REMITANO RENEC token: How to mine and all you need to know

REMITANO RENEC token: How to mine and all you need to know

REMITANO RENEC token: How to mine and all you need to know

Read all about RENEC token

At the end of June 2021, Remitano launched its very first token called RENEC and now allows users to mine this coin for free.

What is the RENEC Token?

RENEC is the abbreviation of Remitano Network Coin – the official token of the Remitano Network. This is a Blockchain designed to make it possible for users to transact quickly with cheaper fees, secure escrow, and execute complex smart contracts using the RENEC token.

Currently, users can only earn RENEC through mining on the Remitano exchange.

Remitano is one of the prestige and quality P2P escrowed cryptocurrency exchange in more than 30 countries all over the world. Currently, the exchange is allowing users to buy and sell P2P with 6 cryptocurrencies which including Bitcoin (BTC), Ethereum (ETH), Tether USDT (USDT), Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).

RENEC Token Basics

Token: RENEC

Blockchain: Remitano Network

Protocol: Authorized Proof of Stake (DPoS)

Token Type: Utility Token

Base Mining Power (solo): 0.02 RENEC/hour

Supply: Supply will be decided as a result of the RENEC mining program

Whitepaper: https://remitano.com/renec/ng/renec-whitepaper

Mine RENEC: https://remitano.com/renec

RENEC Token Mining Instructions

Currently, users can only earn RENEC by mining on Remitano app. Especially, the mining of this token is now completely free.

Step 1: Download Remitano app on Google Play or App Store and register an account

Step 2: Then tap “Verify account” on the menu to verify phone number (if you haven’t done it yet).

Step 3: Choose “Mining RENEC” in the menu and then “Scroll down to mine RENEC” and tap the button “Mine RENEC” to receive the airdrop.

How to get more RENEC?

How much RENEC can I earn per day?

Each user can mine once every 24 hours after completing the account registration and verifying phone number Level 1. The amount of RENEC received by each user is determined by two factors: Your solo mining power and RENEC commission from friends.

Your solo mining power

  • Your maximum mining power as a solo miner is 0.02 RENEC/hour
  • For phone number verification users (Level 1): 0.01 RENEC/hour. You will receive 0.24 RENEC within 24 hours.

  • For document verification users (Level 2): 0.02 RENEC/hour. You will receive 0.48 RENEC within 24 hours.

RENEC commission from friends

You will earn referral RENEC commission for each person who successfully registers a Remitano account using your referral link, completes at least phone verification (Level 1), and starts mining RENEC. Your referral RENEC commission will be 20% of your downline’s mined RENEC.

For example, You refer 400 users to sign up on Remitano, 100 out of 400 complete document verification, 50 out of 100 people mine RENEC, 50 out of 400 complete verification phone number and also mine RENEC. So, the total amount of RENEC you get from referrals within 24h is: 7.2. The specific calculation is ([50 0.02 24] + [50 0.01 24]) 20%.

Note: Remitano reserves the right to modify the way RENEC is distributed to users.

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Where can I see my RENEC balance?

You can find out how much RENEC you own in one of two ways:

  • Option 1: From the main menu, select “Mining RENEC” The section “Your RENEC Balance” can be found here.

  • Option 2: Go to “Dashboard” > “Wallet” The Remitano Wallet is where all of the coins supported by the exchange are stored, including the Remitano Network Coin, are kept (RENEC).

Note that Remitano Network will suspend this mining operation after Remitano Network is started. Therefore, investors need to take advantage of this period to participate in mining and avoid missing attractive opportunities.

Total supply of RENEC

As planned, the mining program is estimated to last about 1 year from July 2021. That is also when the first blockchain mainnet can go live with at least 5 million users having successfully claimed its RENEC token. In case there are less than 5 million users who have claimed RENEC tokens, the mining program can be extended for up to 3 months.

On the developer side, every time the community receives a token, 0.25 tokens will be put into the development fund of the system. At the same time, this fund will be locked. The plan to “unlock” the locked tokens is as follows:

After the 5th year, there will be a voting mechanism to develop the remaining 30% of the fund. The goal of this will determine the direction of the system’s next upgrade

Some important notes when mining RENEC

  • Each user can only create 1 Remitano account to perform mining and own RENEC. In the event of detecting fraudulent actions (for example, 1 person owns many accounts), Remitano has the right to withdraw the entire amount of RENEC that you own in all accounts. The policy of handling violations on a case-by-case basis is decided by the exchange.
  • The mining process is not automatic, you have to log onto the Remitano app every after 24 hours since the last time of mining and click on the “Mining RENEC” button under “Mining RENEC” to receive tokens.
  • Any outside trading information (if any) is a spontaneous act of fraud.
  • Remitano has the full right to change and adjust the way RENEC is distributed to users.

Why should investors approach RENEC right now?

There are many successful token exchange projects in the world. The case of Binance Coin (BNB) and the Binance Smart Chain network is a prime example of the success of an exchange token with a solid network foundation.

Considering that frame of reference, and the information from the beginning of the article so far, we can see that RENEC is a token that represents a solid foundation and has a clear direction.

In other words, the developers of the RENEC project have determined what they are going to do and how they need to go. Along with the available advantage that comes from the reputable exchange Remitano, RENEC could very well be a great profitable investment opportunity in the not too distant future. Therefore, owning RENEC as soon as possible is a good thing to do.

In the immediate future, existing investors can participate in mining to own RENEC. This is a completely free money-making opportunity. Have you ever heard lamentations like: “If only I had invested in Bitcoin in 2011 I would be a dollar billionaire now?”. At that time, Bitcoin was also a nascent coin with potential technological features. And this is something that RENEC is no less than.

Scam Warning: Currently users can only earn RENEC through mining on the Remitano exchange. Users are still not able to transfer RENEC anywhere. So all information about buying, selling, trading RENEC anywhere else is a scam. Everyone should pay attention to be vigilant, learn information from official sources to avoid the risk of unnecessary damage.

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Conclusion

Thank you for reading my post on RENEC token. If you have any question, you can leave it in the comment section below.

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