Representation of Bitcoin on the Ethereum Network: RENBTC Coin - Latest cryptocurrency news

Representation of Bitcoin on the Ethereum Network: RENBTC Coin

RENBTC is an ERC-20 token based on Ethereum and is pegged to Bitcoin (BTC) at a 1:1 ratio. This means that 1 RENBTC is always equal to 1 Bitcoin. The CTO of the Ren platform states that RENBTC is not a representation of the value of Bitcoin on Ethereum, but a direct representation of Bitcoin on Ethereum, and can be swapped with BTC at any time, in any amount.

RENBTC Coin is a direct representation of Bitcoin on Ethereum and is an ERC-20 token supported by the Ren platform. RENBTC, supported by the RENVM, allows various tokens to be represented on Ethereum.

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RenVM defines itself as a “permissionless and decentralized virtual machine protocol”. It is also described as a computer network that enhances interaction for decentralized applications, enabling cross-chain lending, swapping, collateralization, and many other transactions.

In addition, RenVM preserves user data privacy with Shamir’s Secret Sharing. This method requires data to be stored in multiple fragmented forms and requires the combination of all parts to access any data, ensuring a high level of security.

On the other hand, RenVM offers an interoperable and scalable interaction solution. It is also characterized as a solution that can perform hidden computations on multiple inputs and parties. RenVM is not a standalone product or application, but serves as a network that enables developers to add cross-chain functionality to DeFi applications.

RENBTC is a token created and pegged to BTC at a 1:1 ratio, and operates on this network as a token.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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