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An ERC-20 Bitcoin Powered by Ren.
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renBTC (RENBTC) is an ERC-20 digital asset backed by Bitcoin (BTC) in a 1:1 fashion.
A user can generate renBTC by sending BTC to a RenVM address on the Bitcoin blockchain. The user's BTC will be locked in that address, and renBTC will be minted to a designated wallet on the Ethereum blockchain.
Instead of storing BTC within a centralized or trusted custodial setup, RenVM stores BTC in a network of decentralized nodes called Darknodes, which require a stake of 100,000 REN tokens to run.
A user can redeem his/her BTC by burning renBTC on Ethereum. The locked BTC will be released to a designated Bitcoin address after the renBTC token burn is confirmed.