RenBTC is an ERC-20 token pegged to Bitcoin, built on the Ethereum network. In this article, “What is RenBTC?” We will answer the question. In addition, we will touch on other questions about the project.
What is RenBTC? What Does It Do?
The Ren protocol is designed to provide interoperability by allowing people to transfer cryptocurrency between different blockchains. Let everyone lock cryptocurrencies like Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC) into the Ren software; It also allows it to issue RenBTC, RenBCH and RenZEC tokens on Ethereum with a 1:1 ERC-20 equivalent.
These new ERC-20 coins; It can be used in DeFi products for various functions such as trading, portfolio management, borrowing and lending. In addition, the original assets remain locked in the Ren software. But it can be unlocked at any time by paying a fee.
What is RENBTC Coin?
It is part of the Ren Protocol project, which allows for a decentralized representation of Bitcoin within Ethereum. It is the ERC-20 token.
How Does RenBTC Work?
RenBTC is an ERC-20 token built on the Ethereum network and works based on the Bitcoin price. In other words, each RENBTC always works at the equivalent of 1 Bitcoin. That is, its value is adjusted to remain close to the Bitcoin market rate.
The Ren protocol is based on the Ren Virtual Machine or RenVM, powered by a decentralized network of machines called “Darknodes”. These machines contribute computing power and storage to the virtual machine in exchange for fees that allow cryptocurrencies to move between blockchains.
RenVM is a kind of unreliable protector for your cryptocurrency. Every RenBTC token you mint is backed by an equivalent BTC token stored in RenVM. Also, to facilitate this and protect privacy, RenVM uses some highly advanced technologies:
Shamir’s Secret Post: This is a cryptographic principle that divides confidential data into chunks held by different participants. Ren uses this process to keep the private keys used in the RenVM network private, even from the Darknodes themselves.
Secure Multilateral Computing (sMPC): It is an algorithm that allows developers to run their code without exposing the inputs or outputs.
Byzantine Fault Tolerance (BFT): This algorithm means that even if some nodes crash, the Ren network will continue to work effectively.
hyperdrive: RenVM’s consensus mechanism designed to complete transactions at super-fast speeds.
What is RenBTC? How to Buy RENBTC Coins?
It is currently traded on a small number of cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. Exchanges where RenBTC is traded are listed as follows: Gate.io, PancakeSwap (V2), Curve Finance, Bittrex. Users who want to invest in the project should open an account on one of these exchanges.
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