The RenBTC platform is an ERC-20 token developed via the Ethereum network and pegged to Bitcoin that provides a store of value for its users. This implies that each unit of RENBTC can be proportionally redeemed for Bitcoin, and as such, its value is close to that of Bitcoin.
The platform itself is an open-source protocol that enables everyone who has access to its inter-blockchain liquidity to help transfer digital assets from other blockchains to the Ethereum decentralized apps ecosystem. The system mainly supports only a few cryptocurrencies, some of which include Zcash (ZEC), Bitcoin (BTC), and Bitcoin Cash ( BCH).
The renBTC token is essentially considered as the direct competition of the Wrapped Bitcoin network (WBTC). Although its minting process is relatively straightforward, where users are simply obligated to send their BTC to RenVM, a system which in turns mints an equal number of renBTC tokens on the Ethereum network while keeping its security at the optimal level.
renBTC is different from most of the other tokens backed by the Bitcoin network in that it is not a synthetic token and as such, its protocols do not rely on any specific liquidation algorithms to ensure its continuous connection to the value of BTC. Rather, the platform has a direct shot peg, implying that the BTC in reserve will always be enough to cater to the circulating supply of the token.
Who are the Founders of RenBTC (RENBTC)?
The Ren network, which was formerly known as the Republic Protocol was established in 2017 by Taiyang Zhang Ren as a platform was originally announced officially in January 2018, and when it was established, Zhang illustrated that the system was designed to serve the purpose of a decentralized dark pool.
Zhang is an experienced individual who has served in several capacities both within and outside the world of cryptocurrency and blockchain technology. He obtained his degree from The Australian National University in software engineering. Before establishing the Ren protocol, he served in several industries, some of which include KeeperDAO, hummingbot.io. In addition to those, he also co-founded the crypto hedge fund Virgil Capital.
Zhang is also one of the founders of Neucode, a platform that is concentrated on web and software development startups right from 2014.
The team members of the Ren network also include Loong Wang, who is the present CTO of the network. Wang also served in the Neucode protocol as its lead software developer. He also serves as the academic tutor at the Australian National University.
What is RenBTC (RENBTC) used for?
The REN network serves a collection of purposes, all of which cut across the delivery of several cryptocurrency-related solutions. Unlike its predecessor, REN, the RenBTC platform has the backing of Bitcoin Which has put its value on w pediatle similar to the price bitcoin is currently pegged. Additionally, the system was essentially created to facilitate the transfer of several decentralized apps from other blockchain networks into the Ethereum network.
RenBTC has a collection of protocols that it follows, most of which enable it to facilitate these transfers in its everyday operations. Similar to the Bitcoin token, RenBTC also holds a high value as its token has a 1:1 price in the open market.
What Is the Unique Point of RenBTC (RENBTC)?
Unlike most of the other wrapped Bitcoin tokens currently available in the market, the RenBTC platform has the unique quality of fluid value exchange for its tokens. The RenVM protocol does not keep any Bitcoin in its central custodial system, rather, the platform operates with a decentralized network of nodes known as Darknodes. This essentially allows the users to easily mint and burn tokens at any time they want, without an inherent need to complete KYC as is common in most other blockchain platforms. Ever since its creation, the system has never experienced an overload as it has proven to be able to handle the hundreds of transactions that flock in every minute.
In addition to that, the RenVM system also operated on a model that enables the possibility of direct integration to several decentralized applications via specialized adapters which are provided by the network. This implies that users on the network directly make use of Bitcoin as a cryptocurrency on a decentralized exchange or platform for lensing without the need to go through any hurdles first.
Another important factor relating to the Ren network is the ECDSA private keys which are provided within the network and by extension create a decentralized, permissionless, and trustees BTC token upheld on the Ethereum network.
How many RenBTC (RENBTC) coins are in circulation?
When the RenBTC platform was created, its total supply and circulating supply were the same and that protocol still exists today and occasionally fluctuates, same as all Ethereum tokens. However, RenBTC tokens are minted and later burned. There was no token sale held for the protocol and the founding team was not assigned any amount of RENBTC tokens.
In December 2020, the report on the platform stated that there was slightly over 14,000 BTC available as wrapped RENBTC, which brought the market capitalization of the network to $321.9 million. However, this value may likely have increased significantly over time as the market capitalization rate is dependent on both the total number of BTC held in renBTC reserve and the underlying value of Bitcoin.
Is the RenBTC (RENBTC) Network secured?
The RenBTC platform operates based on the ERC-20 standard controlled by the Ethereum network, a blockchain that is considered one of the most secure in the current age. In general, tokens on the RenBTC network are secured through the collective actions of thousands of nodes on the Ethereum network, who have the major responsibility of preserving the integrity of the blockchain, as well as protecting the transactions executed on the network.
Additionally, RenVM, as a protocol makes use of a protected multiparty computation protocol that permits unverified Darknodes from running scripts without revealing the input or output positions of the parties involved. These Darknodes are also obligated to stake 100,000 REN tokens to be able to earn fees for their duties in powering renBTC. The system also has an ECDSA private keys security protocol which is hidden from network users including the nodes. As such, the RenVM network can generate and sign sensitive data in a secure environment. This essentially allows everyone to have equal access to minting renBTC or to redeem their existing BTC whenever they want.
How do I buy RenBTC (RENBTC)?
In general, whenever any token is backed by Bitcoin, it is usually in high demand because of the base value that comes with it. The RenBTC platform, on the other hand, offers a series of additional advantages such as the easy transfer of decentralized apps from other blockchains to the RenBTC platform. As expected, this has made the token more mainstream. Now, RENBTC tokens are available across several exchanges and can be purchased easily through popular exchanges such as Binance and Huobi.
The PTPWallet platform supports many cryptocurrencies simultaneously such as RenBTC (RENBTC). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their RENBTC wallet because it offers a simple and interactive interface making it easy for people to navigate its system.