What is Republic Protocol?
This basically means that individuals or institutional investors can trade in whatever size they wish to and have the details not disclosed thanks to the hidden order book available in the Ethereum and Bitcoin networks. The protocol's main focus is distributing primary order into different functions across the network.
The miners earn REN token as an incentive token for running the nodes on the Republic Protocol and those traders need to pay in REN should they want to use the platform. These tokens are used as bonds for those running nodes and traders alike. The first one needs to create a bonded identity on the network and secondly, to be able to run a node there is a required bond so as to prevent someone from falsifying information. It should be noted that miners are required to match orders without giving out the size/details of the underlying trade until after that trade has been confirmed.
For now, Republic Protocol is essentially a white paper project as they are still at the very early stages of developing the prototype.