RenvM is a decentralized crypto asset custodian that can transfer crypto assets from one blockchain to another in a secure, scalable, and convenient manner. Ren aims to be a universal interoperability protocol where dApps running on any blockchain can work with native assets of other blockchain ecosystems.
Unlike wrapped tokens such as WBTC and WETH, Ren is a decentralized custodian for higher security when transferring tokens. The RZL MPC algorithm ensures that ECDSA private keys are generated and managed without exposing them, even to the RenVM machines and Darknodes that comprise the Ren network.
Users can mint or burn pegged assets in any quantity without compromising the overall user experience. Smart contracts can be directly called, and such processes can be completed within a single transaction, further improving the system’s efficiency.
REN is the native token of the Ren network and is used as a bond to run a Darknode. Any user wishing to operate a Darknode must deposit 100,000 REN tokens as a bond to demonstrate good behavior within Ren’s decentralized network.
