TAIYANG ZHANG: RENVM IS A BRIDGE SERVING BTC, BCH, and ZEC

Right after Ethereum co-founder Vitaliy Buterin stated that stablecoins can transfer value between blockchains, we see the RenVM project announcing its core product on 27/05/2020. Now it is the only DeFi project brought up to bring cross-chain assets to the Ethereum ecosystem. First coins to be served that way are the following: BTC, BCH, and ZEC.

Successfully launching RenVM's mainnet is a critical step in our long-term mission of creating a decentralized platform for DeFi that is self-sustaining and advances the industry as a whole.

Taiyang Zhang | CEO and co-founder of Ren

When a customer sells one of the RenVM tokens (renBTC, renBCH, or renZEC), the system automatically opens a deal to buy the corresponding amount of cryptocurrency. A held swap allows a stablecoin holder to conduct an interatomic exchange at any time, receiving a real cryptocurrency at the current price at the time of the transaction.

The Protocol is focused on the DeFi industry in order to eliminate the vulnerabilities of currently existing projects for transferring other types of cryptocurrencies to the ETH blockchain.

In a next-generation financial system where cryptocurrencies are mainstream, blockchains must enable cross-chain value transfer across their respective protocols, and Ren is setting out to provide this catch-all utility.

Loong Wang | CTO and co-founder of Ren

Another problem is the low liquidity of exchange trades organized to sell issued tokens, or the need to use oracles to broadcast prices to DeFi platforms. Hackers take advantage of low trading liquidity by manipulating prices or attacking smart contracts that broadcast the value of assets.

Our goal is for RenVM to function as a bridge between not only Bitcoin and Ethereum, but any imaginable pair of blockchain-based tokens, including stablecoins like Libra and China's digital yuan.

Loong Wang | CTO and co-founder of Ren

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