An open and community-driven protocol, Ren, on Wednesday, announced the unveiling of its new project, Ren 2.0. The protocol announced the development in a blog post on its official handle. Reportedly, Ren 2.0 functions as an open protocol and enables novel multi-chain application development.
According to Ren, the project depicts its next iteration in the emergent multi-chain sphere. As announced, Ren 2.0 will enjoy the EVM support and harness its robust bridging technology for a new world of opportunities.
Previously, The Ren protocol supports only BTC, BCH, and ZEC on Ethereum mainnet. The new upgrade facilitated with the new Ren 2.0 means the protocol will now supports more virtual assets across smart contract chains, including Arbitrum, Polygon, Solana, and more.
Additionally, the protocol support mechanism paves the way for interoperability among the biggest and most active ecosystems in the crypto sphere. More so, the Ren platform tends to give support to direct bridging of renASSETS between smart contract chains. This thus makes the process more faster and cheaper. Also, it tends to initiate support for generic tokens, moved between those smart contract chains, such as stablecoins, and native assets like ETH.
Notably, the Ren 2.0 has been designed to power and facilitate the Ren ecosystem. As revealed, its major improvement revolves around decentralization, security and a host of others. The protocol said the new upgrade would be deployed to a new network. It, however, intends to keep running the existing Ren ecosystem after migrating to Ren 2.0.
Ren 2.0 to run as a decentralized platform from its unveiling
The community-driven protocol tends to become decentralized from its unveiling. This thus allow users with REN to spin up a validator in becoming part of the execution nodes. Reportedly, the new network tends to employ Flexible Round-Optimized Schnorr Threshold (FROST) signing scheme. This technique paves the way for better scalability on the decentralized network. Also, FROST usage allows reduces network overhead incurred during signing operations. The technique takes away any restrictions on the safe threshold. However, Ren says the execution of these functions still ongoing.
Worth noting that the protocol intends to make all codes on Ren 2.0 open-source. This, according to the developers tends to expose Ren to the larger community of contributors across the globe. Also, it says such will evolve the project into a decentralized public goods multi-chain infrastructure governed by DAO and node facilitators.
The protocol says discussions are ongoing to determine the custodian fees. It says such will he formalized via the governance process geared towards aligning incentives meant to safeguard the network.