Ren, a project building a cross-blockchain transfer solution in zero-knowledge, has announced the launch of Chaosnet, a staging ground for RenVM’s mainnet launch.
Using privacy-preserving computation, RenVM provides an interoperability solution that can scale. Currently, Chaosnet supports Ethereum, Bitcoin, Bitcoin Cash, and ZCash.
RenVM is also a network (and an accompanying SDK) that allows developers to bring multi-chain functionality to their applications.
Chaosnet puts RenVM to the test with real economic incentives. Users can earn rewards by contributing to the ChaosDEX liquidity pool, running a Chaosnet Darknode, and Chaosnet Challenges for developers.
Any transaction that RenVM facilitates during Chaosnet will be split evenly amongst all participating Darknodes. The current reward structure for Darknodes is 10 BPS (0.1%) per transaction.
Thus, if there is a $100 swap from BTC to DAI, the Darknode network will earn $0.10 worth of BTC, which will be split evenly amongst all fully registered Darknodes.
Launch of RenVM Mainnet
Chaosnet serves as the final step before the mainnet launch. It will run in parallel with Ren’s security audit.
“Chaosnet is not for the faint-hearted. There is a real chance your funds may be lost when utilizing any component of ChaosDEX or running a Darknode. While we understand the risks, using real assets is inherently useful for the team because it allows us to tweak our economic assumptions if proven wrong, which ultimately ensures the sustained success of RenVM.”
– Taiyang Zhang, Ren CEO