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This week as part of our @renprotocol community drive for beginners - we take a comparitive look at REN vs. renBTC, and outline the key distinctions between the two.
What is 'REN', and what is 'renBTC'?
Let's take a look
$REN #RenExplained #RenVM
What is 'REN', and what is 'renBTC'?
Let's take a look
$REN #RenExplained #RenVM
1) The REN token is @renprotocol's primary native utility token, which has a single purpose; to run a machine called a 'Darknode'.
In order to operate a Darknode, a user must first obtain 100,000 'REN' tokens. Darknodes earn fees for powering RenVM.
#RenExplained #RenVM $REN
In order to operate a Darknode, a user must first obtain 100,000 'REN' tokens. Darknodes earn fees for powering RenVM.
#RenExplained #RenVM $REN
2) 'renBTC' is @renprotocol's representation of #BTC 
that exists on the Ethereum blockchain.
renBTC allows users to take their BTC and 'mint'
it into DeFi eco-systems.
renBTC can then be redeemed ('burned')
back for native BTC at any point. #RenExplained #RenVM $REN
that exists on the Ethereum blockchain. renBTC allows users to take their BTC and 'mint'
it into DeFi eco-systems.renBTC can then be redeemed ('burned')
back for native BTC at any point. #RenExplained #RenVM $REN
3) Anybody can hold the REN token or hold renBTC. Both are permissionless, but the REN token has no utility if the amount is less than 100,000
renBTC however, can be used in DeFi regardless of the amount, and generate interest through yield farming for example $REN #RenExplained
renBTC however, can be used in DeFi regardless of the amount, and generate interest through yield farming for example $REN #RenExplained
4) renBTC is currently the second biggest representation of Bitcoin on the Ethereum blockchain, after WBTC (or wrapped BTC)
The Ren team were even instrumental in the creation of WBTC
#RenExplained #RenVM $REN
The Ren team were even instrumental in the creation of WBTC
#RenExplained #RenVM $REN
5) Essentially, there is a much bigger picture and ethos to this functionality: To free digital assets and their respective liquidities from their native chains, and for them to exist on different blockchains.
@renprotocol will gatekeep this process #RenExplained $REN #RenVM
@renprotocol will gatekeep this process #RenExplained $REN #RenVM
6) renBTC is this very concept realised. #Bitcoin that can exist and live on Ethereum, without the user knowing (or even caring) how it got there.
Ren is putting far more than just BTC on Ethereum too.
Ren will in time, eventually interconnect all blockchains.
#RenExplained $REN
that can exist and live on Ethereum, without the user knowing (or even caring) how it got there.Ren is putting far more than just BTC on Ethereum too.
Ren will in time, eventually interconnect all blockchains.
#RenExplained $REN
7) So how do you put your #Bitcoin onto Ethereum?
It's actually a lot simpler than you might think:
1) Go to http://bridge.renproject.io
2) Connect wallet
3) Choose 'mint'
4) provide an ETH address.
5) Confirm and wait for your BTC to appear on Ethereum!
#RenExplained #RenVM $REN
onto Ethereum?It's actually a lot simpler than you might think:
1) Go to http://bridge.renproject.io
2) Connect wallet
3) Choose 'mint'
4) provide an ETH address.
5) Confirm and wait for your BTC to appear on Ethereum!
#RenExplained #RenVM $REN
8) Over time, @renprotocol will enable you to put dozens, even hundreds of different assets onto Ethereum.
Access DeFi from any wallet, with any token, from any Blockchain permissionlessly - in total Blockchain agnostic goodness!
>
#RenExplained #RenVM $REN
Access DeFi from any wallet, with any token, from any Blockchain permissionlessly - in total Blockchain agnostic goodness!
> #RenExplained #RenVM $REN
9) renBTC is an initial, but impressive example of what an interoperable future could look like once @renprotocol has interconnected all chains together.
Now take this concept of renBTC, and imagine it for every other asset out there. There will be demand..
#RenVM #RenExplained
Now take this concept of renBTC, and imagine it for every other asset out there. There will be demand..
#RenVM #RenExplained
10) I hope you all found this week's thread useful! Here are some quick links
REN token metrics:
https://www.coingecko.com/en/coins/ren
RenBridge:
http://bridge.renproject.io < this is the gateway for #BTC on Ethereum.
Follow @renprotocol
Join: http://t.me/renproject
#RenExplained $REN
REN token metrics:
https://www.coingecko.com/en/coins/ren
RenBridge:
http://bridge.renproject.io < this is the gateway for #BTC
on Ethereum. Follow @renprotocol
Join: http://t.me/renproject
#RenExplained $REN
