hiRENGA Coin Review : Is It Good Or Bad Coin Read Our Article

About hiRENGA Coin

hiRENGA Coin infrastructure that extracts the financial attribute of NFTs from their utility attribute, making blue-chip NFTs affordable and composable into both CEX and Dapps. It allows NFTs to be fractionalized and repackaged to ERC-20 tokens where each ERC-20 token is backed by 1/1,000,000 of the original NFT. Based on a deeply reformed tech design, Fracton is built by state-less centric smart contracts that increase the protocol’s efficiency with lower gas fees and maximized asset security.

At Fracton protocol, the team is dedicated to becoming the standard of NFT fractionalization, making the ownership of NFT to be as frictionless as possible. At the same time, continue innovating new use cases using Fraction’s fractionalized NFT as the cornerstone. The circulating supply of HiBAYC is equal to the total supply and based on the actual amount of BAYC in the BAYC Meta-swap pool. BAYC in the pool can be redeemed by HiBAYC from Fracton Protocol at any time.

hiRENGA Coin Point Table

What is NFT Fractionalization?

NFT fractionalization enables users to buy and sell expensive NFTs regardless of their net worth. It helps facilitate easy trading among peers and allows individuals to own or speculate on what was then unaffordable. In other words, fractionalized NFTs bridge the gap between blue-chip NFTs and retail users. Furthermore, the fractionalization of NFTs also benefits the NFT artist as more holders can collect their works, without worrying about over-producing.

Ultimately, fractionalization allows for a myriad of benefits, including but not limited to arbitrage opportunities, investors gaining exposure to NFTs without having to identify and buy individual NFTs, and a better medium of price discovery for collectors and newcomers alike.

Challenges in Today’s NFT Industry

Liquidity is a significant factor in the NFT market. The better the liquidity, the better the price for the NFTs. In typical NFT marketplaces like Opensea, the liquidity on NFT projects is limited due to the fact that NFTs are not divisible in nature, making the buying and selling of blue-chip NFTs extremely costly and difficult. NFT fractionalization is an innovative solution where NFTs can be broken up into fungible tokens, therefore allowing pricy NFTs to be easily owned and traded despite their high value.

However, most of the current NFT fractionalization protocols are extremely siloed. While at the core of them all, they try to make the barrier of owning blue-chip NFTs low and allow them to be more liquidly traded, very few actually managed to do so. This could be attributed to the foundation on which they were first built.

Fracton’s Solution

Fracton protocol is built with the goal of extracting and maximizing the financial attribute out of NFTs. Therefore, the team decided to charge negligible fees for fractionalizing and redemption NFTs, while focusing on revenue streams that only being the gold standard of fractionalized NFTs can generate.

The Fracton team has invented an elegant design where NFTs can be fractionalized and repackaged to ERC-20 tokens in a gas-efficient and permission less way, where each ERC-20 token is backed by 1/1,000,000 of the original NFT. The gas fee required to interact with Fracton is generally 20%-50% cheaper because of the intervention of Fracton’s proprietary stateless system while redeeming NFTs is a pool-less swap process where the fairness is ensured by Chainlink’s Verified Random Function.

Secure

Besides rounds of internal/external audits on the Fracton protocol’s smart contracts, each line of code Fracton protocol deployed on the blockchain is non-upgradeable. It ensures that the smart contract is fixed and cannot be altered, even by the contract’s creator itself. This can give users of the contract greater confidence as non-upgradeable smart contracts are simpler and more secure, with no need to include code to handle updates or modifications.

Stateless System Design

Fracton Protocol fully utilizes the contract state variables within a framework to implement business logic and process control while optimizing gas consumption by avoiding the addition of new state variables.

There are a few reasons why it is important:

• Users pay fewer gas fees
• Help Ethereum to better scale and decentralize
• Create better composability for the Dapps that build on top of the Fracton protocol

Smart Token Development

A “think” protocol design is followed as most of the business functions are embedded under the token contract in order to achieve high efficiency between contract calls.

Why Choose hiRENGA Coin?

High fees

Most fractionalization protocols charge a high fee for minting and redemption; users face a discouraging cost for interacting with the protocol.

Little to no improvement in ease of ownership

There is limited or no improvement in ease of ownership after the fractionalization of NFTs. The user experience of buying and selling fractionalized NFTs is fragmented and troublesome. In fact, most fractionalization protocols make trading NFTs more costly and complicated than before due to high minting fees and high slippages.

Limited to no use cases

Fractionalized NFTs are inherently superior in financial applications than NFTs, hence should be more interoperable. However, in most cases, users are stuck with their fractionalized NFTs where they can not even sell them easily.

Swap NFTs in the same collection

The protocol allows users to swap their NFTs for a randomly selected NFT from a target collection. The protocol utilizes Chainlink’s verifiable random function (VRF) to provide a secure and transparent method for selecting the random NFT. It is designed to allow users to trade and access a diverse range of NFTs, while also providing a new way for NFT holders to monetize their assets.

Where Can You Buy hiRENGA Coin?

Tokens Can Be Purchased On Most Exchanges. One Choice To Trade Is On KuCoin, As It Has The Highest HIRENGA/USDT. e Trading Volume, $8,947 As Of February 2021. Next is OKEx, With A Trading Volume Of $6,180,82. Other option To Trade Include HIRENGA/USDT And Huobi Global. Of Course, It Is Important To Note That Investing In Cryptocurrency Comes With A Risk, Just Like Any Other Investment Opportunity.

Market Screenshot

hiRENGA Coin Supported Wallet

Several Browser And Mobile App Based Wallets Support hiRENGA Coin. Here Is Example Of Wallet Which hiRENGA Coin – Trust Wallet For Hardware Ledger Nano.

FAQ Of hiRENGA Coin