Renaissance is a new cryptocurrency that is seeking its place in the cryptocurrency market. It is a high-throughput coin that relies on decentralized staking pools instead of mining. This way, it intends to become more scalable and to work in a simpler, but more effective and secure way.
What Is Renaissance?
The cryptocurrency market has changed a lot since the inception of Bitcoin and this means that it has also evolved. Proof of Work cryptos have been supplanted by Proof of Stake for many reasons, but even some stake projects are still struggling and Renaissance wants to make something different to change this market, especially in scalability.
Renaissance’s main goal is to create a platform that will be scalable and popular so that the mass adoption of cryptocurrencies start to be a reality and more people benefit from blockchain and smart contracts.
How Renaissance Decentralized Staking Pool Cryptocurrency Works
The transactions made with Renaissance tokens will be made via smart contracts and validated via decentralized staking pools. The pools will act as a gateway between the investors and the consensus network. The company intends to use this as an advanced version of the Proof of Stake networks.
Another process that will make this product more effective is the high-throughput ledger update method, which the creator of the company states that can be a way to make the network faster and more stable.
By using the staking pool users will also be able to vote, as many Proof of Stake companies already allow their users to do. This is a move to increase the decentralization of the platform and turn it into something that really values the community around it and the people involved in it because cryptocurrencies that do not value their communities lose a lot of trust and their market value.
The Renaissance Token Sale
At the moment, Renaissance is still planning its sale. Unfortunately, the company needs to create a successful seed funding to be able to make this project a reality. This means that the company is looking for big private investors before it is thinking about creating its own Initial Coin Offering (ICO).
This is mainly because the whole concept of the Renaissance token has been created by a single person: James Tan. Tan is a Physics PhD that has recently graduated and has come up with the idea for this startup company. While he has the expertise, he does not have the money, so the project is not much more than an idea to be sold at the moment.
If the seed funding works out and Renaissance gets its funding, there will probably be an ICO later.
The Renaissance Conclusion
It is still too early to get your hopes up for Renaissance. While the main idea of the company is not bad at all, James Tan needs his seed funding and, if you know this market, you know that many ideas die in this phase. You should wait until an ICO is announced before you put this company on your watch list.