The newest implementation of bitcoin (BTC) on the Ethereum blockchain quietly went reside this week.
There are 1.24 renBTC reside on the Ethereum mainnet now, based on Etherscan. Three sources with data of the undertaking have confirmed that is the Ren good contract, reside forward of its launch announcement.
Kain Warwick of Synthetix tweeted Wednesday that he was the primary individual to carry a full bitcoin in renBTC.
However, there’s no manner but for members of the general public to mint extra renBTC, the CEO of the corporate behind the undertaking instructed CoinDesk in an e mail.
“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. “The minted renBTC so far has been from our own internal testing [and] Kain from Synthetix testing the system. The public hasn’t been able to mint renBTC thus far.”
RenBTC turns into the newest in a rash of merchandise constructed to show bitcoin-backed property to the advantages of Ethereum’s varied decentralized finance (DeFi) platforms.
Here’s a succinct description of the system from a Medium put up by the corporate’s CTO, Loong Wang:
“Any asset minted on Ethereum by RenVM is a 1:1 backed ERC-20. This means that if you have 1 renBTC (an ERC-20), you can always redeem it for 1 BTC. It’s a direct supply peg. renBTC isn’t a synthetic, it doesn’t rely on a liquidation mechanism, and it’s not the price of Bitcoin on Ethereum. It is a one to one representation of Bitcoin on Ethereum that can be redeemed for BTC at any time, in any amount.”
Ren is a undertaking that grew out of the $30 million preliminary coin providing (ICO) for the Republic Protocol, initially envisioned as a solution to run darkish swimming pools – privacy-preserving buying and selling venues the place the order e book is saved secret. According to Crunchbase, its backers included Polychain Capital and FBG Capital.
But, in a current challenge of The Defiant e-newsletter, Wang defined his agency’s pivot away from darkish swimming pools.
The massive trades have been on chains that weren’t Ethereum, he stated. “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 instructed 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.”
The RenVM is a solution to maintain a cryptocurrency in a multi-signature pockets managed by nodes within the RenVM and mint a illustration of that asset as an ERC-20 token to be used on Ethereum. Unlike different initiatives, RenVM is bringing greater than bitcoin to Ethereum (see bitcoin money (BCH) and zcach (ZEC) above), with different property to comply with.
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