What is Renos (RNS) – Crypto Beginner’s Guide
Renos is a digital currency that is backed by a blockchain-based, decentralized platform. The Renos platform enables instant, global payments and utilizes peer-to-peer technology to reward users with Renos digital tokens, also known as RNS. The platform operates with no central authority; issuance of the currency RNS and management of transactions that involve this currency are carried out collectively by the Renos network.
Participation within the Renos network is rewarded via a proof-of-stake (PoS) system; this system secures all funds. To be rewarded with RNS, users can either stake the coin, or run Masternodes. Users who run Masternodes receive 70% of the PoS rewards, while traditional staking receives the remaining 30%. Through this, Renos remains truly decentralized and depends on user participation in order to run. The platform is an improvement on original Bitcoin technology, and it enables cheaper, faster, and more private payments with the RNS coin.
The network aims to take an egalitarian approach, with an open policy that combines the development of the network with the community, to create a unique platform where the technology and humanity behind it evolve and develop together. Ultimately, Renos is a forward-looking cryptocurrency, driven by a spirited community that is invested in the success of its coin.
Renos and Masternodes
To ensure and increase the stability and security of the blockchain network, users who hold Masternodes get paid 66% of all block rewards; average daily reward acts as incentive to run Masternodes. High performance nodes that have sustained and stable connections are eligible for rewards. In theory, people could run Masternodes but not provide any quality service, so to discourage this, all nodes are required to regularly ping the rest of the network and remain active.
Overall, 3% annual coin emission is available and acts as passive income for both stakers and Masternode holders; this ensures that users receive some profit for their work and for their time.
The Renos Coin (RNS)
Renos’ internal form of cryptocurrency, the RNS token, is a full PoS coin. The Proof of Stake system provides protection to the Renos network, and is the mechanism that generates revenue for users. RNS is the reward that is provided for users who have Masternodes or stake coins in their wallets. The coin is also used in transactions that are conducted on the Renos website.
Rather than starting off with an ICO, an initial coin offering that is the traditional method for the introduction of cryptocurrencies, the coin was air dropped during 2017 to 1,000 users worldwide. Since then, RNS has developed into a reliable cryptocurrency that is in use daily. RNS is available for trade on several cryptocurrency exchanges, including Cryptopia, CoinExchange, and Crypto-Bridge.
As a cryptocurrency platform that integrates a Proof of Stake system to ensure user participation, Renos is a self-sustaining network that offers a global coin with secure and instant transactions. The security of the network is reliable, yet depends on the community; the platform operates on a unique system of user-network development. Together, the network and users who participate in it develop the RNS coin, and bring it into the mainstream. Renos is an example of what’s in store for the cryptocurrency world.