What is renBTC?
The renBTC token or RENBTC is the native token powering the Ren protocol.
It’s pegged to Bitcoin (BTC). This means that one renBTC token represents a single BTC. In turn, the renBTC price is generally similar to the BTC price.
renBTC has 3 core features:
- Trustless foundation where network participants don’t need to trust any third party whether it was another user or an intermediary;
- No KYC process which means that no personal information is needed to issue a renBTC token;
- Decentralized custodian structure where assets are stored via Darknodes - a network of thousands of computers. This ensures that renBTC and BTC are always redeemable.
It’s important to note that renBTC is not a synthetic asset. Synths are not possible to redeem for the underlying asset, unlike renBTC which utilizes a BTC reserve - a direct supply peg.
RENBTC is based on the ERC-20 token standard. This means that renBTC is secured by the miners working on the Ethereum network.
There are several ways to obtain renBTC tokens. Firstly, users can simply mint it on the Ren protocol itself. The second way to acquire renBTC is to buy it via major decentralized and centralized exchanges.
Since renBTC is a cryptocurrency, its price tends to fluctuate. In order to make an informed purchase decision, you can have a more in-depth look at the renBTC price history or the current renBTC price on the graph above.
What are the Main Features of renBTC?
Ren is a community-driven protocol that’s completely trustless and permissionless. It’s deployed on the Ethereum network.
As mentioned in the What is renBTC section, Ren is powered by a decentralized custodian system a.k.a. Darknode network. The latter is capable of creating ECDSA private keys that are always hidden. They’re unreachable even by the computers running the protocol. This system ensures that the data within the Ren protocol remains secure.
In addition, the Darknode network features the Byzantine Fault Tolerance (BFT) consensus. This means that the Darknodes will still be able to reach a consensus even if some of them have been unavailable.
One of the main features of the Ren protocol is that it enables the use of BTC on the Ethereum blockchain. To put it simply, the renBTC token bridges Bitcoin to Ethereum.
Moreover, the Ren protocol provides adapters to enable its integration into various dApps. In other words, it facilitates the use of renBTC on any lending platform or DEX.
How to mint renBTC? Users can mint renBTC coins on RenVM by simply depositing their BTC.
How to redeem renBTC? All users have to do is deposit their renBTC tokens to RenVM. Then the reserved BTC will be sent to their wallet address. Users will also have to cover the gas fee.
However, the Ren protocol is not the only project that provides a way to close the bridge between Bitcoin and Ethereum. Similar projects include Wrapped Bitcoin which standardizes BTC into the ERC-20 token through WBTC.
Don't forget to check the renBTC price details on the graph above if you're considering purchasing this cryptocurrency.
Who Developed renBTC?
The renBTC crypto project was launched in 2017 under the name the Republic Protocol. It was rebranded to Ren in 2019.
The project was co-founded by Taiyang Zhang and Loong Wang who took the roles of CEO and CTO respectively.
The duo studied at the Australian National University. Prior to the launch of the Ren protocol, both Taiyang Zhang and Loong Wang worked at Neucode.
Besides the renBTC crypto project, Taiyang Zhang has also co-founded KeeperDAO and Virgil Capital.
Loong Wang worked as an academic tutor at the Australian National University and later took the role of the lead software developer at Neucode.
The core team of Ren consists of experienced professionals from diverse backgrounds both professionally and culturally. There are more than 30 members of the team. The majority of them come from Australia, Singapore, and the U.K.
FBG Capital, Huobi Capital, Kenetic Capital, and Polychain Capital have invested in the project.
