Hello and welcome to this blog post about renBTC White Paper. I am very excited to know that you are interested in this amazing technology, you will be going to amazed by the incredible potential of the blockchain.
There is a lot to learn about this futuristic tech, lets get started to dive into the renBTC white paper and start to leverage it to build a more secure and trusted ecosystem for Industry 4.0 applications.
The aim of this blog post is to help you quickly understand about the philosophy behind the renBTC (RENBTC).
I can ensue you that, you will be able to understand every bits and pieces related to renBTC (RENBTC) after going through the renBTC white paper.
Without wasting any further time lets get started to dive right in and lets understand white paper first.
What is white paper?
A white paper is an informational, influential, well-structured document, usually published by an organization, to provide in-depth information about a specific solution.
A white paper is used to provide a good insight into the challenges for a specific problem and a proposed solution for the same.
renBTC White Paper
renBTC white paper will be going to provide you, all the information that is needed to get started with renBTC (RENBTC), including the inspiration for creating, the problem it is trying to solve and the solution proposed by renBTC (RENBTC).
A general use case virtual machine for performing private computations over a decentralized network without revealing the underlying information.
Ren is built on a decentralized virtual machine, RenVM, that leverages zkSNARK and secure multiparty computations to validate proofs and run programs in zero-knowledge. As a general purpose virtual machine, any kind of program can be executed on RenVM while keeping its inputs, outputs, and state, completely secret.
Programs on RenVM can also synthesize completely new data, that is not known to anyone, and still be governed by program logic. For example: a program could generate an ECDSA private key that it can use to sign transactions under specific conditions, without the key being known to anyone, including the program itself.
This creates opportunities to rebuild existing financial applications, bringing privacy and Byzantine Fault Tolerance to them, but it also brings about entirely new applications that were not previously possible in decentralized environments. RenVM can be used to replace an ideal trusted third-party: providing absolute secrecy and correctness
White Paper Link: renBTC (RENBTC) White Paper
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