DeFi and Bitcoin. MakerDAO using BTC as collateral. What could be a perfect match hasn’t been achieved because of a major hurdle; Bitcoin and Ethereum cannot communicate.
RenBTC, tBTC, imBTC, wBTC. There are numerous projects trying to achieve Bitcoin-Ethereum interoperability, but Ren have a unique approach. Why? Because building a successful bridge between the two biggest blockchain projects is a big opportunity.
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🧐 DESCRIPTION (cont’d)
Like many of these solutions, Ren will create an ERC-20 token on the Ethereum chain which represents Bitcoin; namely RenBTC. There are similar projects already doing this such as Wrapped Bitcoin (wBTC), but the major difference is Ren has placed decentralisation at the forefront.
With this in mind, Keep Network’s tBTC is arguably a more similar competitor in the sector, but the two projects have major design differences.
If you’d like to learn more about Ren vs tBTC, check out our recent video –
In this video, I sit down with Ren’s CTO, Loong Wang to discuss Bitcoin and Ethereum interoperability in greater detail. Enjoy!
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