REN Protocol Integrates Optimism
REN Protocol integrates Optimism a low-cost and lightning-fast Ethereum L2 blockchain. Ren now supports direct bridging to and from Optimism for every asset that Ren supports, such as $BTC, $ETH, and $USDC.
With this integration, users can now build Cross-Chain dApps on Optimism with the RenJS SDK.
RenBridge enables the simple wrapping of digital assets on different blockchains. For example, RenBridge allows users to take BTC and put it on Ethereum, as an ERC-20 called renBTC.
How does it work?
Using RenVM, a universal translator, it converts digital assets to the format needed by its destination chain. For example, RenVM takes BTC, holds it, and then converts it to an ERC-20 with a 1:1 ratio to ensure your renBTC is always backed by the same amount of BTC.
How safe is it?
RenVM holds on to your assets when they are on other blockchains. RenVM is new technology and security audit.
HOW OPTIMISM WORKS
Optimism is as simple as possible for the feature set it provides. Ideally, Optimism should be composed of the minimum number of moving parts required for a secure, scalable, and flexible L2 system. This simplicity gives Optimism’s design a number of significant advantages over other more complex L2 constructions.
Simplicity reduces engineering overhead, which in turn means we can spend our time working on new features instead of re-creating existing ones. Optimism prefers to use existing battle-tested Ethereum code and infrastructure where possible. The most visible example of this philosophy in practice is the choice to use Geth as Optimism’s client software.
Optimism is an “Optimistic Rollup,” which is basically just a fancy way of describing a blockchain that piggy-backs off of the security of another “parent” blockchain. Specifically, Optimistic Rollups take advantage of the consensus mechanism (like PoW or PoS) of their parent chain instead of providing their own. In Optimism’s case, this parent blockchain is Ethereum.
ABOUT REN Protocol
Ren is an open protocol that enables the movement of value between blockchains.
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ABOUT OPTIMISM
Optimism is a low-cost and lightning-fast Ethereum L2 blockchain.
