Technology

Startup Ren introduced a protocol for connecting Bitcoin, Ethereum, Bitcoin Cash and Zcash

Ren introduced the RenVM community linking Ethereum with different widespread blockchains, together with Bitcoin, Bitcoin Cash and Zcash. It's reported by The Block.

The builders are satisfied that the brand new protocol will function a highly effective driver for the event of decentralized finance (DeFi).

“By eliminating liquidity from the limitations which have lengthy held again the expansion potential of DeFi, RenVM will develop into a dependable and accessible device for all customers of decentralized finance”, - stated startup representatives.

RenVM accepts non-ETH property for storage by issuing the suitable variety of ERC-20 commonplace tokens - renBTC, renBCH and renZEC. Cash are already out there on the Ethereum community.

Numerous DeFi-projects can make sure the interplay of their good contracts with the RenVM protocol and create interfaces for depositing and outputting renBTC, renBCH and renZEC.

In keeping with representatives of Ren, their protocol differs from comparable options like WBTC or imBTC primarily in that it doesn't depend on a centralized repository of property.

Technical Director Ren Lung Wang stated that sooner or later the undertaking plans so as to add help for the upcoming Libra and the digital renminbi.

In 2018, Ren raised 35,000 ETH through the token sale (roughly $ 30.5 million on the change price at the moment). Nicely-known firms similar to Polychain Capital, FBG and Huobi Capital contributed to the undertaking.

Recall, just lately the founder Vitalik Buterin stated that stablecoins can successfully act as “instantaneous bridges” between totally different blockchains.

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