Remitano enables RENEC mining programme for SA users

Johannesburg, 13 Sep 2021
Read time 3min 30sec

Global peer-to-peer crypto exchange Remitano is currently developing its native token, RENEC, to improve the quality of services delivered to customers, reduce transaction fees and ensure secure and swift transactions. While Remitano Network is still in the development phase, Remitano has provided an amazing opportunity for old and new Remitano users in South Africa to earn FREE RENEC via a mining programme.

What is RENEC? 

RENEC is an abbreviation of Remitano Network Coin. It is the token of the Remitano Network, a blockchain designed to facilitate quick transactions at a reduced fee, a fast decentralised exchange with efficient escrow in place. The launch of the RENEC token was announced on 30 June 2021.

What makes RENEC different?

Remitano Network is not a single blockchain, rather it is a set of blockchains. The initial network will be a simple value transfer one, similar to Bitcoin, Litecoin but with faster block time and more efficient consensus protocol. At this stage, RENEC will be called Remitano Electronic Cash.

RENEC will also be the base currency for the Token Decentralized Exchange and the decentralised fiat-token escrow that will be built on the Remitano Network. With RENEC, crypto swap and P2P trading fees will become cheaper.

Remitano commits to deliver the first three products for the Remitano Network as follows:

  1. Low fee decentralised P2P electronic cash with Multisig capability;
  2. Low fee decentralised tokens exchange; and
  3. Low fee decentralised escrow service.

After that, will work closely with the community in order to build other blockchain products.

The Remitano Network is designed to be scalable, therefore new products will be built on it, consequently increasing the value of RENEC.

Check out the Official RENEC white paper to learn more about this token.

How to own RENEC?

Because Remitano holds its investors and traders in high esteem while also reducing risk, Remitano will not hold any ICO for RENEC. It is different from other ICOs, where investors will have to pay ETH or BTC to secure a specific amount of the coin. Instead, RENEC will be given out freely to both new and old Remitano users in South Africa and other countries through mining.

For now, Remitano only allows mining through the Remitano mobile application. So you need to install the Remitano App and begin mining RENEC at the tap of a button.

Four easy steps to mine RENEC

1. Download the Remitano app on PlayStore and AppStore.

2. Register or log into the app.

3. From the list on the menu that is displayed, click on “Mining RENEC”. This should take you to the mining page.

4. Click on the “Mine RENEC” button to start mining.

Eventually, it will show the progress of your mining RENEC like this image:

Users must have registered an account with Remitano and verified their phone number to be eligible to mine RENEC. Mining RENEC is not automated, so once you already have the app, you have to log in to your account every day to mine RENEC.

A user can mine up to 0.02 RENEC per hour depending on the level of verification. Complete up to level two of verification to increase your mining power. You can also boost your RENEC rewards through Remitano referral. When your referrals mine successfully, you earn 20% of their mined RENEC.

Check out the definitive guide of the RENEC token.

Remitano will continue to build products on the RENEC network. This will give RENEC a lot of utility and usage. Also, the fact that Remitano is a very popular escrowed P2P crypto-currency exchange in multiple countries across the world, with time, the value of RENEC is likely to increase, which is why you should try and get the token now that it is free.

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