Ren recently released their monthly report for October. The report covers certain areas of developmental updates on the Ren protocol. Areas covered include the Multichain, Multiwallet, RenVM, and future plans for the Ren Network.
Updates on Multichain
Ever since the Ren Multichain was released, many contributions have come from the open-source. The Ren development team has finalized which chains that will be part of the next RenVM release. The team is also working hard and examining these new chains to determine which ones are the most viable.
Work has been going on the Multichain, and in October, the Ren core development team reached a milestone: cross-chain interoperability with the Acala testnet has been successfully demonstrated. As a result of this, the Ren team is closer to fully supporting the Acala mainnet when it finally goes live. This will bring BTC, as well as other non-native assets, to the Polkadot ecosystem.
Still on achieving milestones, a proof-of-concept has successfully been demonstrated with Solana. While more work needs to be done, a concrete execution model has been developed to help with supporting the needs of RenVM.
Introducing the Multiwallet
To complement the Multichain, the Ren team started the development of a new front-end library. This is because a wallet is needed to complement a chain. As a result of this development, the Ren team will be able to make use of a single unified library for interactions. This means that interactions will be able to be carried out with multiple wallets across multiple chains. However, the dependencies between both entities would be fine-tuned, resulting in UIs that are fast and slim.
Updates on RenVM
According to the report, the next version of RenVM was deployed to the mainnet. The deployment was done as a private release candidate, implying that the team is satisfied with its performance and stability. Also, the movement to the final stages of testing will soon be properly done on the mainnet.
Over the first week of November, this deployment will take place in different phases, and each chain will be deployed one at a time. In this period, the deployment will also be made available to the partnering developers and teams. By the middle of November, this latest version of RenVM will be available to be used by the general public.
When it has been made available to the general public, RenVM will be able to support DGB, LUNA, BCH, BTC, DGB, FIL, ZEC, and DOGE on the Binance Smart Chain. On Ethereum, support will be made available for DOGE, LUNA, DGB, and FIL. Also, it is pertinent to note that Ethereum already supports BTC, BCH, and ZEC.
Moving BTC and other Ethereum assets directly to Binance Smart Chain (or vice versa) will not be possible. During the next RenVM release, both features will be made available. This next release is estimated to be available in early 2021.
When the next release of RenVM will be made available, all developers would have to upgrade to a higher version of RenJS. This will enable them to get access to all the newly supported features and chains.
Future plans for Ren project
The report also gave insights into the coming months in RenVM and what should be expected. Support will be made for ERC20s to move to/from the Binance Smart Chain. This will also include renBTC and other pegged assets that would be moving directly between different chains.
The Ren development team will be working on creating support for Avalanche and other chains have been proposed in the Multichain repository. Also, there are plans to expand the core shard. This expansion will include new members and nodes. This will begin the next steps on the road to decentralization. Also, a shard rotation will be introduced to periodically move and split the total value that has been locked.
The last six months have been successful for the Ren protocol. They have over $300 million in total value locked, over $1 million in rewards for nodes, and over $1 billion in transacted volume. Will all these plans in view, there is indeed more to expect from the Ren protocol.
This news follows the update released last month from Ren, detailing updates like the launch of its community forum.
As of the time of writing, REN price was $0.291105 with a 24-hour trading volume of $80,015,496. REN price has gone down by 11.8% in the last 24 hours. It has a circulating supply of 881 million coins and a max supply of 1 billion coins. At the current time, Binance is the current most active market trading it.
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