Exchange rate renBTC:
95 881.44zł
Market capitalization
Volume (24h)
Supply in circulation
All-Time High
All-Time Low
Popularity by CMC
| 1h | 24h | 7d | 14d | 30d | 1y |
|---|---|---|---|---|---|
| -1.86% | -4.22% | -0.61% | -27.64% | -27.34% | -29.63% |
Oceń kryptowalute
What is renBTC?
A RenBTC token is a form of ERC-20 built on Ethereum linked to Bitcoin. RENBTC can always be converted into one Bitcoin, and therefore tends to maintain its value at a level close to the market rate for Bitcoin.
This coin was created on the Ren platform, an open protocol that allows anyone to access inter-blockchain liquidity, which allows Ethereum decentralized applications (DApps) to receive assets from other blockchains. The three main cryptocurrencies supported by the software are Bitcoin (BTC), Bitcoin Cash (BCH), and Zcash (ZEC).
The renBTC token is a direct competitor of Wrapped Bitcoin (wBTC). Minting the token is a fairly straightforward process, which sees users simply send their BTC to RenVM, which then secures the asset and mints an equivalent number of renBTC tokens on Ethereum.
Redeeming renBTC is just as easy as minting it. The user only needs to send their renBTC back to RenVM (paying a small gas fee to do so) which releases the native Bitcoin to the user’s address. A renBTC token is destroyed, reducing its supply to match the reduced reserves.
Founders of renBTC
Zhang is another founding member of KeeperDAO as well as co-founder of Virgil Capital - a quantitative multi-strategy cryptocurrency trading firm. A skilled developer, Zhang was a pioneer of the cryptocurrency industry.
The Ren team also includes Loong Wang, the current CTO of Ren. Wang serves as the lead software developer for Neucode and as an academic tutor at the Australian National University.
More than 30 people currently comprise the team, including three more software developers, one blockchain developer, and a researcher.
Features of renBTC
The main difference between renBTC and other wrapped Bitcoin tokens is that renBTC offers a fluid value exchange. RenVM does not store any Bitcoin inside a centralized custodial platform, but uses a decentralized network called Darknodes instead. It is possible for users to create and burn tokens at any time without having to complete KYC first. Despite handling hundreds of transactions per minute, the protocol has never been overloaded.
Various decentralized applications can be easily connected to RenVM by way of the specialized adapters provided by Ren. As a result, users can access Bitcoin (via RENBTC) on a decentralized exchange (DEX) or lending platform without having to go through any additional steps.
Wallet
RenBTC can always be obtained by minting it on the RenVM protocol using any Bitcoin the user already has. To purchase the renBTC token directly, users can choose from several popular exchanges including Binance, Huobi Global, and various decentralized exchanges, such as 1inch Exchange and Uniswap.
