The best way to understand RenVM is to first conceive of an untrustworthy guardian who keeps your digital assets while moving across blockchains. RenVM accepts BTC, stores it, and mints it as an ERC20 (a.k.a. renBTC) on Ethereum with a 1:1 ratio, ensuring that your renBTC is always backed by the same value of BTC.
RenBTC token's objective is to produce a token whose value is tied to that of Bitcoin. That is, 1 RenBTC is equal to 1 BTC, despite the fact that the first is an Ethereum-based ERC-20 token. This concept is similar to that of wBTC, because both projects have the same goal: to bring Bitcoin to the Ethereum world.
RenBTC, on the other hand, is backed by a staff committed to much more. It's actually only a small element of a larger effort to push blockchain interoperability to new heights. It's exactly as easy to redeem renBTC as it is to mint it. The user just has to submit their renBTC back to RenVM (for a little charge), and the native Bitcoin will be sent to the user's address. The quantity of renBTC tokens is lowered to reflect the reduced reserves by destroying them.
What is renBTC [RENBTC]?
RenBTC is an Ethereum-based ERC-20 currency that is linked to Bitcoin. As a result, each RENBTC may always be exchanged for one Bitcoin, and its value tends to stay close to the Bitcoin market rate. RenBTC is a cryptocurrency created on the Ren platform, which is an open protocol that allows anybody to access inter-blockchain liquidity, allowing assets from other blockchains to be transferred to Ethereum decentralized apps (DApps). Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash are the most popular cryptocurrencies supported (ZEC).
Who Are the Founders of renBTC [RENBTC]?
Taiyang Zhang, the current CEO of Ren, established the business underlying the Ren ecosystem. Zhang is a co-founder of Virgil Capital, a multi-strategy quantitative bitcoin trading business. He is an accomplished programmer and an early cryptocurrency enthusiast.
Ren's team also includes Loong Wang, the company's current CTO. Wang worked for Neucode as the principal software engineer and is also an academic instructor at the Australian National University. Three additional software engineers, one blockchain developer, and a researcher make up the rest of the team, which now numbers more than 30 people.
What Makes renBTC Unique?
The major distinction between renBTC and other Bitcoin tokens is the token's ability to swap value at any time. RenVM employs a decentralized chain of nodes called Darknodes rather than a single custodial platform to hold Bitcoin. Users may mint and burn tokens whenever they choose, without having to go through the KYC process. Hundreds of transactions can be handled by the protocol each minute and never overwhelmed.
RenVM may also be easily incorporated into a variety of decentralized apps with the use of Ren's specialized adapters. This implies that a user may use Bitcoin (through RENBTC) immediately on a decentralized exchange (DEX) or lending platform without having to go through any additional steps.
It's also worth noting that RenVM's ECDSA private keys are kept secret, resulting in a BTC coin that is trustless, decentralized, and does not require any permission on the Ethereum network.
Where Can You Buy renBTC [RENBTC]?
Users can always get RenBTC by minting it using whatever Bitcoin they currently have on the RenVM system. The ERC-20 renBTC token, on the other hand, can be acquired directly on a number of major exchanges, including Binance and Huobi Global, as well as a number of decentralized exchanges, such as Uniswap and 1inch Exchange.
The most common renBTC trading pairs in December 2020 are renBTC/BTC, renBTC/WETH, and renBTC/USDT. Although there are no direct currency on-ramps to renBTC at this time, you may buy Bitcoin using fiat (as detailed here) and then convert it to renBTC via the RenVM platform.
Frequently Asked Questions
Is it wise to invest in Renbtc?
The price of renBTC is expected to rise from $34527.53456 to $86951.80 in a year, according to WalletInvestor. As a result, RENBTC is a fantastic investment. The potential for long-term profit is 151.83 percent. The price at the end of 2026 is expected to be $293595.
What Security Measures Does the RENBTC Network Take?
RenBTC is built on top of the Ethereum blockchain, which is one of the most secure blockchains currently in use. Thousands of Ethereum miners work together to keep the Ethereum blockchain and the tokens traded on it safe.
On what factors the price of the RENBTC Network [RENBTC] Depends?
Exchange inflows and outflows, technical and fundamental changes, the news cycle, and the overall economic climate are all variables that impact RENBTC price and market cap.
renBTC Official website – https://renproject.io/
renBTC Twitter – https://twitter.com/renprotocol
renBTC Reddit – https://reddit.com/r/renproject
renBTC Medium – https://medium.com/renproject