoin) makes it almost impossible for OTC markets not to introduce centralized third parties. In both traditional financial markets and cryptocurrency markets, when users purchase assets over the counter, they must trust a centralized third party that provides the transaction service to ensure anonymity and security. So decentralized, trustless, and fast ways to move cryptocurrencies and other backed assets are a must for otc transactions. Dark pools are over-the-counter markets where investors can buy large amounts of assets anonymously.

The Republic Protocol (REN) uses atomic exchanges to trade Bitcoin, Ether, and other tokens. Transactions are recorded in an implicit order book and are matched by a multi-party computing protocol engine, which ensures that the details of the order are not exposed until it is executed, while also making it easier for other traders. The Republic Protocol system relies on a carefully designed system of incentives to ensure that players follow the rules. RenEx "Dark Nodes" runs the matching engine to keep Dark pools running, and the presence of multiple Dark pools will mitigate counterparty risk. To prevent malicious attacks, network nodes (Darknodes) must pay 100,000 Ren, which is the Token of the Republic Protocol.

Using its core platform, RenVM, Ren can achieve cross-chain decentralization and trust-free exchange of cryptocurrency assets. RenVM achieves this using a network of "dark nodes" that provide the computing power necessary to identify and process cross-chain cryptocurrency orders. This is done using a complex algorithm called the Shamir Secret Sharing Scheme, which fragments the order so that the dark node does not know the amount or destination of the cryptocurrency being traded. Since RenVM is built on Ethereum, cross-chain transactions are performed on the Ethereum blockchain using the ERC-20 token equivalent of the asset being traded. Simply put, you're not actually moving your Bitcoin or Zcash onto Ethereum's blockchain. Instead, erC-20 tokens for these other cryptocurrencies are minted and burned in quantities held or released by RenVM's decentralized platform.

The Republic Protocol decentralized dark Pool ecosystem is supported by the following functions: RenEx Dark Pool: Decentralized dark pool exchange; Secret order book: Keeping the details of a large token order secret until the trade is executed; Cross-chain asset trading: trading digital assets between different blockchains; Special facilities for bulk orders: place bulk orders under the premise of avoiding price decline and affecting the market as far as possible; Dark node: Matches order fragments and collects order matching and settlement fees.

Dark nodes need to provide the necessary computing power to identify and process cross-chain cryptocurrency orders. The whole process is done using a complex algorithm called secure Multi-party computing, the Shamir Secret Sharing Scheme, which fragments the order so that dark nodes do not know the amount or destination of the cryptocurrency being traded.

1. Trader's identity is secure with Republic Protocol. Cryptocurrencies that are being traded underneath may offer different privacy restrictions. 2. Traders do not have to remain connected to the network for order matching. Once an order is placed, the node runs the match calculation until either a match is found or the order expires (manually or by a deadline specified by the trader). 3. The order is safe until a match is made. After matching, some details of the order will be displayed to match each other. Since both sides know that this is the natural limit of order security for what they submit, both sides need to know when competition has occurred. Note that the information disclosed in these cases does not provide any information advantage to either party.

1. Decentralized order matching: The counterparty first splits the order into fragments through the Shamir confidential sharing scheme -- these fragments contain some sensitive data about the order and do not reveal the value of the order. The order can be restructured only after more than half of the order fragments have been collected. The nodes play a matching function to perform secure multi-party calculations for shards of different orders and mix the results with those of other nodes (different shard calculations). The fragments generated by the operation do not reveal the original order and only represent the result of the order pairing. Due to the special design of order fragmentation, order matching operation can use any function applied in polynomial, as well as match two or more orders. Therefore, order matching operation enjoys high flexibility. Nodes can match orders based on the exact price, or partial matching, or multiple transaction pairs matching (for example, if a direct REN/BTC transaction pair cannot be found, it can be reached indirectly through BTC/ETH, ETH/REN, and REN/BTC), which helps improve circulation capacity. 2. Transaction execution: Nodes compete with each other to find matching orders. The matched order must be registered to let other nodes know the order status; Relevant counterparties will also be informed. Any paired orders will no longer be matched. The process takes place on the Ethereum network. Only unmatched orders can be matched; Traders may set up a 24-hour window or cancel unmatched orders. Prepayment will be refunded when the order is overdue or cancelled. The Republic Protocol also contains atomic switching protocols initiated by the counterparty matching the order group. The node is responsible for passing information about the execution of the order; Establish direct P2P connections between trading parties where possible. Because of the limited means of communication between blockchains, the counterparty is not obliged to execute the order. The project believes that access bonds paid in REN tokens are an effective incentive for counterparties to execute orders. 3. Order handling fee: When submitting an order, the trading party shall pay the handling fee with REN token. If the order is overdue, the fee is returned to the counterparty. The nodes participating in the decentralized computing can get a fee share by matching orders (equally distributed among all participating nodes). Fees vary in value; The higher the price, the better the node. After the transaction is completed, the node receives a fee from both the buyer and the seller. The only order information the node can obtain is the transaction fee from the successful pairing. RenEx's beta main network currently uses a single fee model, charging buyers and sellers a flat fee of 0.2 per cent for each transaction. As a result, each transaction incurs a 0.4% commission. 80% is allocated by nodes; The remaining 20 per cent is held by RenEx for the circulation incentive programme (rebates to market makers and liquidity sources to stimulate the growth of the platform's liquidity capacity). The RenEx rates are provisionally set by the Republic Protocol team to maintain RenEx's competitiveness. 4. Bonds: Orders are divided into fragments and spread in the network to ensure the security of order information. To prevent witch attacks and simplify the authentication mechanism, counterparties and nodes must purchase bonds with REN tokens to gain access to the network. The unique identity attached to the bond is registered in the smart contract of the agreement, and anyone can check the registration status. The bonds are repaid in full when the counterparty or node exits the network. If the network detects malicious behavior, it will seize the corresponding bonds and maintain network security through the reward mechanism. The amount of the bond may be submitted at will; The amount of the bond is proportional to the number of orders placed at a single time. Bond thresholds are set flexibly and expensively, with participants required to make generous financial commitments. The amount of bonds submitted by the parties and nodes must exceed the threshold to be allowed to participate in network activities. The setting mechanism of bond threshold is still in development stage. The project plans to set the dark node threshold to 100,000 REN, meaning that the maximum number of dark nodes is 10,000, since the total token supply is 1,000,000,000 REN. The bond amount can be changed by the contract owner (and the maximum number of nodes). Republic Protocol notes that the bond threshold will ultimately be decided by decentralized autonomous organization control (DAO), which will vote on the management use of REN tokens.

The main technical goal of the Republic Protocol is to ensure that network nodes operate so that transactions on switches are processed and executed without revealing information about themselves. Republic Protocol uses Shamir's encrypted sharing scheme to divide orders into fragments distributed across the network. The original order cannot be recreated without collecting most of the fragments. To prevent malicious behavior from these fragmented orders, Republic Protocol employs smart contracts called registries, which are network topologies clustered around network nodes.

Smart contracts and market regulatory risks