{"id":9973,"date":"2023-07-27T05:27:31","date_gmt":"2023-07-27T05:27:31","guid":{"rendered":"https:\/\/www.bitnovo.com\/blog\/?p=9973"},"modified":"2022-05-16T21:53:25","modified_gmt":"2022-05-16T21:53:25","slug":"what-is-renvm","status":"publish","type":"post","link":"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm","title":{"rendered":"What is RenVM?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Alternar tabla de contenidos\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/#history_of_renvm\" >History of RenVM<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/#why_was_renvm_created\" >Why was RenVM created?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/#how_does_renvm_work\" >How does RenVM work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/#what_are_darknodes\" >What are Darknodes?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/#what_is_zksnarks\" >What is zkSNARKS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-renvm\/#what_is_hyperdrive\" >What is Hyperdrive?<\/a><\/li><\/ul><\/nav><\/div>\n<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span><p>Many times we look at the projects, their advantages and the products they offer us, but we don\u2019t look at how they work or the components that make it possible. This is the example of\u00a0<strong>Ren Protocol and its RenVM, a virtual machine<\/strong>\u00a0running on the second layer Ren protocol which in turn is developed on the Ethereum network.<\/p>\n<p>Most of us know or have heard about Ren Protocol, however, we do not know what it is or how its virtual machine works. This machine aims to allow the development of tokens anchored and controlled by a structure that is completely decentralized.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"history_of_renvm\"><\/span><strong>History of RenVM<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The development of such a powerful machine cost time and dedication. The creation of this great tool has its origins in<strong>\u00a0November 24, 2017<\/strong>. On that day, Ren\u2019s Singapore-based company was established. It wasn\u2019t until\u00a0<strong>February 2<\/strong>\u00a0of the following year that the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-an-ico-initial-coin-offering\/\">ICO<\/a>\u00a0was held to start with the funding of the Ren project. The said ICO lasted 24 hours and managed to raise no less than\u00a0<strong>$34 million.<\/strong><\/p>\n<p>The company\u2019s co-founders are\u00a0<strong>Taiyang Zhang and Loong Wang<\/strong>. After\u00a0<strong>the first ICO<\/strong>, they and their development team started the hard process of creating the whole structure of the virtual machine. This development was officially and successfully completed on May 27, 2020 with the launch of the\u00a0<strong>mainnet<\/strong>. After the launch of the project\u2019s mainnet, they demonstrated the potential of their technology by linking blockchain technologies quickly and easily, using\u00a0<strong>Ethereum\u2019s decentralized finance ecosystem.<\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"why_was_renvm_created\"><\/span><strong>Why was RenVM created?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This\u00a0<strong>virtual machine<\/strong>\u00a0represents the basis of the entire Ren Protocol project. This project aims to develop various blockchain interoperability mechanisms between the\u00a0<strong>Ethereum network and other cryptocurrencies.<\/strong><\/p>\n<p>One of the objectives of this machine is to guarantee certain principles such as system\u00a0<strong>decentralization, security, speed<\/strong>\u00a0of operations and\u00a0<strong>privacy<\/strong>\u00a0of users and transactions.<\/p>\n<p>A few months ago RenVM was also activated in\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-and-how-it-works-avalanche-avax\/\">Avalanche<\/a>, allowing users to record and mint assets in the Avalanche network. The integration establishes a direct deposit and withdrawal function to\/from the network at reduced\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-gas-in-ethereum\/\">gas<\/a>\u00a0rates.<\/p>\n<div id=\"image_1190906915\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu%C3%A9-es-Ren-VM2.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM2-300x205.jpg 300w\" alt=\"Qu\u00e9-es-Ren-VM\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM2.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM2-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM2.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"how_does_renvm_work\"><\/span><strong>How does RenVM work?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To achieve its main objectives, RenVM works on a\u00a0<strong>structure of smart contracts<\/strong>\u00a0developed on the\u00a0<strong>Ethereum<\/strong>\u00a0network. These contracts constantly interact with what we know as Darknodes. Darknodes are decentralized nodes that enable\u00a0<strong>interoperability<\/strong>\u00a0between blockchains ensuring\u00a0<strong>security, decentralization, privacy and speed<\/strong>\u00a0of transactions.<\/p>\n<p>Darknodes that interact with\u00a0<strong>smart contracts<\/strong>\u00a0employ cryptographic technologies known for their high power and in turn form a set of tools with the goal of achieving an environment that meets the expectations of Ren Protocol developers.\u00a0 Some of these tools are\u00a0<strong>Shamir\u2019s Secret Sharing<\/strong>\u00a0(SSS), the Hyperdrive consensus algorithm (known for its high speed) and\u00a0<strong>sMPC<\/strong>\u00a0(Secure Computing Systems).<\/p>\n<p>The operation of RenVM is not very different from other\u00a0<strong>classic<\/strong>\u00a0projects where we enter a cryptocurrency and in\u00a0<strong>exchange<\/strong>\u00a0we receive an ERC-20 token that has the same value of the blocked coin. For example, if we enter 1 BTC, in the case of the wBTC project, we will get back\u00a0<strong>1 wBTC<\/strong>, which is equivalent to the same value and with it we will be able to access the Ethereum ecosystem, since it is an\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-an-erc-20-token\/\">ERC-20<\/a>\u00a0token.