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Table Of Contents
First launched in 2018, Ren Project is described as an ‘open protocol that enables the movement of value between blockchains’. This ability is made possible by Ren Projects’ flagship services,
- RenBridge (cross-chain bridging service)
- RenVM (decentralized and permissionless protocol)
With this pair of offerings, Ren Project is able to provide developers with the ability to incorporate cross-chain functionality within dApps, and for users to mint bridged tokens of their own.
What this means is that for users of RenBridge and RenVM, assets such as Bitcoin can be ‘bridged’ to other blockchains such as Ethereum. When cross-chain bridging is completed users are left with assets such as renBTC – assets which are based upon and provide the functionality of the Ethereum network, but remain directly pegged to BTC. As they are directly-pegged, assets such as renBTC can be re-converted and redeemed for their underlying asset in full at any time.
Currently, Ren Project supports the creation of such Ethereum or Binance Smart Chain assets through its bridging protocol, from the following blockchains.
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- ZCash (ZEC)
- Doge (DOGE)
The functionality of these services offered by Ren Project are comparable to ‘wrapped’ tokens, albeit with differences how underlying assets are custodied (decentralized as opposed to centralized).
Note that upon launch, Ren Project was originally known as ‘Republic Protocol’. The project underwent a rebranding in 2019 as its focus shifted towards its current product offerings.
To learn more visit our Investing in renBTC guide.
We list the top 3 exchanges that offer the ability to buy renBTC (renBTC) cryptocurrency with a credit card, debit card, or Bitcoin (BTC).
Bittrex is an exchange which currently enables you to buy and trade renBTC (renBTC). Bittrex is a leading cryptocurrency exchange that provides the widest selection of cryptocurrencies. It is known in the industry for being one of the few exchanges that does not charge listing fees for different projects, supporting its reputation for integrity.
Uniswap is a decentralized exchange (DEX) for swapping tokens, which uses an automated market maker (AMM) model that allows users to trade against a liquidity pool. While this is obviously a good option to purchase renBTC (renBTC), we only recommend this platform for advanced users. Due to the fact that this is exchange is decentralized, you are liable for any losses due to errors made.
Learning to use decentralized exchanges is not for the faint of heart. We recommend Gate.io instead.
PancakeSwap is a decentralized exchange designed to swap tokens on the Binance Smart Chain. This is one of the more popular DEX models since it is backed by Binance. Similar to other exchanges of its type, PancakeSwap uses an automated market maker (AMM) model, which allows for users to trade against a liquidity pool.
The interface and terminology on the website can be confusing, making the exchange appropriate for advanced users only. If you simply wish to buy renBTC (renBTC) as an investment than we recommend Bittrex instead.
Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.
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