Ren, an organization growing a protocol for personal transactions between blockchains, has launched its core product: a community aimed toward connecting the Ethereum blockchain to different fashionable chains.
The brand new community, known as RenVM, will begin off by connecting Bitcoin, Bitcoin Money, and Zcash to Ethereum. The corporate says this can be a lift for decentralized finance (DeFi). “By eradicating liquidity silos which have lengthy hindered DeFi’s development potential, RenVM will function a strong and permissionless device for all of DeFi to make the most of,” it stated in a press release.
Primarily, RenVM takes custody of customers’ non-Ethereum property after which mints corresponding ERC-20 tokens for these property. The primary three — known as renBTC, renBCH, and renZEC — are actually reside on the Ethereum community.
DeFi tasks can use RenVM as a plug-in and add it to their present sensible contracts. This creates an interface on their very own functions for customers to deposit and withdraw renBTC, renBCH, and renZEC. Ren says the protocol differs from related tasks like WBTC and imBTC because it doesn’t depend on a centralized custodian.
In 2018, the challenge raised 35,000 ether (roughly $30.5 million on the time) in an preliminary coin providing. Huge names together with Polychain Capital, FBG, and Huobi Capital participated within the spherical.
In a press release, Ren CTO and co-founder Loong Wang stated that the workforce additionally needs to help different property, together with stablecoins like Libra and China’s digital yuan.
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