This site uses cookies. Browsing the site, you agree to the use of cookies. If you need more information, please visit the Cookies Policy page
Subscribe
Прямой эфир
Cryptocurrencies: 3835 / Markets: 22713
Market Cap: $ 268 940 767 312 / 24h Vol: $ 101 793 491 134 / BTC Dominance: 65.2335%

Н News

RenBTC Quietly Goes Live in Latest Bid to Bring Bitcoin Into Ethereum

The latest implementation of bitcoin (BTC) on the Ethereum blockchain quietly went live this week.

There are 1.24 renBTC live on the Ethereum mainnet now, according to Etherscan. Three sources with knowledge of the project have confirmed this is the Ren smart contract, live ahead of its launch announcement.

However, there’s no way yet for members of the public to mint additional bitcoin-on-ethereum using Ren, the CEO of the company behind the project told CoinDesk in an email.

“While the smart contracts have been deployed on Ethereum, RenVM itself is not actually on mainnet. This is because RenVM is a distinct network separate to Ethereum. The final mainnet subzero version of RenVM won’t be deployed until later,” Taiyang Zhang wrote. Those minted so far have been made as part of internal tests.

RenBTC becomes the latest in a rash of products built to expose bitcoin-backed assets to the benefits of Ethereum’s various decentralized finance (DeFi) platforms.

Here’s a succinct description of the system from a Medium post by the company’s CTO, Loong Wang:

Kain Warwick of Synthetix tweeted Wednesday that he was the first person to hold a full bitcoin in renBTC.

The contracts for the three new tokens are already published in Ren’s documentation. There are also already 1.12 renZEC minted and a negligible amount of renBCH.

Ren is a project that grew out of the $30 million initial coin offering (ICO) for the Republic Protocol, originally envisioned as a way to run dark pools – privacy-preserving trading venues where the order book is kept secret. According to Crunchbase, its backers included Polychain Capital and FBG Capital.

Read more: Into the Dark Pool: $30 Million ICO Could Pave Way for Huge Crypto Trades

But, in a recent issue of The Defiant newsletter, Wang explained his firm’s pivot away from dark pools.

The big trades were on chains that weren’t Ethereum, he said. “ETH had a lot of liquidity, but it was predominantly Bitcoin and USDT. So we would had to leverage things like atomic swaps, and they’re just too painful,” Wang told The Defiant’s Cami Russo. “And so we kind of turned around to say, well, we need to solve this interoperability problem before large liquidity is actually truly accessible in this space.”

According to a promotional release sent to CoinDesk, the RenVM was slated to go live May 27.

The RenVM is a way to hold a cryptocurrency in a multi-signature wallet controlled by nodes in the RenVM and mint a representation of that asset as an ERC-20 token for use on Ethereum. Unlike other projects, RenVM is bringing more than bitcoin to Ethereum (see bitcoin cash (BCH) and zcach (ZEC) above), with other assets to follow.

Source

comments powered by Disqus