Ren Launches Mainnet Promising DeFi Interoperability and Potentially Unleashing Billions of Dollars in Crypto Assets into the Ethereum Ecosystem
Ren, the open protocol that permits the permissionless and personal switch of worth between any blockchain has launched it’s core product on the mainnetive. RenVM is a decentralized finance (DeFi) challenge designed to carry cross-chain property to the Ethereum ecosystem, starting with BTC, BCH, and ZEC.
“Efficiently launching RenVM’s mainnet is a crucial step in our long-term mission of making a decentralized platform for DeFi that’s self-sustaining and advances the business as an entire,” mentioned Taiyang Zhang, CEO and co-founder of Ren. “Generic interoperability has been a thorn in DeFi’s aspect, and we’re thrilled that RenVM is now fixing this drawback by enabling cross-chain liquidity to crypto buyers all over the place.”
Ren, the Polychain-backed DeFi protocol that permits inter-blockchain liquidity, is saying that its core product RenVM shall be reside on mainnet beginning 5/27.
In contrast to different initiatives, ReVM is just not solely bringing Bitcoin to Ethereum, however BCH and ZEC too, with different property to comply with (Libra, Celo, and so on.).
RenVM goes reside with the assist of 50+ organizations (representing tens of 1000’s of crypto customers) which might be using RenVM.
By eradicating liquidity silos which have lengthy hindered DeFi’s progress potential, RenVM will function a strong and permissionless instrument for all of DeFi to make the most of.
Ren, which raised over $33 million in 2018 from main enterprise capital funds and buyers, is releasing RenVM with the assist of its newly shaped Ren Alliance, a consortium of 50+ organizations serving to to safe, develop, and make the most of RenVM. Collectively, members of the Ren Alliance – which incorporates dapps, decentralized exchanges, institutional buyers, and different DeFi initiatives – signify tens of 1000’s of community contributors who can now use RenVM to entry cross-chain liquidity and earn a passive yield on their crypto.
“In a next-generation monetary system the place cryptocurrencies are mainstream, blockchains should allow cross-chain worth switch throughout their respective protocols, and Ren is getting down to present this catch-all utility,” mentioned Loong Wang, CTO and co-founder of Ren. “Our objective is for RenVM to perform as a bridge between not solely Bitcoin and Ethereum, however any conceivable pair of blockchain-based tokens, together with stablecoins like Libra and China’s digital yuan.”
In easy phrases, RenVM might be seen as a decentralized custodian: it holds digital property after which mints a one for one illustration on Ethereum as an ERC20. Whereas RenVM at present helps bringing digital property to the Ethereum ecosystem, the identical method might be utilized to different good contract protocols like Polkadot and Tezos. RenVM’s in-house development in Safe Mutli-Social gathering Computation (sMPC) permits a set of nodes to retailer blockchain non-public keys in full privateness (even from themselves), making a digital machine that may transfer property round on the request of programmatic logic with out the permission of a central entity. This novel mixture of expertise permits customers to maneuver property to and from numerous blockchains, with out anybody’s permission or the necessity for a central change mechanism.
“What drew us to Ren is the founders’ imaginative and prescient for bringing decentralized finance into the mainstream of crypto, and ultimately the worldwide monetary system,” mentioned Sherwin Dowlat, Investments at Polychain Capital, a number one cryptocurrency funding agency that participated in Ren’s ICO and is a member of the Ren Alliance. “RenVM is a sublime resolution for fixing generic interoperability, and we’re thrilled to assist assure the protection of RenVM by serving as a darknode in its semi-decentralized core.”
“DeFi is all about eradicating the necessity for trusted intermediaries, and RenVM gives core infrastructure for DeFi to reside up its founding ethos,” mentioned Alex Wearn, CEO of IDEX, a decentralized Ethereum asset change and member of the Ren Alliance. “Our imaginative and prescient at IDEX is to allow our prospects to commerce any cryptocurrency with out having to belief anybody else with custody of their funds, and RenVM brings us one step nearer to that objective.”
Based in 2017, Ren is an open protocol that permits the permissionless and personal switch of worth between blockchain. Ren’s core product, RenVM, is targeted on bringing interoperability to decentralized finance (DeFi), via a decentralized custody resolution that enables the seamless motion of property between blockchains. For extra info go to: https://renproject.io/