What Is Renproject.io? (RENBTC) Complete Guide Review About Renproject.io

What Is Renproject.io? (RENBTC) Complete Guide Review About Renproject.io

What Is Renproject.io?

Renproject.io is an ERC-20 token built on the Ethereum network, pegged to Bitcoin. This means that each RENBTC can be always redeemed for one Bitcoin, and hence tends to maintain its value at close to the Bitcoin market rate. That is minted on the Ren platform, which is an open protocol that provides everyone with access to the inter-blockchain liquidity, helping to bring assets from other blockchains to Ethereum decentralized applications (Daps). The main cryptocurrencies supported are Bitcoin (BTC), Bitcoin Cash (BCH) and Cash (ZEC).

The renBTC token is a direct competitor of Wrapped Bitcoin (wBTC). Minting the token is a fairly straightforward process, which sees users simply send their BTC to RenVM, which then secures the asset and mints an equivalent number of renBTC tokens on Ethereum. Unlike other Bitcoin-backed tokens, renBTC is not a synthetic token, and doesn’t rely on any liquidation mechanisms to ensure it remains pegged to the value of BTC — instead, it’s a direct supply peg, meaning there are always enough BTC in reserve to cover the circulating renBTC supply.

Renproject Coin Redeeming renBTC is just as simple as minting it. The user only needs to send their renBTC back to RenVM (paying a small gas fee to do so) which releases the native Bitcoin to the user’s address. The renBTC tokens are destroyed, reducing the supply to match the reduced reserves.

Loopring.org Storage Key Points

Coin BasicInformation
Coin NameRenproject.io
Short NameRENBTC
Circulating Supply12,586 RENBTC
Total Supply12,586
Source CodeClick Here To View Source Code
ExplorersClick Here To View Explorers
Twitter PageClick Here To Visit Twitter Group
WhitepaperClick Here To View
Support24/7
Official Project WebsiteClick Here To Visit Project Website

Features

Multi-collateral lending

Renproject.io Utilize your existing non-custodial smart contracts to collateralize cross-chain assets.

Bring cross-chain assets to your DEX

The Integrate cross-chain assets such as Bitcoin and Zcash into existing DEX or liquidity pool infrastructure.

Cross-chain OTC trading

Renproject Coin traders conducting large volume OTC trades no longer at risk of counterparties failing to honor the trade.

Assets

The assets that have been moved from a guest blockchain to a host blockchain must be represented using a standard token implementation that is common on the host blockchain. When introducing support for tokens, a standard token implementation must be chosen for every host blockchain.

Tutorial

Renproject.io this tutorial will walk you through writing a basic front-end app that uses to mint BTC to an Ethereum smart contract. It is designed to be a quick introduction to and should be read together with the other examples, which provide more in-depth explanations. You’ll get started by writing and deploying a smart contract to Ethereum Kovan, and then you’ll use to build a simple user interface that can communicate with the smart contract. You’ll end up with a website that you can use to deposit/withdraw testnet BTC to/from Kovan Ethereum using RenVM.

Ecosystem

The following progression details key components of the Ren ecosystem as they will be completed. Each step marks a significant milestone towards achieving the comprehensive ecosystem that is Ren.

Vision

Renproject Coin vision for Ren is to enable a world of privacy preserving applications. Ren will power a new kind of trustless distributed computation. One where all applications are run in secret, preserving the privacy of all users and data Blockchain technology has proven itself as a viable platform for financial applications. It has promised a future where users control their own data, and developers can build application.

Logic on a trustless distributed computer. However, before decentralized technology can
realize its full potential they must first solve the problem of privacy. Without privacy, it is
impossible to build more advanced financial applications, or to build general purpose decentralized applications that truly respect the privacy and sovereignty of users and their data.