The latest bitcoin (BTC) implementation on the Ethereum blockchain went live without any problems this week.
The new renBTC tokens on Ethereum
There are 1,24 renBTC on the main Ethereum network now, according to Etherscan. Three sources close to the project have confirmed that it is the Ren smart contract, about to be launched. Synthetix's Kain Warwick tweeted on May 20 that he was the first to hold a full bitcoin in renBTC.
However, there is still no way for members to mint additional renBTC, the company's CEO said in a media release. “While smart contracts have been implemented on Ethereum, RenVM itself is not currently on the mainnet. This is because RenVM is a distinct and separate network from Ethereum, ”Taiyang Zhang wrote. “The renBTC coined so far has been the result of our internal testing [and] Kain of Synthetix has tested the system.
For the time being, the public has not been able to coin renBTC. " RenBTC becomes the latest in a series of products created to expose bitcoin-supported assets for the benefit of Ethereum's various decentralized finance (DeFi) platforms.
The RenVM project
Here is a brief description of the system taken from a post on Medium from the company's CTO, Loong Wang: “Any resource coined on Ethereum by RenVM is an ERC-20 with 1: 1 support. This means that if you have 1 renBTC (an ERC-20), you can always redeem it for 1 BTC.
It is a pegging of direct supply. RenBTC is a synthetic [object], it is not based on a settlement mechanism, and it is not the price of Bitcoin on Ethereum. It's a one-to-one representation of Bitcoin on Ethereum that can be redeemed for BTC at any time, in any amount. "
The contracts for the three new tokens are already published in Ren's documentation. There are already 1,12 coined renZECs and a negligible amount of renBCH. Ren is a $ 30 million ICO-born project for the Protocol of the Republic, originally conceived as a way to manage dark pools - trading venues that preserve the privacy in which the order book is kept secret.
According to Crunchbase, his Investors they included Polychain Capital and FBG Capital. But, in a recent issue of The Defiant newsletter, Wang explained the core of his company away from the dark pool idea. The big businesses were on chains other than Ethereum, he said.
“ETH had a lot of liquidity, but it was mainly on Bitcoin and USDT. So we should have taken advantage of things like atomic swaps that are too painful, "Wang told Cami Russo of The Defiant. "And so we said to ourselves: well, we have to solve this interoperability problem before the big liquidity is really accessible in this space."
RenVM is a way of holding a cryptocurrency in a multi-signature wallet controlled by nodes in RenVM and minting a representation of that asset as an ERC-20 token for use on Ethereum. Compared to other projects, RenVM is bringing more bitcoins to Ethereum (see bitcoin cash (BCH) and zcach (ZEC) above), and other assets to follow.
