Ren, the open protocol that enables the permissionless and private transfer of value between any blockchain has launched it’s core product on the mainnetive. RenVM is a decentralized finance (DeFi) project designed to bring cross-chain assets to the Ethereum ecosystem, beginning with BTC, BCH, and ZEC.
“Successfully launching RenVM’s mainnet is a critical step in our long-term mission of creating a decentralized platform for DeFi that is self-sustaining and advances the industry as a whole,” said Taiyang Zhang, CEO and co-founder of Ren. “Generic interoperability has been a thorn in DeFi’s side, and we’re thrilled that RenVM is now solving this problem by enabling cross-chain liquidity to crypto investors everywhere.”
Ren, the Polychain-backed DeFi protocol that enables inter-blockchain liquidity, is announcing that its core product RenVM will be live on mainnet starting 5/27.
Unlike other projects, ReVM is not only bringing Bitcoin to Ethereum, but BCH and ZEC too, with other assets to follow (Libra, Celo, etc.).
RenVM is going live with the support of 50+ organizations (representing tens of thousands of crypto users) that are utilizing RenVM.
By removing liquidity silos that have long hindered DeFi’s growth potential, RenVM will serve as a robust and permissionless tool for all of DeFi to utilize.
Ren, which raised over $33 million in 2018 from leading venture capital funds and investors, is releasing RenVM with the support of its newly formed Ren Alliance, a consortium of 50+ organizations helping to secure, develop, and utilize RenVM. Together, members of the Ren Alliance – which includes dapps, decentralized exchanges, institutional investors, and other DeFi projects – represent tens of thousands of network participants who can now use RenVM to access cross-chain liquidity and earn a passive yield on their crypto.
“In a next-generation financial system where cryptocurrencies are mainstream, blockchains must enable cross-chain value transfer across their respective protocols, and Ren is setting out to provide this catch-all utility,” said Loong Wang, CTO and co-founder of Ren. “Our goal is for RenVM to function as a bridge between not only Bitcoin and Ethereum, but any imaginable pair of blockchain-based tokens, including stablecoins like Libra and China’s digital yuan.”
In simple terms, RenVM can be viewed as a decentralized custodian: it holds digital assets and then mints a one for one representation on Ethereum as an ERC20. While RenVM currently supports bringing digital assets to the Ethereum ecosystem, the same approach can be applied to other smart contract protocols like Polkadot and Tezos. RenVM’s in-house advancement in Secure Mutli-Party Computation (sMPC) allows a set of nodes to store blockchain private keys in complete privacy (even from themselves), creating a virtual machine that can move assets around at the request of programmatic logic without the…