Each virtual coin has its own set of features and functions. It is just common to see such traits appear in various ecosystems each time. It now seems that ETH could borrow certain liquidity from various ecosystems. RenVM main net is a product of Ren. This is a project that is concerned with creating a cross-blockchain transfer solutions in no knowledge.
RenVM Provides Extra Liquidity
To be specific, the RenVM introduction has huge potential in this regard. It is able to export certain features from Ethereum, Bitcoin Cash, Bitcoin, and Zcash. This is usually attained by offering interoperability between these ecosystems without coming up with a centralized solution.
RenVM places itself as a decentralized custodian capable of upholding assets to be moved between different blockchains. But, there is no original fund that is kept in a centralized ecosystem. As opposed, RenVM applies Darknodes to exchange the value. All private keys that are used within the ecosystem are private. They are also hidden from the Darknodes themselves.
The Earlier Introduction Of Chaosnet
Apart from being a network, RenVM is also an accompanying SDK. This implies that enables the developers to create multi-chain functionality to their applications. Chaosnet places RenVM to test with up to date economic incentives.
Users are able to earn rewards by making contributions to the ChaosDEX liquidity pool. As noted, this is possible by running a Chaosnet Darknode. It also has Chaosnet Challenges that is meant for the developers.
About The Darknode Rewards
During the Chaosnet period, there are certain transactions that are undertaken. Any of these transactions will be evenly distributed among all the participating Darknodes.
At the moment, the reward structure is 10 BPS, or 0.1% for a single transaction. Therefore, if there is $100 swap from Bitcoin to DAI, then the Darknode network will earn $0.10 Bitcoins. This will be evenly distributed amongst all the wholly registered Darknodes.
RenVM Mainnet Operations
Before the main net launch, Chaosnet serves as the last step. It is running in parallel with the main Ren’s security audit. Chosnet is not designed for the faint-hearted. This is according to Taiyang Zhang, Ren’s Chief Executive Officer. He also says that funds could even disappear when utilizing any of the ChaosDEX components.
The same could also happen when running a Darknode. These are some of the risks that are involved in the process. The CEO also notes that using real assets is useful for the whole team since it enables people to tweak their economic assumptions if proven wrong. In the end, this ensures the sustained success of RenVM.
Ren is a protocol that creates assets from different blockchain networks into decentralized apps.