LBank $RENEC AMA Recap
On March 28 , we held an AMA with the $RENEC team, hosted on LBank official telegram channel. If you guys had missed this session, here’s another chance to get a full transcript of the AMA event.
INTRODUCTION :
Guest : Sure, let’s begin with my intro, I am an entrepreneur, a technology evangelist, and a business consultant who had more than 15 years of experience in multiple industries with extensive experience in founding start-up companies, product development, business operations as well as commercialization, and investor relations. To date, I have been involved in 15+ companies in technology, defense, oil & gas, with former customers and business partners from across 60+ countries.
In the last several years, I have been involved intensively in new technology in blockchain, AI and have been at the forefront of strategic development to provide solutions to the gaming industry. I am also involved in the first-ever licensed and end-to-end blockchain lottery in the world, which is being re-positioned as an African B2C gateway for fundamental health, finance & entertainment ecosystems that will benefit millions every day.
RENEC is an innovative decentralized blockchain platform that empowers creators to develop cutting-edge experiences for billions of users in the Web3 era. Established in 2021, RENEC is an open-source project that is currently managed by the RENEC foundation.
With its limitless potential, RENEC provides an exceptional platform for building dynamic assets ranging from finance to gaming. Its third-generation blockchain architecture is optimized for creating smart contracts and decentralized applications (DApps).
The RENEC genesis event took place on October 14, 2022, marking a significant milestone in its journey. The platform’s objective is to increase throughput beyond what is typically achieved by popular blockchains, while keeping costs low.
RENEC achieves this through an innovative hybrid consensus model that integrates a unique proof-of-history (PoH) algorithm with a lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). The result is a robust and efficient system that enables developers to build powerful DApps with ease.
That, guys, so far is the sum up on what we have done and continue pushing with RENEC.
Done!
Question 1 : Could you tell us more about the background and experience of your core team and also the advisors?
Guest Answer : Thanks for asking,
The RENEC team is a powerhouse of expertise, boasting a diverse group of skilled professionals, including software engineers, innovative designers, talented marketers, and seasoned entrepreneurs.
We possess long years of experience in building and scaling up successful crypto exchanges, blockchain/gaming start-ups, and delivering outstanding commercial results to millions of people worldwide.
RENEC’s core members are industry veterans who have come from the team responsible for building and establishing Remitano, Vietnam’s most reputable crypto exchange. Remitano has since expanded its business across three continents, further solidifying its position as a global leader in the crypto space.
With a proven track record of excellence, RENEC’s team is dedicated to providing innovative solutions to meet the complex needs of the ever-evolving world of technology.
Question 2: What are the top priorities for your project in this year? and what plan will you do for the development of this project?
Guest Answer: From the inception of the project, our primary objective has been to offer RENEC as a comprehensive platform for building versatile assets on broad kind of applications
At the platform level, we are dedicated to providing cutting-edge third-generation blockchain architecture, which facilitates the creation of smart contracts and decentralized applications (DApps) with high throughput and low costs, unlike traditional blockchains.
To achieve this, we have implemented an innovative hybrid consensus model, combining the proof-of-history (PoH) algorithm with a fast synchronization engine and a version of proof-of-stake (PoS).
At the application level, we have already launched our in-house Chrome extension wallet and its web version, the mobile version in the final stages of development. We are committed to providing our users with the best possible experience, and our efforts are focused on launching the mobile version soon on this Quarter.
We also introduced reUSD, a decentralized stablecoin built on the RENEC blockchain using RPL token technology. It is fully collateralized by assets held in Reserve, with a collateral requirement of $1 of stablecoin assets for every reUSD minted. This provides our users with stability and security and allows them to transact seamlessly.
We are dedicated to research and development and are committed to delivering more features in our current product set while expanding network decentralization.
RENEC aims to revolutionize the blockchain industry by providing high-performance, scalable, and cost-effective solutions that empower creators to build the next generation of applications.
With our unique approach, we believe that we can change the way the world sees blockchain technology.
