In a tweet published a couple of days ago by the REN Protocol team, a protocol that allows bringing various crypto assets on the Ethereum blockchain, the first test to bring Dogecoin (DOGE) to Ethereum.
Mint TX https://t.co/LfEO79WGjG
– Ren (@renprotocol) October 1, 2020
Through a system of smart contracts and Darknodes, the REN protocol brings different cryptocurrencies, such as Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC), to the Ethereum blockchain to improve interoperability between the different chains.
One advantage of this protocol is undoubtedly its speed and security, thanks to the fact that it uses a Shards system that randomly chooses the Darknodes that will be in charge of moving the funds as well as minting and burning tokens.
In fact, the tweet shows so much the minting transaction, that from testing it has consumed very little fees, although this is only on the testnet, while here it is possible to see the transaction in flames, that is, the tokens that have been burned.
Certainly, blockchain interoperability also involves emulating the supply of other blockchains within others. And therefore, not only from systems like REN.
The most famous case is that of synthetic bitcoin found in Ethereum, such as wBTC, tBTC or pBTC, so the number of protocols is high.
Other blockchains are also starting to get their share of BTC, like in EOS where there is pBTC, while in Tron there will be wBTC.
It should be noted that this "portability" will allow assets to be used in various decentralized finance protocols (DeFi) as is already the case with BTC, which are used in loan protocols, or in decentralized exchanges (DEX), providing liquidity to pools .
The latest news on the REN protocol
In any case, this is very positive news for the REN Protocol, which was also recently listed on the Coinbase Pro exchange, where it can be traded starting next week.
For these reasons, the REN price has skyrocketed, marking a double-digit rise, and is now trading at around $ 0.27.