Introduction
Stablecoin is a cryptocurrency with a stable value guaranteed by transparently stored digital assets in smart contracts. The stability of stablecoin brings many benefits to the decentralized economy, including reducing the impact of price volatility and enabling seamless conversion between exchanges.
RENEC has gradually refined its ideas and goals by creating an open and accessible infrastructure, allowing anyone to participate easily in the decentralized economy. Today, we are pleased to announce a significant milestone achieved in this journey with the launch of reUSD, a cross-chain solution designed to promote user-friendly decentralized economic development.
Why choose reUSD?
Stablecoin with guaranteed assets brings many benefits to users. One of the main advantages is lower transaction fees than traditional credit card processing fees. In addition, stablecoin also provides global trade opportunities, especially in countries with unstable currency systems.
reUSD is a stablecoin with guaranteed assets that are reputable stablecoins, typically USDT from Tether, a stablecoin widely used in the Web3 ecosystem. In addition, the collateral corresponding to the minted amount of reUSD is always available for users to redeem. The stability of reUSD is secured through two key commitments by the RENEC Foundation. First, the Foundation commits to minting and repurchasing coins at par. Second, we always hold enough assets to fulfil our obligation to convert the amount of reUSD circulating in the market.
Everything you need to know about reUSD
What is reUSD?
reUSD is a type of stablecoin, meaning it is a stable and secure cryptocurrency asset. The value of reUSD is fully backed 100% by a reserve of popular stablecoins, including USDT in the initial stage, and may expand to include other types of stablecoins in the near future. Additionally, the high liquidity of reUSD simplifies the process of trading with other types of cryptocurrencies on the RENEC blockchain, making it an excellent choice for those looking to use it as a means of payment.
Security-first
The swap function plays a pivotal role in ensuring the safety and stability of our platform. Recognizing its vulnerability, we have taken additional measures to secure it by partnering with Verichains. They have conducted a thorough audit of our back-end conversion smart contract to ensure the utmost safety of our users while they interact with our platform.
About Verichains: Verichains is a leading and pioneering company in blockchain security in the Asia-Pacific region, with extensive expertise in security, cryptography, and core blockchain technology. More than 200 clients trust Verichains with $50 billion in assets under protection, including several high-profile clients such as BNB Chain, Klaytn, Wemix, Line Corp, Axie Infinity, Ronin Network, and Kyber Network.
How does reUSD supply?
reUSD is a decentralized stablecoin created on the RENEC blockchain platform using RPL token technology. To ensure stability and safety for its value, reUSD is fully backed by assets held in a Reserve, where the collateral requirement is $1 of stablecoin assets for each reUSD minted. Initially, the conversion rate to mint reUSD will be set at $1 USDT, a stablecoin guaranteed by fiat currency on the Ethereum network.
reUSD Reserve
reUSD is fully guaranteed by various types of assets held in the smart contract of the reUSD Reserve. These collateral assets are carefully secured in the smart contract to ensure that users can redeem their reUSD at any time.
Redemption
The conversion rate from reUSD to the collateral stablecoins in the Reserve is 1:1. The exchange of USDT (ERC20) and other stablecoins to reUSD is free. However, a minimal fee (less than 0.5%) may be applied when converting from reUSD to the collateral assets users have used to mint reUSD. This fee may vary depending on the market situation.
Roadmap of reUSD
Phase 1: Mint and Use - Supporting USDT ERC20 as the first type of crypto collateral.
Phase 2: Redeem - Users can redeem their reUSD to regain collateral.
Phase 3: Support other popular stablecoins as collateral assets.
Phase 4: Bring reUSD to other chains and goes trustless with the mint-redeem process.
Conclusion
The explosive growth of cryptocurrencies and blockchain technology has created an urgent need for decentralized stablecoins that can work seamlessly across different blockchain networks. This requirement has become critical for ensuring stability and ease of use in cryptocurrency transactions. With the launch of reUSD, we strive to advance the development of the decentralized economy further and foster the adoption of blockchain and cryptocurrencies. We hope that reUSD will become a stable and reliable choice for those who want to use decentralized financial products.
What Can I Do To Get RENEC?
Mining of renec has officially ended on the 30th of September, 2022. So RENEC had 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:
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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