What Is RenBTC (RENBTC)?
RenBTC is an ERC-20 token built on the Ethereum network, pegged to Bitcoin. This means that each RENBTC can be always redeemed for one Bitcoin, and hence tends to maintain its value at close to the Bitcoin market rate.
RenBTC is minted on the Ren platform, which is an open protocol that provides everyone with access to the inter-blockchain liquidity, helping to bring assets from other blockchains to Ethereum decentralized applications (DApps). The main cryptocurrencies supported are Bitcoin (BTC), Bitcoin Cash (BCH) and Zcash (ZEC).
The renBTC token is a direct competitor of Wrapped Bitcoin (wBTC). Minting the token is a fairly straightforward process, which sees users simply send their BTC to RenVM, which then secures the asset and mints an equivalent number of renBTC tokens on Ethereum.
Unlike other Bitcoin-backed tokens, renBTC is not a synthetic token, and doesn’t rely on any liquidation mechanisms to ensure it remains pegged to the value of BTC – instead, it’s a direct supply peg, meaning there are always enough BTC in reserve to cover the circulating renBTC supply.
Redeeming renBTC is just as simple as minting it. The user only needs to send their renBTC back to RenVM (paying a small gas fee to do so) which releases the native Bitcoin to the user’s address. The renBTC tokens are destroyed, reducing the supply to match the reduced reserves.
Who Are the Founders of RenBTC (RENBTC)?
Ren (formerly Republic Protocol) – the development firm behind the Ren ecosystem was founded by Taiyang Zhang, who is also its current CEO.
Zhang was also a founding member of KeeperDAO and is one of the co-founders of Virgil Capital – a multi-strategy quantitative cryptocurrency trading firm. He is a skilled developer and early cryptocurrency adopter.
The Ren team also includes Loong Wang, the current CTO of Ren. Wang was the lead software developer for Neucode, and also holds the position of academic tutor at the Australian National University.
The rest of the team includes three more software developers, one blockchain developer, a researcher, and currently comprises more than 30 individuals.
renBTC Price Prediction
If you’re looking for renBTC price predictions for 2022, 2023, 2024, 2025, 2030 and want to know where the prices of renBTC (RENBTC) will go in the future? We will analyze the past prices of renBTC (RENBTC) and will found out what experts are saying about its future price actions.
Please keep that in mind you need to take this prediction and every other prediction with the intention that this is only the suggestion of some market expert/analysts.
Not to mention predicting something so perfect is completely impossible. But we will try our best. Let’s start.
|Year||Minimum Price||Average Price||Maximum Price|
|USD Price||$ 38,936.92|
|24h Volume||$ 1,988,016|
renBTC (RENBTC) Price Prediction
At reconshell.com we predict future renBTC price predictions/RENBTC forecast by applying deep artificial intelligence-assisted technical Analysis on the past price data of renBTC. We do our best to collect maximum historical data for the RENBTC coin which include multiple parameters like past price, renBTC marketcap, renBTC volume and few more. If you are looking to invest in digital cryptocurrencies and want good return on your investments, make sure to read our predictions.
renBTC Price Prediction 2022
According to our deep technical analysis on past price data of RENBTC, In 2022 the price of renBTC is predicted to reach at a minimum level of $57,004.39. The RENBTC price can reach a maximum level of $65,829.55 with the average trading price of $58,955.83.
renBTC Price Prediction 2023
The price of renBTC is predicted to reach at a minimum level of $83,298.55 in 2023. The renBTC price can reach a maximum level of $100,638.61 with the average price of $85,656.78 throughout 2023.
RENBTC Price Forecast for 2024-2025
As per the forecast price and technical analysis, In 2024 the price of renBTC is predicted to reach at a minimum level of $116,600.79. The RENBTC price can reach a maximum level of $142,495.54 with the average trading price of $120,883.63.
