RenBTC (RENBTC)
RenBTC is an ERC-20 token operating on the Ethereum network, designed to mirror the value of Bitcoin. Each RenBTC token is redeemable for one Bitcoin, ensuring its value closely tracks the Bitcoin market rate.
Minted on the Ren platform, RenBTC benefits from an open protocol facilitating inter-blockchain liquidity, allowing assets from diverse blockchains like Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC) to integrate seamlessly with Ethereum decentralized applications (DApps).
Unlike its counterparts, RenBTC doesn't rely on synthetic mechanisms for value pegging. Instead, it employs a direct supply peg, maintaining sufficient BTC reserves to back its circulating RenBTC supply.
Redeeming RenBTC is a straightforward process: users send their RenBTC back to RenVM, paying a minimal gas fee, to receive native Bitcoin to their address. This process effectively reduces the RenBTC supply, aligning it with the reduced reserves.
Founders of RenBTC (RENBTC)
Ren, formerly Republic Protocol, spearheads the development of the Ren ecosystem, led by Taiyang Zhang, the CEO. Zhang, a founding member of KeeperDAO and co-founder of Virgil Capital, brings extensive experience in cryptocurrency trading and development.
Loong Wang, the current CTO, contributes his expertise as the lead software developer for Neucode and an academic tutor at the Australian National University.
The Ren team comprises over 30 individuals, including software developers, blockchain specialists, and researchers.
Unique Features of RenBTC
RenBTC distinguishes itself through its fluid value exchange mechanism, leveraging a decentralized network of nodes called Darknodes. This setup allows users to mint and burn tokens without KYC requirements, with RenVM handling hundreds of transactions per minute seamlessly.
RenVM's integration into decentralized applications via specialized adapters enables direct utilization of Bitcoin on platforms like decentralized exchanges and lending protocols without additional complexities.
RenBTC Circulation and Security
RenBTC's circulating supply fluctuates as ERC-20 tokens are minted and burned. The protocol operates securely atop the Ethereum network, benefiting from the robust security measures enforced by Ethereum miners.
RenVM employs secure multiparty computation, ensuring the privacy of Darknodes while safeguarding the protocol from potential attacks. Byzantine Fault Tolerance ensures protocol resilience, even in the face of adversarial Darknodes.
Where to Acquire RenBTC
RenBTC can be minted on RenVM using existing Bitcoin holdings. Alternatively, it's available for direct purchase on major exchanges like Binance and Huobi Global, as well as decentralized exchanges such as Uniswap and 1inch Exchange.
While there are no fiat on-ramps for RenBTC directly, users can purchase Bitcoin with fiat and convert it to RenBTC via the RenVM platform.
Related Pages:
Explore Wrapped Bitcoin (WBTC) and WETH (WETH) for similar ERC-20 tokens.
Discover how to use Uniswap with CoinMarketCap Alexandria.
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