Blockchain
By Ayobami Abiola
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Interoperability of Blockchains- now a focus for Developers
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Ren Protocol
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Other Smart Contract based D'apps
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Transaction fee
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Transaction Speed
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Thoughts, Suggestions, and Considerations
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Attention!!! This article includes the opinion of the writer
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The Digibyte community became excited when Loong (@bzlwang), CTO of Ren Protocol made an interesting statement that Ren will be able to demonstrate the ability to wrap coins like…
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“We are very excited about the development with #RenVM @renprotocol The ability to wrap $DGB to $renDGB will provide us interoperability with #Ethereum's #ERC20 network and DeFi…
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Personally, I feel it is great news that reveals the ability and innovative creation of Ren protocol.
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Coins can be wrapped on another blockchain by sending the coins to a centralized custodian which in turn sends the wrapped coins to the user.
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But for Ren protocol, the private keys of the wallets that hold the coins in their custody is operated by a set of Darknode operators.
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Thinking cap: Cool! can we say that the staked RENs are like collaterals, an assurance that the nodes will not act maliciously?
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Essentially, Ren operates like a trustless blockchain and this opens up a wide range of applications for wrapped coins.
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Wrapped coins can be used easily by DeFi applications. Eventually, we will have renDGB and then, you will be able to do some yield farming with Digibyte coins on the amazing pool…
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