Question 3 : I understand that this network will have its own wallet, in which we will be able to create new addresses, but is this network really compatible with decentralized wallets like Metamask or TrustWallet, and if not yet, do you plan to do so?
Guest Answer: Overall, universal crypto wallets such as TrustWallet and Metamask are essential tools for investing in cryptocurrencies and other digital assets. Right ?
They provide a secure, convenient, and accessible way to store and manage your investments while ensuring privacy and interoperability with different blockchain networks.
While the Demon wallet is currently the main and only wallet to date for the RENEC blockchain supported by the Foundation, it aims to be an eco-system Swiss-army-knife, providing not only storage of tokens but also interaction with dapps, token swaps, and conversion of tokens to fiat and vice versa.
The Demon wallet has strong support from the Layer-1 blockchain, with a dedicated gasless station that allows regular token holders to carry out most tasks without having to worry about RENEC gas fees.
However, there are other popular universal crypto wallets that we look forward to onboarding to RENEC blockchain and adopt our token system, to bring users more options that suit their style and demands. By having more choices, users can select the wallet that works best for them, providing flexibility and convenience in managing their digital assets.
Question 4 : Can you tell us something about your marketing, what’s your vision for the project in the next few years?
Guest Answer : A layer-1 blockchain must have a clear and concise marketing strategy to promote its unique value proposition. For RENEC, the ultimate goal is to enable mainstream adoption of web3 and provide a decentralized ecosystem for solving real-world problems.
This can be achieved by establishing a strong community and actively engaging with them to build trust, increase awareness, and gather valuable feedback.
In addition to community engagement, partnering with influencers and thought leaders can also be an effective way to raise awareness and promote the blockchain’s features and benefits to a wider audience, thereby increasing its visibility and credibility.
It’s also important to provide educational resources like tutorials, guides, and videos to help users better understand the blockchain’s features and how to use them, which can ultimately lead to increased adoption and engagement within the ecosystem.
To achieve its marketing goals, RENEC has been focused on building strategic partnerships with other relevant organizations and stakeholders in the blockchain and cryptocurrency space. By leveraging these partnerships, RENEC can access new markets and opportunities, attract new users, and ultimately achieve greater success in its mission of enabling mainstream adoption of web3.
You guys can join our community channels stated here:
• Twitter https://twitter.com/RenecBlockchain
• Telegram https://t.me/renecblockchain
• Reddit https://www.reddit.com/r/renecblockchain/
• Discord https://discord.gg/Gaz5Cpee
Question 5 : Investors always look at the long term about any project. What are the benefits for investors holding your token for the long term? Which does key advantages $RENEC project have in term of price stability, credible, mobility, liquidity, and technology?
Guest Answer : Yeah, I mean, at the end of the day, the value of the coin/token can tell a lot on the project status.
Holding RENEC for the long term can provide significant benefits for investors, including the potential for appreciation, passive income, access to ecosystem benefits, diversification, and the ability to avoid short-term volatility.
These benefits are supported by a number of factors that make RENEC an attractive investment opportunity.
Firstly, RENEC has a core team with proven experience in blockchain-based products and a thoughtful, long-term focused tokenomics model to ensure incremental benefits for investors as they go along with the RENEC blockchain.
Secondly, RENEC’s third-generation blockchain architecture is designed to facilitate the creation of smart contracts and decentralized applications (DApps), allowing for increased functionality and use cases and RENEC aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs extremely low.
In addition, RENEC is providing quite a package for dapp developers, projects to join with great support in the win-win strategy. Overall, the combination of RENEC’s experienced team, thoughtful tokenomics model, third-generation blockchain architecture, and innovative hybrid consensus model make it an attractive long-term investment opportunity with potential for appreciation, passive income, ecosystem benefits, diversification, and the ability to avoid short-term volatility.
Community Questions:
Question 1 : On your website you don’t mention that you have done any internal or external audit of your smart contract, so can you give us details if you have done any audit before? And in case you haven’t, would you plan to perform any review of your smart contract in the near future?
