About renBTC Coin

renBTC price today is $32,705 with a 24-hour trading volume of $18,649,550. RENBTC price is up 2.5% in the last 24 hours. It has a circulating supply of 15 Thousand RENBTC coins and a max supply of 15.3 Thousand. Binance is the current most active market trading it.

 

What is renBTC?

renBTC is a synthetic asset that represents the value of bitcoin and it is created by the Ren protocol. renBTC allows for bitcoin transfers to be conducted quicker on the Ethereum blockchain and opens up the possibility for bitcoin to be used in the Ethereum ecosystem. 

Bitcoin is held in custody by a network of decentralized nodes; it can be converted to renBTC and vice versa easily.

What is the Ren protocol?

Ren Protocol is a permissionless and trustless protocol that allows users to transfer tokens across different blockchains. The Ren protocol is powered by a network of computers called Darknodes, which helps facilitate user generated transactions. 

More specifically, Darknodes contribute their network bandwidth, computational power, and storage capacity to power the Ren protocol.

What are some benefits of renBTC?

renBTC helps transfer the value of bitcoin to the Ethereum network so that bitcoin holders can take advantage of the major decentralized finance (DeFi) applications that are currently limited to the Ethereum blockchain. 

Although there are other synthetic assets that help bridge the value of bitcoin to the Ethereum network such as WBTC, renBTC differentiates itself from WBTC through some of its features.

renBTC offers three main value propositions: it is trustless, no Know Your Customer (KYC) procedure is required, and assets are stored by decentralized custodians. When users mint renBTC, they are not required to reveal any personal information.

Instead of having a sole custodian to store users’ bitcoin, it is securely stored within a network of Darknodes. The design of the system guarantees that users could confidently redeem their bitcoin or mint renBTC at all times. 

How to mint renBTC?

  1. Visit RenBridge to start minting renBTC

  2. Under the “Select asset” tab, select BTC. Currently, Ren protocol only supports Bitcoin, Zcash and Bitcoin Cash

  3. Insert your Ethereum wallet address in the “Destination wallet” tab

  4. Review details and confirm transaction

  5. Send your bitcoin to the wallet address given

  6. After 6 block confirmations, your bitcoin will be converted to renBTC and it will be automatically transferred to your Ethereum wallet address.

What are other ways to acquire renBTC?

Besides directly minting renBTC, users may also purchase renBTC from any decentralized exchange such as Curve, Uniswap, or SushiSwap.

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