A new startup – Ren introduced the RenVM network linking Ethereum with other popular blockchains, including Bitcoin, Bitcoin Cash, and Zcash reports The Block.
The developers are convinced that the new protocol will serve as a powerful driver for the development of decentralized finance (DeFi).
“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,” it said in a statement.,” said startup representatives.
Essentially, RenVM takes custody of users’ non-Ethereum assets and then mints corresponding ERC-20 tokens for those assets. The first three — called renBTC, renBCH, and renZEC — are already live on the Ethereum network.
Various DeFi-projects can ensure the interaction of their smart contracts with the RenVM protocol and create interfaces for depositing and withdrawing renBTC, renBCH, and renZEC.
According to representatives of Ren, their protocol differs from similar solutions like WBTC or imBTC primarily in that it does not rely on a centralized repository of assets.
Ren CTO and co-founder Loong Wang said that in the future the project plans to add support for the upcoming Libra and the digital yuan.
In 2018, Ren raised 35,000 ETH during the token sale (approximately $ 30.5 million at the exchange rate at that time). Well-known companies such as Polychain Capital, FBG, and Huobi Capital contributed to the project.