RenVM is a decentralized system that makes it possible to create ERC-20 tokens based on Ethereum that exactly equal bitcoin (BTC) and other cryptocurrencies. RenVM offers liquidity from digital assets like bitcoin to Ethereum-based decentralized finance (DeFi) applications using these tokenized representations. The native coin of RenVM, called REN, can be used to run a node on the Ren network and to collect transaction fees. RenVM employs a technique known as tokenized representation. With this method, you can secure a resource and receive a one-to-one representation of it in exchange, often in the form of an ERC-20 token (ERC-20 is the technical standard for all smart contracts used on the Ethereum blockchain). The locked asset can then be redeemed by burning this tokenized asset. In the crypto ecosystem, there are several instances of tokenized representation, such as wrapped bitcoin (wBTC). RenVM, on the other hand, varies from existing platforms in that it employs a novel security paradigm relying on a network of private and randomly grouped nodes to ensure anonymity rather than using a centralized custodian to retain the locked assets.
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