The price of 1 renBTC is expected to reach at a minimum level of $169,107.43 in 2025. The RENBTC price can reach a maximum level of $206,033.31 with the average price of $173,942.78 throughout 2025.
renBTC Price Prediction 2026
renBTC price is forecast to reach a lowest possible level of $258,346.91 in 2026. As per our findings, the RENBTC price could reach a maximum possible level of $294,492.72 with the average forecast price of $265,304.62.
renBTC Price Prediction 2027
According to our deep technical analysis on past price data of RENBTC, In 2027 the price of renBTC is forecasted to be at around a minimum value of $383,568.98. The renBTC price value can reach a maximum of $449,005.52 with the average trading value of $396,834.21 in USD.
renBTC (RENBTC) Price Prediction 2028
The price of renBTC is predicted to reach at a minimum value of $573,898.17 in 2028. The renBTC price could reach a maximum value of $670,045.17 with the average trading price of $593,739.88 throughout 2028.
renBTC Price Prediction/Forecast 2029
As per the forecast and technical analysis, In 2029 the price of renBTC is expected to reach at a minimum price value of $830,679.57. The RENBTC price can reach a maximum price value of $972,963.13 with the average value of $854,429.16.
renBTC (RENBTC) Price Prediction 2030
The price of renBTC is predicted to reach at a minimum value of $1,219,391.52 in 2030. The renBTC price could reach a maximum value of $1,430,177.10 with the average trading price of $1,253,568.68 throughout 2030.
renBTC Price Prediction 2031
renBTC price is forecast to reach a lowest possible level of $1,812,369.76 in 2031. As per our findings, the RENBTC price could reach a maximum possible level of $2,146,110.46 with the average forecast price of $1,875,048.19.
What Makes RenBTC Unique?
The main difference between renBTC and other wrapped Bitcoin tokens is the fluid value exchange of the token. RenVM does not store any Bitcoin inside a centralized custodial platform but instead uses a decentralized network of nodes called Darknodes. Users can mint and burn tokens back and forth whenever they want, without needing to complete KYC to do so. The protocol can handle hundreds of transactions per minute, and has never been overloaded.
Additionally, RenVM can be directly integrated into numerous decentralized applications through the use of specialized adapters provided by Ren. This means that a user can directly utilize Bitcoin (via RENBTC) on a decentralized exchange (DEX) or lending platform without needing to jump through any hoops first.
It’s also important to note that the ECDSA private keys of RenVM are secret which creates a trustless, decentralized, and permissionless BTC token on the Ethereum network.
How Many RenBTC (RENBTC) Coins Are There in Circulation?
The total supply and circulating supply of RenBTC are the same and fluctuate as ERC-20 renBTC tokens are minted and burned. The token did not have a token sale, and there is no team allocation of RENBTC.
As of December 2020, there are just north of 14,000 BTC wrapped as RENBTC, bringing its market capitalization to $321.9 million. Note that this is likely to change considerably over time, as the market capitalization of renBTC depends both on the underlying value of Bitcoin (BTC), and the number of BTC held in the renBTC reserve.
How Is the RenBTC protocol Secured?
RenBTC operates on top of the Ethereum network – one of the most secure blockchains in current usage. The ERC-20 RenBTC tokens are secured by the collective efforts of thousands of Ethereum miners, who act to maintain the integrity of the Ethereum blockchain and the tokens transferred on it.
Additionally, the RenVM protocol utilizes a secure multiparty computation system that allows untrusted Darknodes to run scripts without revealing the input or output to others. Darknodes must stake 100,000 REN tokens as collateral and earn fees for helping to power the renBTC network.
The ECDSA private keys are hidden, even from the nodes, which means that RenVM generates and signs data in a secure manner. No attacker can prevent other users from minting their renBTC or redeeming their BTC back whenever they choose.
The protocol claims to be Byzantine Fault Tolerant which means that even if the Darknodes become unavailable or act fraudulently, the scripts will continue running to keep the secrets hidden.
Where Can You Buy RenBTC (RENBTC)?
Users can always obtain RenBTC by minting it on the RenVM protocol using any Bitcoin they already have. However, the ERC-20 renBTC token can be purchased directly on several popular exchanges including Binance and Huobi Global, in addition to various decentralized exchanges – including Uniswap and 1inch Exchange.
As of December 2020, the most popular renBTC trading pairs are renBTC/BTC, renBTC/WETH, and renBTC/USDT. There are currently no direct fiat on-ramps to renBTC, but you can buy Bitcoin with fiat (as explained here), and then convert it to renBTC via the RenVM platform.