Wednesday, December 2, 2020
Home Altcoin Buzz Blockchain Interoperability Surges as Multichain Available on RenVM

Blockchain Interoperability Surges as Multichain Available on RenVM

Ren Protocol recently announced that Multichain has been released into RenVM.

The report on RenVM also said that new upgrades have been made on the RenJS library. As a result of the Multichain release and upgrades, new sets of assets and chains have become interoperable.

On the Ethereum blockchain, Bitcoin (BTC), Bitcoin Cash (BCH), Filecoin (FIL), and Zcash (ZEC) are available. DigiByte (DGB), Dogecoin (DOGE), Terra (LUNA), and Zcash (ZEC) are also currently available in RenVM but will later be available on RenJS.

On the Binance Smart Chain, however, Bitcoin (BTC) and Filecoin (FIL) are available. Bitcoin Cash (BCH) and Zcash (ZEC) will be available after the recent Bitcoin Cash fork and Zcash Canopy upgrade have been settled. DGB, DOGE, and LUNA are available in RenVM, and will later be available in RenJS. This will enable the Ren team to provide third-party developers with adequate support.

For developers that wish to add native support for the listed digital assets in their Ethereum or Binance Smart Chain app, they can check out the developer documentation for the Ren Protocol. Developers can begin to build on the testnet and mainnet as of now.

Developers Can Build With RenJS

RenJS, as an SDK, enables developers to connect with RenVM easily. Through RenJS, native interoperability can also be provided for users. To find a good example of the functionality of RenJS, simply check on https://www.curve.fi/ren; this enables users to directly deposit and withdraw real Bitcoin into an Ethereum contract in just a single step. Using RenJS will enable developers to add this functionality for any RenVM-supported chain/asset.

Future Plans for RenVM

As the Multichain has been released to RenVM, developers will find that it is much more efficient than before to add to new assets. This is due to the fact that the Ren team has developed sufficient support for smart contract platforms like Substrate, EVM, and a host of others. Going forward, the work done in the third quarter can now pay dividends in regards to the support of new destination chains.

As interoperability has been achieved from one chain to another, it shows that RenVM is actively working towards a completely connected ecosystem of chains. As the weeks progress, RenBridge will also give support for the listed digital assets above. It is pertinent to note that RenBridge gives insight on how RenJS will be used. A developers chat has been created for developers that want to know more.

As of the time of writing, REN price was $0.341222, with a 24-hour trading volume of $53,399,711 and market cap of $301,502,594. REN price also went up 4.9% over the course of the last 24 hours. It also has a circulating supply of 881 million coins and a max supply of one billion coins. At the present time, Coinbase Pro is the most active exchange trading it.

For more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

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