Ren, a decentralized finance protocol pleasant to Ethereum that permits inter-blockchain liquidity, has introduced the launch of the RenVM mainnet.
The corporate stated that RenVM will convey cross-chain property to the Ethereum ecosystem. This can start first with the introduction of BTC, BCH, and ZEC, and later with different digital property.
Non-Custodial Bitcoin Coming to Ethereum With RenVM
Interacting with different blockchain networks has been one of many longest-prevailing issues the Ethereum decentralized finance house has needed to take care of. And whereas the graceful transitions between public blockchains are nonetheless a good distance forward, the objective has turn into a bit extra attainable due to the launch of Ren Protocol’s core product.
The inter-blockchain liquidity supplier has introduced the mainnet launch of the Ren Digital Machine (RenVM), a decentralized custody resolution that permits the seamless motion of property between blockchains.
Whereas the Ren Protocol presently permits customers to tokenize Bitcoin, bitcoin cash, and Zcash, Ethereum might quickly see extra mainstream cryptocurrencies used as collateral of Ethereum’s DeFi stack.
“Generic interoperability has been a thorn in DeFi’s side, and we’re thrilled that RenVM is now solving this problem by enabling cross-chain liquidity to crypto investors everywhere,” stated Taiyang Zhang, CEO and co-founder of Ren.
The Firm Has Huge Plans For the Ren Protocol
In accordance with the announcement, the corporate appears to be attempting to get forward of the revolution that’s about. Loong Wang, the CTO and co-founder of Ren, stated that Ren is getting down to present a “catch-all utility” for the following era monetary system the place blockchain interoperability is the norm.
“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,” he stated.
The corporate’s core product, RenVM, will act as a decentralized custodian of varied crypto property. For every token it holds, it mints one other that’s represented on the Ethereum blockchain within the type of an ERC-20 commonplace token. This method, whereas forex utilized solely to the Ethereum ecosystem, may be utilized to different sensible contract protocols reminiscent of Polkadot and Tezos.
In-house developments made to the Safe Multi-Occasion Computation (sMPC) will permit customers to maneuver property to and from any blockchain with out the necessity for a centralized mechanism or a permissioned system, the corporate defined.
The protocol’s native token, REN, has reacted strongly to the mainnet launch. It started a sluggish and regular rise within the first week of Could, as holders most certainly anticipated a big price motion as soon as the RenVM launched. The coin noticed its price improve by greater than 50% this month, rising from $0.068 on Could 1 to $0.103 on Could 27.