renBTC update: RENBTC Live price, price chart, news and markets

The RENBTC price update as of now is $6,486. In the previous 24 hours, its trading volume was $417,524, and its value has decreased by -1.77%. As of now, RENBTC's live market cap is $1,975,113, and it is ranked as the #1228 on the Coincu. RENBTC has a circulating supply of 304 and a maximum supply of 304.

What is renBTC (RENBTC)?

RenBTC is a token that follows Ethereum's ERC-20 standard. It is designed to be pegged to Bitcoin at a 1:1 ratio, meaning that 1 renBTC can be exchanged for 1 Bitcoin and vice versa.

renBTC is created on the Ren platform using the RenVM virtual machine. This open protocol allows users to access the liquidity of various blockchains and dApps, and facilitates the transfer of assets from other networks to Ethereum.

renBTC stands out among other projects bringing Bitcoin to Ethereum due to its highly flexible structure, which has gained appreciation from the community.

About RenVM

Ren Protocol, now known as Republic Protocol, is a protocol that enables cryptographic interoperability between different blockchains and DeFi ecosystems with Ethereum. RenVM serves as the virtual machine that powers the Ren protocol.

Through RenVM, users can lock cryptocurrencies like Bitcoin, Bitcoin Cash, and Zcash into the Ren protocol and mint ERC-20 tokens (renBTC, renBCH, and renZEC) on Ethereum at a 1:1 ratio.

These ERC-20 tokens can be utilized in various DeFi services such as trading, portfolio management, borrowing, and lending. The locked assets can be unlocked at any time.

How renBTC works

renBTC operates through cross-chain functionality between the Bitcoin and Ethereum blockchains. Users can generate renBTC by sending BTC to RenVM's address on the Bitcoin blockchain. The user's BTC will be locked in that address, and the equivalent renBTC token will be transferred to a designated wallet on the Ethereum network.

This process is executed via a decentralized Smart Contract on the RenVM engine, eliminating the need for intermediaries. The steps are as follows:

To generate renBTC, users send their BTC to the RenVM platform, which initiates the process of generating renBTC and provides the user with a Minting Signature. This signature enables users to receive an ERC-20 amount of renBTC on the Ethereum network, with a value equivalent to Bitcoin. With renBTC, users can easily participate in Ethereum's DeFi ecosystem.

What makes this model intriguing is that it is not limited to Ethereum but can also be applied to other blockchains like Polkadot, Bitcoin Cash, and Zcash. This means that BTC, BCH, or ZEC can be converted to other tokens using RenVM. For example, users can send BCH and receive renBCH.

Converting renBTC back to BTC is just as straightforward. The renBTC held by the user will be burned, and the system will release the corresponding BTC balance.

What problem can renBTC solve?

In the era of Smart Contracts, DeFi, NFTs, Metaverse, and other emerging trends, Bitcoin's limitations are becoming apparent. The Bitcoin blockchain does not support Smart Contracts, preventing users from engaging in activities such as Staking or developing blockchain products.

RenBTC's Solution

Bringing Bitcoin Interoperability to the Next Level

While many projects are striving for cross-chain interoperability and paving the way for Web 3.0, Bitcoin, in its original form, is not among them. Bitcoin's functionality is limited to investment, trading, and payment. With renBTC, Bitcoin can finally break free from its isolated ecosystem and expand into other networks, offering a range of interoperable services.

Ensuring Direct Supply "Peg"

renBTC is not a synthetic token and does not rely on a liquidation mechanism to maintain the value of Bitcoin. Instead, it utilizes a direct supply "peg," ensuring that the project's reserves always hold enough Bitcoin to back the renBTC supply.