RenBTC (RENBTC) - an ERC-20 token, built on the Ethereum network, pegged to Bitcoin. This means that each RENBTC can always be exchanged for one bitcoin and tends to maintain its value close to the bitcoin market rate.
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History of RenBTC (RENBTC)
RenBTC is minted on the Ren platform, which is an open protocol. It provides everyone with access to cross-chain liquidity by helping to deliver assets from other blockchains to Ethereum decentralized applications (DApps). The renBTC token is a direct competitor to Wrapped Bitcoin (wBTC). Token minting is a fairly simple process, where users simply send their BTC to RenVM. It secures the asset and mints the equivalent amount of renBTC tokens on Ethereum.
Unlike other bitcoin-backed coins, renBTC is not a synthetic token and does not rely on any liquidation mechanisms to ensure that it remains pegged to the value of BTC. Instead, this is a direct supply peg, which means that there is always enough BTC in reserve to cover the circulating supply of coins. Redeeming them is as simple as minting it. The user only needs to send their token back to RenVM by paying a small gas fee. The tokens are destroyed, reducing the supply in line with the reduced reserves.
Project feature
The main difference between renBTC and other wrapped Bitcoin tokens is the exchange of the value of the token.
What is the uniqueness of the project:
| Storage | RenVM does not store bitcoins inside a centralized storage platform, but instead uses a decentralized network of nodes, called Darknodes. |
| Minting | Users can mint and burn tokens whenever they want without having to complete KYC to do so. The protocol can process hundreds of transactions per minute and has never been overloaded. |
In addition, RenVM can be directly integrated into numerous decentralized applications, using specialized adapters, provided by Ren. This means that the user can directly use bitcoin on a decentralized exchange (DEX) or lending platform. It is also important to note that ECDSA RenVM private keys are secret, which creates a secure and decentralized BTC token on the Ethereum network.
Tokenomics
The total supply and circulating supply of RenBTC is the same and fluctuates as ERC-20 renBTC tokens are minted and burned. The main supported cryptocurrencies are Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC). Users can always get RenBTC by minting it, using the RenVM protocol, using any bitcoin they already own. However, the ERC-20 renBTC token can be purchased directly from several popular exchanges, including:
- Binance;
- Huobi Global.
You can also buy tokens on various decentralized exchanges, including Uniswap and 1inch Exchange. ERC-20 RenBTC tokens are protected by the collective efforts of thousands of Ethereum miners who act to maintain the integrity of the Ethereum blockchain and the tokens, transferred on it.