What Is Renproject.io?
Renproject.io (REN) is an open protocol built to provide interoperability and liquidity between different blockchain platforms. Formerly known as Republic Protocol, Ren launched its virtual machine magnet, in May 2020, having completed a $34 million initial coin offering (ICO) in 2018. The protocol’s native token, REN, functions as a bond for those running nodes which power RenVM, known as Darkness. Ren aims to expand the interoperability, and hence accessibility, of decentralized finance (DeFi) by removing hurdles involved in liquidity between blockchains.
Renproject Coin serves as the engine that powers the decentralized interoperability solution. Ren was founded by Taiyang Zhang, its CEO, in 2017. Initially called Republic Protocol, Ren was first announced in January 2018, with Zhang explaining its initial use case as a “decentralized dark pool.” RenVM provides one of the only practical interoperability solutions that can scale. It is also the only solution that allows for secret computation over multiple inputs and multiple parties. RenVM is not a product or an application in and of itself, it is a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.
Renproject.io Storage Key Points
|Circulating Supply||997,163,051 REN|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How It Works?
Renproject.io although is capable of supporting complex and composable cross-chain transactions, its design is relatively simple. Here, they will present a high-level overview of how RenVM works, but they will also detail each component in later sections (each component deserves its own dedicated Wiki page).
They powered by thousands of independently operated machines, known as Darknodes, which require bonds of 100K REN tokens to run. The bond of every Darknode represents a commitment to good behaviour and can be slashed if 1) the Darknode behaves maliciously or 2) if it is responsible for the loss of assets (and the slashed bonds can then be used to restore the lost assets).
Renproject Coin darknodes are periodically shuffled into random non-overlapping groups, known as shards. Each shard uses the RZL MPC algorithm to generate a secret ECDSA private key, unknown to everyone, including the Darknodes in the shard. This secret ECDSA private key cannot be revealed and cannot be used to sign transactions, without cooperation of 1/3rd+ of the Darknodes
They enables the permission less exchange of value between blockchains – bringing interoperability to DeFi. This directly enhances DeFi’s utility by adding more liquid assets to the Ethereum ecosystem. Regardless of the DeFi app,can provide a native cross-chain user experience allowing seamless and decentralized interoperability for the first time ever.
Utilize your existing non-custodial smart contracts to collateralize cross-chain assets.
Bring cross-chain assets to your DEX
ntegrate cross-chain assets such as Bitcoin and Zcash into existing DEX or liquidity pool infrastructure.
Cross-chain OTC trading
Renproject.io Traders conducting large volume OTC trades no longer at risk of counterparties failing to honor the trade.
Shamir’s Secret Sharing
The foundation to how RenVM keeps your data secret
The premise is simple: a secret is divided into multiple shares, with participants in the secret sharing scheme needing a majority of the parts to be able to reconstruct the secret.
Secure multiparty Computation (sMPC)
Renproject Coin have pioneered the own state-of-the-art sMPC algorithm that allows untrusted Darknodes to jointly run scripts without revealing the inputs or outputs of the script to anyone, not even to the machines powering RenVM.
Byzantine Fault Tolerance
The network thrives even if Darknodes become unavailable or behave maliciously. Scripts keep running, and secrets stay secret.
Renproject.io uses a modified version of the Tendermint consensus algorithm designed specifically for sharding and sMPC.