Republic Protocol – Mind Mapped

Overview of Republic Protocol

Republic Protocol removes the need for a trusted intermediary to operate a dark pool and provides crypto-economic incentives through a protocol token for governance; enabling the development of a secure, decentralized, scalable dark pool protocol capable of handling billions in trading volume daily.

Republic Protocol has successfully completed the majority of their announced milestones within the communicated timeframes and has achieved a few additional milestones not disclosed in the original roadmap, including the upgrade of their P2P network and the design and development of the RenVM.

Republic Protocol shared last week that it would now allow third-party developers to build and operate their own independent decentralized dark pools for the trading of cryptocurrencies on their platform.

Republic Protocol has mentioned that the bond threshold will eventually be a Decentralized Autonomous Organization ("DAO") controlled by voting, giving the token a governance use case as well.

Republic Protocol's core strategy is to grow the core user base through online channels, specifically Twitter, where they frequently receive hundreds of thousands of impressions on their posts.

Republic Protocol, an open-source protocol powering dark pool exchanges, has launched the first decentralised dark pool exchange for the trading of digital assets in the world today.

Republic Protocol (CRYPTO:REN) is a decentralized network that utilizes secure multi-party computation (sMPC) to match orders without exposing the price, or volume, of the orders.

Republic Protocol looks to implement the Shamir Secret Sharing Scheme to break down orders into a large number of order fragments, and distributes them throughout the network.

Republic Protocol is an open source, decentralized dark pool exchange offering discrete trade of cryptocoins using trustless mechanism and atomic swaps.

Republic Protocol designers promise to create additional components in time, in line with the growth of the ecosystem developing around their platform.

Blockchain

Initially, the company will allow large-scale trading between bitcoin, Ethereum and Ethereum-based tokens on a hidden order book, while on a public blockchain, to not affect the pricing of those assets.Republic Protocol, a new blockchain project with ties to Kyber Network, has announced they will be building a dark pool for the trading of crypto assets.

Mine

80% of the cumulative 0.4% fee will go to Darknodes while the remaining will be kept by RenEx and used for its Liquidity incentive program (20% of the fees collected are used to incentivize liquidity in the platform in the form of rebates to market makers and liquidity providers).Currently, the fee structure on the RenEx mainnet beta is a flat fee of 0.2% per trade on both sides (maker and taker).The RenEx fees are currently determined by the Republic Protocol team in order to maintain the competitiveness of the RenEx.

Network

As long as traders respect the network topology deﬁned by the Registrar, their orders will be safe.If they fail to do so, only their own orders are at risk of exposure.That is, orders cannot be reconstructed unless a majority of the order fragments are recombined.To prevent this from happening, the Republic Protocol deﬁnes an Ethereum smart contract called the Registrar, that organizes nodes into a network topology that makes it unreasonably diﬃcult for an adversary to acquire the enough of the order fragments to reconstruct an order.

Support

Dark pool exchanges powered by Republic Protocol can support large volume trades, with minimal price slippage and market impact, while guaranteeing that the rules of the dark pool cannot be broken.It is a decentralized network that utilizes secure multi-party computation to match orders without exposing the price, or volume, of the orders.Republic Protocol is a decentralized dark pool exchange protocol, for trading large volumes of digital assets.

How Is the Ren Network Secured?

RenVM is a byzantine fault-tolerant protocol that facilitates ECDSA threshold key generation and signing via secure mutli-party computation (sMPC).This allows RenVM to securely manage (ECDSA) private keys on different blockchains, making it possible to shift tokens between these blockchains (i.e interoperability).

About? ?Ren? ?

Ren? ?is? ?an? ?open? ?protocol? ?that? ?enables? ?the? ?movement? ?of? ?value? ?between? ?blockchains.

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How Many Ren (REN) Coins Are There in Circulation?

REN has a fixed supply cap of 1 billion (1,000,000,000) tokens.Ren conducted a presale and public token sale in 2018, during which a total of 60.2% of the supply was sold to investors.

What Is Republic Protocol?

Following its late 2018 beta mainnet launch, the Republic Protocol managed to garner enough attention to climb the ranks of top 100 tokens over the next few months.This came as an evidence of the strong interest in its business and technological model which both, at this stage, power the project focused on delivering limitless value transfers between as many blockchains as possible, with an added bonus of zero knowledge-based transfers of their accompanying tokens.Once the Protocol is fully implemented, its support for simplified cross-chain trading should serve as a fortified bridge linking the cryptoverse with the world of traditional finances.

