A brand new liquidity protocol is bringing Bitcoin, bitcoin cash and Zcash to the Ethereum ecosystem.
Ren introduced immediately their decentralized finance (DeFi) product RenVM is stay on the Ethereum mainnet. RenVM permits non-public, permissionless value swaps between blockchains, utilizing a decentralized set of programmatic custodians to switch property with out a centralized authority.
RenVM will initially deliver BTC, BCH, and ZEC to the Ethereum blockchain, offering groundbreaking liquidity between blockchains utilizing good contract know-how.
“In a next-generation financial system where cryptocurrencies are mainstream, blockchains must enable cross-chain value transfer across their respective protocols, and Ren is setting out to provide this catch-all utility,” mentioned Loong Wang, CTO and co-founder of Ren.
Ren raised over $33 million in a 2018 ICO led by Polychain Capital, FGB, and Huobi Capital for a commerce order administration product that finally developed into work on RenVM. RenVM can also be supported by the Ren Alliance, a gaggle of greater than 50 organizations contributing to the safety, utility, and improvement of RenVM. Distinguished members of the Ren Alliance embody IDEX, Kyber, bZx, Aave, and extra. Members of the Ren Alliance symbolize 1000’s of potential customers for the brand new protocol.
“DeFi is all about removing the need for trusted intermediaries, and RenVM provides core infrastructure for DeFi to live up its founding ethos,” mentioned decentralized exchange IDEX CEO Alex Wearn. “Our vision at IDEX is to enable our customers to trade any cryptocurrency without having to trust anyone else with custody of their funds, and RenVM brings us one step closer to that goal.”
RenVM launched immediately on the Ethereum mainnet, however the protocol is designed to be utilized to different blockchains like Tezos or Polkadot. The undertaking makes use of an analogous strategy of wrapping and burning tokens on totally different blockchains to that used to create WBTC. Nevertheless, RenVM is a completely decentralized protocol for performing most of these value switch versus the WBTC implementation that depends on trusted third events.
“Our goal is for RenVM to function as a bridge between not only Bitcoin and Ethereum, but any imaginable pair of blockchain-based tokens, including stablecoins like Libra and China’s digital yuan,” Wang mentioned.
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