Ren, an open protocol providing access to inter-blockchain liquidity for all decentralized applications, has announced version 2.0 of RenBridge is now live.
RenBridge enables the simple wrapping of digital assets on different blockchains. For example, RenBridge allows users to take BTC and put it on Ethereum, as an ERC-20 called renBTC.
How does it work?
Using RenVM, a universal translator, RenBridge converts digital assets to the format needed by its destination chain. For example, RenVM takes BTC, holds it, and then converts it to an ERC-20 with a 1:1 ratio to ensure renBTC is always backed by the same amount of BTC.
With RenBridge 2, the Ren ecosystem now has access to the below assets:
$renBTC | Bitcoin (BTC) on Ethereum & Binance Smart Chain
$renBCH | Bitcoin Cash (BCH) on Ethereum & Binance Smart Chain
$renZEC | Zcash (ZEC) on Ethereum & Binance Smart Chain
$renDOGE | Dogecoin (DOGE) on Ethereum & Binance Smart Chain
$renLUNA | Terra (LUNA) on Ethereum & Binance Smart Chain
$renDGB | DigiByte (DGB) on Ethereum & Binance Smart Chain
In addition to new blockchains, one of the core improvements with RenBridge 2 is an improved user experience.