How advanced is the project?

So far, the team has developed an early internal prototype which they are testing.Also, they have released several updates on GitHub, which include crucial parts of their upcoming network.These updates include atomic-swapping (cross-chain trading), X-network (defines the distribution of nodes in the network), and P2P trading.

What does the company/project do?

Republic Protocol is a decentralized dark pool for atomic, cross-chain trading.This means that individuals, or, more likely, institutional investors can trade in any size of volume without having those details divulged.The protocol works by distributing primary order into fractions across the network.Then, two primary ethereum smart contracts come into play.The first is called the Registrar.This contract organizes the nodes of the network in such a way that it would be impractical to attempt the recombination of the aforementioned order fragments.This means that at no point can an order be put back together to reveal the full size, or any other details therein.Nodes on the network will compute whether or not two order fragments match, and then a smart contract called a Judge will verify the integrity of the trade using a Zero Knowledge Proof (verifying the logic behind a trade without needing to know specific details).Following this, an atomic swap will be triggered (cross-chain trading), and the order executes.The primary function of this network is to provide trustless and anonymous cross-chain trades.

What is a dark pool?

On most cryptocurrency exchanges, buy and sell orders are broadcasted on a public ledger, also known as an order book.While this structure works for most retail traders, institutional investors and funds manage portfolios worth millions and trade large amounts of volume daily.Publicizing the intention to buy large amounts of an illiquid asset can shift the market drastically and result in slippage, when a market order fills at a different price than originally expected.

Who Are the Founders of Ren?

Ren was founded by Taiyang Zhang, its CEO, in 2017.Initially called Republic Protocol, Ren was first announced in January 2018, with Zhang explaining its initial use case as a “decentralized dark pool.

How Does RenVM work?

The Ren platform runs on Ren Virtual Machine which is described as comparable to a blockchain in its basic functionality.The VM is replicated over numerous physical machines which secure their participation in it by running a node.The machines which participate in the network are called Darknodes.They contribute their computing and disk storage resources in exchange for fees.Programs which are executed on RenVM are hidden from the Darknodes.

What is a Dark Pool?

A “dark pool” is an OTC marketplace where institutional investors can get anonymous execution of large block orders of shares.Unlike traditional exchanges, these orders are not available to the general public and as such provide anonymity.

How Does Republic Protocol Work?

While promising more general applications down the line, Ren’s initial focus on supporting private and decentralized finances is reflected in the design of the three main architectural components.

What is REN?

According to the Republic Protocol’s whitepaper, the REN token has two functions.It 1) incentivizes node operators to match orders and 2) is used to pay bonds to the Registrar, allowing traders and nodes to participate in the Republic Dark Pool.

What are the tokens used for and how can token value appreciate?

The REN token will be used as an incentive token for the running of nodes by miners.Traders need to stake and pay REN tokens in order to use the protocol.There isn’t a mentioned practical minimum fee, but similar to the Ethereum network, the higher a fee you offer, the higher priority your trade with have for those running nodes.REN tokens will also be used as a bond for those running nodes and traders alike to punish any bad actors in the space.This will work in two ways:First, traders will have to create a bonded identity on the network (which will be entirely refunded when they leave the network), and if they were to act maliciously, for example, create a false account in attempt to acquire order information, the bond would be lost.Secondly, to run a node, there will also be a required bond, and should a given node try to falsify any information about a trade, it will be unable to provide evidence of truthful computation, and would lose their bond.This token should appreciate in value as there are more users on the network, which will thus drive up demand for both traders who wish to utilize the network, and the nodes that will do the computational work.As there are more traders, running a node becomes more profitable, and the more nodes there are, the more secure and appealing the network is.

What Is Ren (REN)?

Ren (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms.

What is The Republic Protocol?

The Republic Protocol is a decentralised and open-source dark pool protocol that will allow traders to place orders in a completely private and secure manner.

What Makes Ren Unique?

Ren is a complex platform with multiple use cases, but it is ultimately designed to overcome barriers to entry and investment for DeFi projects.

Where Can You Buy Ren (REN)?

REN is a freely-tradable token and has a presence on various major exchanges.Of these, Binance and Huobi Global have the largest volume as of October 2020.Pairs include cryptocurrency, fiat and stablecoins.