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Ethereum Gets Interoperability Boost With Ren Protocol’s RenVM Release

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Ethereum Gets Interoperability Boost With Ren Protocol’s RenVM Release

Ren, a decentralized finance protocol pleasant to Ethereum that allows inter-blockchain liquidity, has introduced the launch of the RenVM mainnet.
The firm mentioned that RenVM will deliver cross-chain belongings to the Ethereum ecosystem. This will start first with the introduction of BTC, BCH, and ZEC, and later with different digital belongings.
Non-Custodial Bitcoin Coming to Ethereum With RenVM
Interacting with different blockchain networks has been one of many longest-prevailing issues the Ethereum decentralized finance area has needed to take care of. And whereas the graceful transitions between public blockchains are nonetheless a great distance forward, the aim has change into a bit extra attainable because of the launch of Ren Protocol’s core product.
The inter-blockchain liquidity supplier has introduced the mainnet launch of the Ren Virtual Machine (RenVM), a decentralized custody resolution that permits the seamless motion of belongings between blockchains.
While the Ren Protocol presently permits customers to tokenize Bitcoin, Bitcoin Cash, and Zcash, Ethereum might quickly see extra mainstream cryptocurrencies used as collateral of Ethereum’s DeFi stack.
“Generic interoperability has been a thorn in DeFi’s facet, and we’re thrilled that RenVM is now fixing this downside by enabling cross-chain liquidity to crypto buyers all over the place,” mentioned Taiyang Zhang, CEO and co-founder of Ren.
The Company Has Big Plans For the Ren Protocol
According to the announcement, the corporate appears to be attempting to get forward of the revolution that’s about. Loong Wang, the CTO and co-founder of Ren, mentioned that Ren is getting down to present a “catch-all utility” for the subsequent era monetary system the place blockchain interoperability is the norm.
“Our aim is for RenVM to perform as a bridge between not solely Bitcoin and Ethereum, however any possible pair of blockchain-based tokens, together with stablecoins like Libra and China’s digital yuan,” he mentioned. 
The firm’s core product, RenVM, will act as a decentralized custodian of assorted crypto belongings. For every token it holds, it mints one other that’s represented on the Ethereum blockchain within the type of an ERC-20 normal token. This strategy, whereas forex utilized solely to the Ethereum ecosystem, might be utilized to different good contract protocols reminiscent of Polkadot and Tezos. 
In-house developments made to the Secure Multi-Party Computation (sMPC) will enable customers to maneuver belongings to and from any blockchain with out the necessity for a centralized mechanism or a permissioned system, the corporate defined. 
The protocol’s native token, REN, has reacted strongly to the mainnet launch. It started a gradual and regular rise within the first week of May, as holders more than likely anticipated a major value motion as soon as the RenVM launched. The coin noticed its value enhance by greater than 50% this month, rising from $0.068 on May 1 to $0.103 on May 27.
Graph displaying REN’s value from Apr. 28 to May 27. (Source: CoinMarketCap)

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