RenVM, a product of Ren was released in May 2020 and provides interoperability for decentralized finance (DeFi), allowing anyone to seamlessly bridge digital assets to and from the DeFi ecosystem. RenVM DeFi project is not a product or an application in and of itself but is a network (and an accompanying SDK) that allows developers to bring interoperability to their DeFi applications.
The easiest way to imagine RenVM is that of a custodian that holds your digital assets, as they move between blockchains. Let’s use BTC as an example; you give BTC to RenVM, it holds that BTC, and it mints that BTC as an ERC20 (renBTC) on Ethereum with 1:1 ratio, ensuring your renBTC is always backed by the same amount of BTC. This process applies to all digital assets RenVM supports. Technically speaking RenVM is a byzantine fault-tolerant protocol that does ECDSA threshold key generation and signing via sMPC. Darknodes on this network are required to put down a bond of REN tokens to ensure transactions are processed honestly and earn fees.
RenVM currently supports BTC, BCH, and ZEC to Ethereum but is capable of supporting any digital assets that utilize ECDSA private keys.
RenVM DeFi, a trustless and decentralized virtual machine
A secure network of virtual computers that powers interoperability for decentralized applications, enabling cross-chain lending, exchanges, collateralization & more.
What is RenVM DeFi project?
RenVM serves as the engine that powers our decentralized interoperability solution.
RenVM provides one of the only practical interoperability solutions that can scale. It is also the only solution that allows for secret computation over multiple inputs and multiple parties. RenVM is not a product or an application in and of itself, it is a network (and an accompanying SDK) that allows developers to bring cross-chain functionality to their DeFi applications.
What are Darknodes?
RenVM is powered by a network of machines called Darknodes, earning rewards for contributing compute power and storage space.
RenVM is network powered by decentralized virtual machines. This virtual machine is replicated over thousands of machines that work together to power it, contributing their network bandwidth, their computational power, and their storage capacity. These machines are known as Darknodes. Darknodes earn a share of the volume transacted through RenVM. Find out more here.
What problem does RenVM solve?
RenVM enables the trustless and decentralized exchange of value between blockchains – bringing interoperability to DeFi.
This directly enhances DeFi’s utility by adding more liquid assets to the Ethereum ecosystem. Regardless of the DeFi app, RenVM can provide a native cross-chain user experience allowing seamless and decentralized interoperability for the first time ever.
What can be built with RenVM?
RenVM serves as an plug-in for decentralized finance and therefore, any DeFi application can incorporate RenVM’s capabilities into their applications and existing smart contracts.
If your project would benefit from cross-chain liquidity, then you stand to benefit from integrating with RenVM. Extra care has been taken to ensure RenVM is composable with existing blockchain and DeFi applications.