renBTC (RENBTC)
An ERC-20 Bitcoin Powered by Ren.- 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.