Shadows Network Will Introduce renBTC Collateral Through Ren Protocol Partnership
It gives us great pleasure to announce that Shadows Network has partnered with Ren Protocol, whose protocol provides access to inter-chain liquidity for all decentralized applications (dApps).
With a permissionless, decentralized virtual machine, RenVM facilitates cross-chain lending, exchange, collateralization and more by leveraging zero-knowledge proofs over an sMPC based protocol that the team has pioneered. The state, inputs, and outputs of all programs that RenVM runs are kept hidden from everyone, including the nodes that power it. This allows RenVM to securely manage (ECDSA) private keys on different blockchains, making it possible to shift tokens between these blockchains in a seamless manner.
Henceforward, Shadows Network will use the protocol’s renBTC asset as a new type of collateral in our system. An ERC20 token, renBTC is a representation of the value of bitcoin on the Ethereum network, with one renBTC always redeemable for 1 BTC.
Synthetic assets on Shadows are typically underwritten by our native DOWS token, but the introduction of renBTC will provide an additional option. Users can issue synthetic assets by locking either DOWS or renBTC collateral into a smart contract, with the collateral representing a pipeline for off-chain assets to be mapped onto the blockchain.
“We couldn’t be happier to team up with Ren Protocol,” said Ted Shao, COO from Shadows Network. “Because Shadows supports a wide range of synthetic assets — including synthetic stablecoins and traditional assets like gold — it makes sense to have more than one form of collateral.
“Ren Protocol has been tireless in promoting the free movement of value between blockchains, and we look forward to utilizing renBTC and other Ren products to support this.”
Ren recently launched its eponymous RenBridge 2, enabling the use of bitcoin, bitcoin cash, zcash, renBTC and dogecoin on both the Ethereum blockchain and Binance Smart Chain. The RenVM is capable of supporting complex and composable cross-chain transactions, as well as scaling to meet growing demand. Anyone can use the virtual machine to send any crypto-asset to any application on any chain, with continuous shuffling making RenVM almost impossible to attack.
The synergies between Shadows and Ren Protocol are obvious, particularly as far as blockchain interoperability is concerned. We are sure that Shadows users will appreciate the ability to utilize bitcoin within our synthetic trading ecosystem.
About Ren
Ren is an open protocol that enables the movement of value between blockchains.
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