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About renBTC
Key Points
- RenBTC (RENBTC) is an ERC-20 token built on the Ethereum network, pegged to Bitcoin.
- Each RENBTC can be redeemed for one Bitcoin, maintaining its value close to the Bitcoin market rate.
- RenBTC is minted on the Ren platform, providing inter-blockchain liquidity and bringing assets from other blockchains to Ethereum DApps.
- The main cryptocurrencies supported are Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC).
- RenBTC is a direct competitor of Wrapped Bitcoin (wBTC).
- Minting and redeeming renBTC is a straightforward process, with users sending BTC to RenVM,
About renBTC: A Decentralized, Trustless, and Permissionless Bridge
Introducing RenBTC (RENBTC): A Revolutionary Wrapped Bitcoin
RenBTC is an ERC-20 token built on the Ethereum network, pegged to the value of Bitcoin. This means that each RENBTC is redeemable for one Bitcoin, thereby maintaining a value closely aligned with the prevailing Bitcoin market rate.
RenBTC is minted on the Ren platform, a pioneering open protocol that democratizes access to inter-blockchain liquidity, thereby facilitating the seamless integration of assets from disparate blockchains into Ethereum-based decentralized applications (DApps). Notably, the platform supports a trifecta of prominent cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC).
The renBTC token emerges as a formidable competitor to Wrapped Bitcoin (wBTC). The minting process is remarkably straightforward, wherein users simply transmit their BTC to RenVM, which subsequently secures the asset and generates a corresponding number of renBTC tokens on the Ethereum network.
Unlike other Bitcoin-backed tokens, renBTC stands out for its distinct approach, eschewing synthetic tokenization and liquidation mechanisms to maintain its value parity with BTC. Instead, it employs a direct supply peg, ensuring that the circulating renBTC supply is always fully backed by an equivalent amount of BTC in reserve.
Redeeming renBTC is a seamless process, mirroring the ease of minting. By simply sending their renBTC back to RenVM, accompanied by a minimal gas fee, users can effortlessly retrieve their native Bitcoin, which is then redirected to their designated address. Concurrently, the renBTC tokens are eliminated, thereby adjusting the supply to align with the reduced reserves.
The Visionaries Behind RenBTC (RENBTC): Unveiling the Founders
Ren, formerly known as Republic Protocol, is the brainchild of Taiyang Zhang, who not only founded the development firm behind the innovative Ren ecosystem but also serves as its current CEO.
Zhang was also a founding member of KeeperDAO and one of the co-founders of Virgil Capital, a multi-strategy quantitative cryptocurrency trading firm renowned for its innovative approach. As a skilled developer and early adopter of cryptocurrency, he has established himself as a trailblazer in the digital asset space.
The Ren team is further bolstered by the expertise of Loong Wang, who currently serves as the Chief Technology Officer (CTO). Notably, Wang’s impressive background includes his tenure as the lead software developer for Neucode, as well as his academic pursuits as a tutor at the esteemed Australian National University.
The team’s roster is further bolstered by three additional software developers, a blockchain developer, a researcher, and a diverse collective of over 30 talented individuals.
Unveiling the Unparalleled Attributes of RenBTC
The primary distinction between renBTC and other wrapped Bitcoin tokens lies in the seamless value exchange of the token. Unlike traditional custodial platforms, RenVM employs a decentralized network of nodes, known as Darknodes, which eliminates the need for centralized storage of Bitcoin. This innovative approach enables users to mint and burn tokens at will, without the necessity of completing Know-Your-Customer (KYC) procedures. Furthermore, the protocol is capable of processing hundreds of transactions per minute, boasting an impressive track record of never being overwhelmed.
Furthermore, RenVM can be seamlessly integrated into a multitude of decentralized applications via specialized adapters provided by Ren, thereby enabling users to directly leverage Bitcoin (via RENBTC) on a decentralized exchange (DEX) or lending platform, sans the need for any intermediary steps.
Notably, the ECDSA private keys of RenVM remain confidential, thereby facilitating a trustless, decentralized, and permissionless Bitcoin token on the Ethereum network.
What Is the Circulating Supply of RenBTC (RENBTC) Coins?
The total supply and circulating supply of RenBTC are identical and fluctuate in tandem, as ERC-20 renBTC tokens are minted and burned. Notably, the token did not undergo a token sale, and there is no team allocation of RENBTC.
As of December 2020, the number of wrapped Bitcoins (RENBTC) has surpassed 14,000, thereby propelling its market capitalization to a staggering $321.9 million. It is essential to note that this figure is subject to significant fluctuations over time, as the market capitalization of renBTC is intricately tied to the underlying value of Bitcoin (BTC) and the quantity of BTC held in the renBTC reserve.
The Security Mechanisms Underpinning the RenBTC Protocol
RenBTC operates atop the Ethereum network, leveraging the robust security of one of the most reliable blockchains in current deployment. The ERC-20 RenBTC tokens are safeguarded by the collective endeavors of thousands of Ethereum miners, who collectively strive to maintain the integrity of the Ethereum blockchain and ensure the secure transfer of tokens.
Furthermore, the RenVM protocol leverages a secure multiparty computation system, enabling untrusted Darknodes to execute scripts while maintaining the confidentiality of inputs and outputs. To participate, Darknodes are required to stake 100,000 REN tokens as collateral, and in return, they earn fees for their contribution to powering the renBTC network.
The ECDSA private keys remain obscured, even from the nodes, ensuring that RenVM generates and signs data with utmost security. Consequently, no malicious entity can hinder users from minting their renBTC or redeeming their BTC at their discretion.
The protocol boasts Byzantine Fault Tolerance, ensuring that even in the event of Darknode unavailability or malicious behavior, the scripts will persist in execution, safeguarding the secrecy of sensitive information.
Where to Acquire RenBTC (RENBTC): A Comprehensive Guide
Users have the flexibility to acquire RenBTC by minting it on the RenVM protocol using their existing Bitcoin holdings. Alternatively, the ERC-20 renBTC token can be conveniently purchased on prominent exchanges such as Binance and Huobi Global, as well as on decentralized exchanges like Uniswap and 1inch Exchange.
As of December 2020, the most prominent renBTC trading pairs are renBTC/BTC, renBTC/WETH, and renBTC/USDT. Notably, there are no direct fiat on-ramps to renBTC at present; however, you can purchase Bitcoin using fiat currency (as outlined here), and subsequently convert it to renBTC via the RenVM platform.
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