renBTCRENBTC
Key PointRENBTC Price Today
The live renBTC price today is $19,341 with a 24-hour trading volume of $14,581.73. renBTC is -0.58% in the last 24 hours.The current MyToken ranking is #--,with a live market cap of $69,143,029.88. It has a circulating supply of 3,580 RENBTC and a max supply of 13,698 RENBTC.
What Is renBTC?
RenBTC is a ERC-20 generation coin built on the Ethereum network, linked to Bitcoin . This means that each RENBTC can always be exchanged for one bitcoin, so its value tends to remain close to the market price of Bitcoin.
RenBTC is the Foundry and platform, which is an open protocol that provides everyone with the mobility of on mutual blockchain, Helps bring blockchains from other assets to revenge dispersed applications (DApps). The main cryptocurrencies supported are Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC).
RenBTC token is a direct competitor to Wrapped Bitcoin (wBTC). Minting tokens is a fairly simple process, users simply send their BTC to RenVM, which then protects the asset and mints an equal amount of renBTC tokens on Ethereum space. Unlike other Bitcoin-supported tokens, renBTC is not a synthetic token and does not rely on any clearing mechanism to ensure it remains pegged to the value of BTC -- instead, it is a direct supply peg, meaning there is always enough BTC reserves to cover the revolving supply of renBTC.Exchanging renBTC is as easy as casting it. Users simply send their renBTC back to RenVM (for which they pay a small gas fee) and RenVM releases local Bitcoin to the user's address. RenBTC tokens are destroyed, reducing the supply to match the reduced reserves.
The main difference between renBTC and other packaged Bitcoin tokens is the exchange of liquid value of the token. RenVM does not store any bitcoin in a centrally managed platform, but instead uses a decentralized network of nodes called Darknodes. Users can go back and forth to mint and destroy tokens at any time without completing KYC. The protocol can process hundreds of transactions per minute and is never overloaded.
In addition, RenVM can be directly integrated into many scattered applications by using a dedicated adapter provided by Ren. This means users can use bitcoin directly on a decentralized exchange (DEX) or on a lending platform (via RENBTC) without having to skip any links first.It is also important to note that RenVM's ECDSA private key is secret, and it creates a untrusted, decentralized, permitless BTC token on the Ethereum network.
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