A permissionless and decentralized virtual machine protocol
RenVM is a network that implements universal interoperability across different blockchains. It is powered by thousands of independently operated machines known as darknodes. Users will be able to send any assets to any application in any chains in any quantity through RenVM. To implement such interoperations between different chains, RenVM uses the tokenised representation. Tokenised representation is used by many projects to allow bridges between chains, in which user locks up an asset with the network, and then the network mints token on another chain. The traditional tokenised representation poses many problems including the need to trust the network (custodian) to secure the locked assets. RenVM circumvent these problems by implementing RZL MPC algorithm which generate and manage private keys that are unknown to everyone including the darknodes. This private keys can only be used with the cooperation of more than one-third of the dark nodes, therefore making an attack very difficult.
REN is the token used in the RenVM network. It sole function is for bonding, ie. to run a darknode. Darknodes that are caught to be malicious or responsible for the loss of assets, will be penalised by slashing their REN. The incentives given for the darknodes are through fees paid by the users when they transfer assets across RenVM.
Polychain, FBG Capital, Hyperchain Capital, Infinite Capital, Huobi Capital, Limitless Crypto Investments, Block VC.