1. Who is the interested party for this collateral application?
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
RenVM is an open protocol that enables the permissionless and private transfer of value between any blockchain. The REN token is used as a bond in order to operate darknodes on the RenVM network.
RenVM has already brought renBTC, renBCH and renZEC to the Ethereum network as part of the ongoing effort to connect different blockchains.
3. Provide a brief history of the project.
Q1 2018 - Decentralized Darkpools
Ren (Republic Protocol at the time) sold out a USD35 million ICO. The original mandate was to build darkpools for digital assets - a way to prevent front-running and price slippage by trading large amounts in a private, decentralized manner. This idea placed the project in the ‘interface’ layer of the stack. Rather than just building a single darkpool, the intention was to provide infrastructure for third parties to build multiple dark pools, pooling liquidity and providing a better end-user experience. RenEx and SwapperD were built and delivered (Q4 2018)
Q1 2019 - Republic Protocol Evolves to Ren
Ren team realizes that what they have built applies to much more than Darkpools, pivots down the stack to an ‘interoperability (+ privacy) protocol’ and RenVM is born. Rather than operating a single darkpool, or allowing multiple dark pools to build and connect, the protocol will now provide key interoperability infrastructure for DEXs, OTC desks, loan & leverage platforms, liquidity pools, NFTs, dApps, etc.
This is still utilized to test features prior to implementation on Mainnet.
The RenVM Mainnet Rollout Plan 3 articulates the steps for testing and gradual decentralization of the protocol. Follows the recommendation of Progressive Decentralization from Andreessen Horowitz. (Published September 2019)
Q4 2019 - RenVM Chaosnet | RenVM Mainnet Unaudited
Formal RenVM Chaosnet: November 2019 - Present
The sole purpose of this was to put RenVM Mainnet through as many stress tests as possible prior to Mainnet release. The Ren team believes this prudent approach (a 6 month testing period) to RenVM’s security (in addition to formal verification from security auditors) has been crucial for its robustness and subsequent success. Chaosnet is still utilized to test features prior to implementation on Mainnet.
(Published November 2019)
Q2 2020 - RenVM Mainnet | Subzero
RenVM Mainnet is released May 27th, 2020.
Q3 2020 - Open-Sourcing RZL MPC 4
One of the most important technical goals for the project is getting to a stage where the team is comfortable open-sourcing the implementation of the RZL MPC algorithm.
Over the last month, the Ren dev team has begun decoupling the MPC implementation from the rest of the codebase, making it easier to iterate, test, and understand. As a part of this, they have been implementing new optimizations, building multiple versions of some parts of the codebase to gain even more confidence in its correctness, and moving to a new design centered around easy-to-understand state machines. All of this comes together to make a codebase that is simpler, safer, faster, and easier for everyone to test/review/audit. An overview of this logic, can be found here 4.
The Ren team has engaged with several auditing teams to review these changes, and once they are completed, will be ready to make the codebase available under the GNU GPL v3 license. This is planned for release by the end of Q3 2020, depending on the timeframes of these audits.
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
REN token contract: https://etherscan.io/token/0x408e41876cccdc0f92210600ef50372656052a38
5. Link any available audits of the project. Both procedural and smart contract focused audits.
6. Link to any active communities relating to your project.
7. How is the applying collateral type currently used?
The REN token is used as a bond to run Darknodes, which power the RenVM network. REN has a one billion token fixed total supply, ERC-20 based. 100,000 REN are required to operate a REN node. REN’s only purpose is to serve as bond for Darknodes, which generate income based on network fees.
8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?
RenVM is a decentralized protocol and so does not bear responsibility for the collateral.
9. Where does exchange for the asset occur?
Centralized exchanges: mostly Binance (60% of volume). Further listed on exchanges such as Huobi, Bilaxi and Poloniex.
Decentralized exchanges: Uniswap, Kyber Network.
10. Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.
Presently I am not aware of any publicly available legal opinions addressing the project or token.
11. Describe whether there are any regulatory registrations for the token and provide related documentation (including an explanation of any past or existing interactions with any regulatory authorities, regardless of jurisdiction), if applicable.
At the time of writing I am not aware of any regulatory registrations for the token.
12. List any possible oracle data sources for the proposed Collateral type.
API’s of centralized and decentralized exchanges.
13. List any parties interested in taking part in liquidations for the proposed Collateral type.
Not known. Most likely we would have to rely on markets.