Cross-chain private exchange protocol Ren inches closer to mainnet

Ren is an open protocol that provides access to inter-blockchain liquidity for all decentralized applications; bringing BTC, BCH and ZEC to Ethereum dApps...

Cross-chain private exchange protocol Ren inches closer to mainnet

Ren, an open protocol that enables the permissionless and private transfer of value between any blockchain, announced today it is now closer than ever to launching its mainnet. The impending launch follows last year’s release of a working testnet and launch of a developer portal.

With the final stages of testing now underway, the goal is to go live with a stable and secure deployment of RenVM, to be known as Mainnet SubZero. Ren recently began a Hyperdrive audit, and its RZL sMPC audit is ready for scoping. So far, no problematic issues have been encountered.

“This year promises to be an exciting one for the Ren project, with the much-anticipated release of Mainnet SubZero. We have hit the ground running this year, and a lot has been achieved in January. In preparation for the fast-approaching Mainnet SubZero release, we have been focused on tighter testing iterations, more open-source repositories, and more documentation.”
– Loong Wang, CTO, Ren

RenVM serves as the engine that powers Ren. Using a new secure multiparty computation algorithm, RenVM provides one of the only practical privacy + interoperability solutions that can scale and is the only solution that allows for private computation over multiple inputs and multiple parties. RenVM is not a product or an application in and of itself. RenVM is a network (and an accompanying SDK) that allows developers to bring multi-chain functionality to their applications.

Four pillars making up RenVM:

  1. Shamir’s Secret Sharing – The foundation of how RenVM keeps user data secret
  2. Secure Multiparty Computation (sMPC) – How RenVM efficiently runs secret scripts
  3. Byzantine Fault Tolerance – Uptime in a dynamic and potentially malicious environment
  4. Hyperdrive – Fast decentralized consensus: RenVM uses a modified version of the Tendermint consensus algorithmic designed specifically for sharing and sMPC.
The easiest way to imagine RenVM is to first think of a trustless custodian that holds your digital assets as they move between blockchains. You give BTC to RenVM, it holds that BTC, and it mints that BTC as an ERC20 (a.k.a. renBTC) on Ethereum with a 1:1 ratio to ensure your renBTC is always backed by the same amount of BTC.

Highlights of January’s Progress

RenVM

Smart Contracts

Other