Telegram Username : @catarinarobertson1993
Guest Answer : We have mentioned that our corechain was audited by Verichain and the report was public, to be noted that Verichain is a key partner of CMC and they are trusted by BNB Chain, Klaytn, Solana. Here is the report: https://www.verichains.io/?search=renec
We have just been audited again by Hacken and report will be published shortly..
Question 2 : Many blockchain projects are on paper only and don’t have any product or have a product with no practical use case. Please let us know what is Coin ‘s current practical product in use? What are your plans for the product to be better in the future?
Telegram Username: @Aron_Ho_1992
Guest Answer: I do agree that there are always a paper project and the best jugment I will leave to the users and community, I have shared our achievement so far and the future plan on the second part of the AMA.
Here are some links you can find out more about RENEC project:
• Homepage: https://renec.foundation
• Whitepaper: https://renec.foundation/renec-whitepaper.pdf
• Explorer: https://explorer.renec.foundation
• Extension wallet for Chrome: https://chrome.google.com/webstore/detail/demon-wallet/mdjmfdffdcmnoblignmgpommbefadffd
• Github: https://github.com/renec-chain/
Social media:
• Twitter https://twitter.com/RenecBlockchain
• Telegramhttps://t.me/renecblockchain
• Reddit https://www.reddit.com/r/renecblockchain/
• Discord https://discord.gg/JNvaFP5QCz
Question 3 :What protocol does #RENEC use for cross-chain interoperability?
Telegram Username: @hsako_lankford_20
Guest Answer: We are now using the battle proven centralized bridge by our partner Remitano to let user bring asset from other chain to RENEC by minting reUSD,
The bridge has been stably run for years and scalability is endless and we pratically can connect to any chain. As of now, the only use case for the Bridge is the stablecoin reUSD and on this current phase of the product, we only support Ethereum, but stay-tuned, this reUSD stablecoin system will support user to bring assest from TRON and BSC to RENEC shortly this quarter.
Question 4 : According to the roadmap, what is your most important next priority?
Telegram Username: @KristieEaves
Guest Answer : According to our Roadmap Plus :), we are focusing on having a complete wallet system running on most of the popular platform with the ease of use characteristic and unconventional feature like the Gasless service, P2P fiat on/off ramp. We are about to introduce the first DEX on RENEC, back by the Foundation, stay tuned for an update.
Moreover, we presently provide two sponsoring programs to entice users to contribute more significantly to RENEC:
- The Delegation program which finances validator operators
- The DApp Grant program which offers financial and marketing support for DApp developers.
Please visit the RENEC Foundation’s official website at https://renec.foundation/ to learn more.
It can be said that not only RENEC’s in-house development team is building RENEC, but every RENEC user is working with us. We always keep in mind that every user is an ambassador to spread the RENEC brand to the world.
Q5 : It would be appreciable if you clarify what are the focal points of utilising your platform and is it congenial for a novice like me?
Telegram Username: @Kirkpatrick88
Guest Answer : The ultimate vision for a public blockchain like RENEC is to become the foundation for a decentralized, trustless global platform that enables the creation and execution of a wide range of decentralized applications (dApps), smart contracts, and programmable money.
RENEC aims to create a platform where developers can build and deploy decentralized applications and smart contracts that are transparent, secure, and tamper-proof. The platform is designed to be open and accessible to anyone, anywhere, without the need for intermediaries or centralized authorities.
RENEC also envisions a world where financial systems are more accessible, fair, and transparent. The platform provides the infrastructure for decentralized finance (DeFi) applications that enable users to access financial services and products without relying on traditional financial intermediaries. This includes things like lending, borrowing, trading, and insurance.
Moreover, we aims to enable the creation and exchange of non-fungible tokens (NFTs) which can represent unique assets such as digital art, collectibles, or even real estate. The platform also facilitates the development and execution of decentralized autonomous organizations (DAOs), which are organizations run by rules encoded on the blockchain rather than by traditional management structures.
Ultimately, the vision for RENEC is to create a decentralized, trustless, and transparent global platform that empowers individuals and organizations to create and exchange value, without the need for intermediaries or centralized authorities.
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