Launch of “Ren Protocol” Brings Bitcoin to Ethereum in a Decentralized Way
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Answer Launch of “Ren Protocol” Brings Bitcoin to Ethereum in a Decentralized Way
Event Last week, the tBTC project was shut down after just two days of operation, which is a competitor to the Ren Protocol.
The long-awaited launch of Ren Protocol:
The Ren Protocol project running on the Ethereum network has the goal of bringing Bitcoin and other cryptocurrencies to Ethereum in a decentralized manner.
DeFi’s main obstacle has been its inability to interact with various public blockchain assets, but with the launch of the RenVM (Ren Virtual Machine), this can all be changed.
The Ren Protocol focuses on network interoperability meaning that it allows users to tokenize Bitcoin and Bitcoin Cash or Zcash on Ethereum.
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If Ren performs as expected of him, we may soon see in DeFi tokenized non-custodial (decentralized) versions of various cryptocurrencies used as collateral on the Ethereum DeFi stack.
Now that the Ren mainnet is ready, anyone with 100,000 REN around $10,620, a CPU, and technical knowledge to run a node on the network can earn rewards by maintaining deposited assets like Bitcoin and Bitcoin Cash.
The main network of Ren Protocol was launched along with the mergers of Uniswap and 1inch Exchange.
With this, users can exchange Ethereum or any ERC-20-based asset for RenBTC.
While the original RenBridge protocol gives users another option to exchange Bitcoin directly to RenBTC.
The launch of Ren Protocol could be a catalyst for DeFi by allowing the creation of a broader network, rather than the one network and place represented by Ethereum.
Interoperability has long been described as a necessity to promote harmony between the various public blockchains.
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While the launch of RenVM does not solve all the inherent problems, it does mark the beginning of more far-reaching solutions.
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