<\/p>\n<p>The way in which Ren\u2019s virtual machine achieves this\u00a0<strong>transaction<\/strong>\u00a0is somewhat different from the classic way we all know. To do so, it uses three key\u00a0<strong>tools<\/strong>\u00a0that we will see in detail below.<\/p>\n<div id=\"image_1139795261\" class=\"img has-hover x md-x lg-x y md-y lg-y\">\n<div class=\"img-inner dark\"><img decoding=\"async\" class=\"attachment-large size-large lazyloaded\" src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu%C3%A9-es-Ren-VM1.jpg\" sizes=\"(max-width: 768px) 100vw, 768px\" srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM1-300x205.jpg 300w\" alt=\"Qu\u00e9-es-Ren-VM\" width=\"768\" height=\"526\" data-srcset=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM1.jpg 768w, https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM1-300x205.jpg 300w\" data-src=\"https:\/\/www.bitnovo.com\/blog\/wp-content\/uploads\/2021\/12\/Qu\u00e9-es-Ren-VM1.jpg\" data-sizes=\"(max-width: 768px) 100vw, 768px\" \/><\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"what_are_darknodes\"><\/span><strong>What are Darknodes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Darknodes are a\u00a0<strong>set of nodes<\/strong>\u00a0which together form an indispensable part of the network that makes<strong>\u00a0RenVM<\/strong>\u00a0work. These nodes are in charge of blocking funds. Together they form a large\u00a0<strong>peer-to-peer<\/strong>\u00a0or\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-peer-to-peer-network\/\">P2P<\/a>\u00a0network that enables the execution of\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-smart-contract\/\">smart contracts<\/a>, as well as offering great\u00a0<strong>computational and storage power.<\/strong><\/p>\n<p>Thanks to these nodes there is the decentralized processing infrastructure that facilitates the interaction of the\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-ethereum-eth-and-how-does-it-work\/\">Ethereum<\/a>\u00a0blockchain with other blockchains. In other words, they are responsible for carrying out all\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-a-cross-chain-swap\/\">cross-chain<\/a>\u00a0activity of the virtual machine.<\/p>\n<p>If you are thinking of forming a Darknode, you should know that, being such an important tool, it has certain protections. One of them is that for its creation it is necessary to keep in\u00a0<a href=\"https:\/\/www.bitnovo.com\/blog\/en\/what-is-cryptocurrency-staking\/\">staking<\/a>\u00a0more than\u00a0<strong>100 thousand REN tokens<\/strong>. To get an idea of how important this investment is, we should know that the REN token has a limited supply of\u00a0<strong>one billion tokens<\/strong>, which means that only a maximum of\u00a0<strong>10 Darknodes<\/strong>\u00a0can exist. This measure was created to prevent anyone from taking control of the Darknode network and manipulating it for their own benefit.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"what_is_zksnarks\"><\/span><strong>What is zkSNARKS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Ren\u2019s highly secure and private system is due to<strong>\u00a0zkSNARKS<\/strong>\u00a0testing, RenVM\u2019s multiparty computation algorithm. The choice of zkSNARKS is due to obtaining a highly tested, secure, and privacy-centric algorithm for the network. With such an algorithm, the project\u2019s\u00a0<strong>sMPC<\/strong>\u00a0system can guarantee users that no one will see the information contained in the transactions.<\/p>\n<p>This sMPC system is called <strong>zk-COMPUTE<\/strong>\u00a0and is responsible for protecting user operations on the Darknodes network. In addition, zk-COMPUTE fulfills another fundamental function and that is to be a simple and highly fault and error tolerant cryptographic function. This system, together with the Hyperdrive consensus, guarantees the\u00a0<strong>high scalability<\/strong>\u00a0of the network.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"what_is_hyperdrive\"><\/span><strong>What is Hyperdrive?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Darknode network needs a fast, secure and error-proof consensus protocol due to the\u00a0<strong>multi-interaction nature of RenVM<\/strong>. To this end, the Ren development team transformed the Tendermint protocol and<strong>\u00a0adapted<\/strong>\u00a0it to their needs, resulting in the new protocol called\u00a0<strong>Hyperdrive<\/strong>.<\/p>\n<p>This is a\u00a0<strong>Byzantine fault-tolerant<\/strong>\u00a0protocol that allows large networks to be securely integrated and, being based on\u00a0<strong>Tendermint<\/strong>, it is based on the principles of the high-speed, low-latency\u00a0<strong>gossip<\/strong>\u00a0protocol. It therefore provides great scalability in the network. In addition, it has a\u00a0<strong>storage<\/strong>\u00a0device that preserves data on the hard disk.<\/p>\n<p>All these elements allow the correct operation of\u00a0<strong>Ren\u2019s virtual machine<\/strong>, providing it with features that many projects do not have.<\/p>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Tiempo de lectura:<\/span> <span class=\"rt-time\"> 4<\/span> <span class=\"rt-label rt-postfix\">minutos<\/span><\/span>Many times we look at the projects, their advantages and the products they offer us, but we don\u2019t look at how they work or the components that make it possible. This is the example of\u00a0Ren Protocol and its RenVM, a virtual machine\u00a0running on the second layer Ren protocol which in turn is developed on the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[185],"tags":[],"class_list":["post-9973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-en"],"_links":{"self":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9973","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/comments?post=9973"}],"version-history":[{"count":0,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/posts\/9973\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media\/9975"}],"wp:attachment":[{"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/media?parent=9973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/categories?post=9973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitnovo.com\/blog\/wp-json\/wp\/v2\/tags?post=9973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}