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RENBTC is an Ethereum-based ERC-20 token pegged 1:1 to Bitcoin (BTC). Therefore, 1 RENBTC is always equivalent to 1 Bitcoin. However, as the CTO of the Ren platform points out, RENBTC is not the value of Bitcoin on the Ethereum network. RENBTC is a direct representation of Bitcoin on Ethereum and can be used at any time, in any amount, in exchange for BTC.
What is RENBTC Coin?
RENBTC Coin is an ERC-20 token and a direct representation of Bitcoin on Ethereum. The Ren platform backs RENBTC, and various tokens can be represented on the Ethereum network through RENVM.
RenVM defines itself as an “unpermissioned and decentralized virtual machine protocol.” More explicitly, it’s described as a digital computer network that enhances interoperability for decentralized applications, enabling cross-chain lending, swapping, collateralization, and more.
RenVM secures users’ data privacy with Shamir’s Secret Sharing. This method stores data in multiple divided forms, requiring all pieces to be combined to access any data, thus ensuring high-level security.
Additionally, with Byzantine Fault Tolerance, it operates even in a dynamic and potentially malicious environment. Even if Darknodes become unusable or act maliciously, the network grows, scripts continue to run, and data remains confidential.
On the other hand, RenVM provides one of the scalable practical interoperability solutions. It is also characterized as the only solution allowing secret computations over multiple inputs and parties. RenVM is not a product or application in itself but serves as a network enabling developers to add cross-chain functionality to DeFi applications.
RENBTC operates on this network as a token created and pegged 1:1 to BTC.
Analysis of RENBTC
RENBTC coin stands out both for its operation on the Ethereum network and for being pegged to the price of Bitcoin. Users who prefer to use the Ethereum network and benefit from the price of Bitcoin seem to opt for RENBTC.
To understand why investors prefer RENBTC and their opinions, it’s useful to look at current and historical figures.
According to CoinMarketCap, with a trading volume of $296,076,291, RENBTC ranks 210th in market capitalization and was trading at $15,401, similar to Bitcoin, at the time of writing.
Additionally, there are currently 19,223 RENBTC in circulation, but there is no clear information about what the total number will be. It should also be noted that RENBTC reached its highest level at $15,803 on November 6, 2020, and its lowest level at $9,011 on July 22, 2020.
How and Where to Buy RENBTC?
Binance, the largest cryptocurrency trading platform by market capitalization, started listing RENBTC on November 9, 2020. Following the listing, Binance users can trade using RENBTC/BTC and RENBTC/ETH pairs.
In addition, RENBTC, being indexed to BTC, shows a favorable price graph. However, the price of RENBTC coin has been observed to fluctuate following the listing.
RENBTC coin can be purchased quickly and securely through the Binance exchange.
