As Elastos becomes more decentralized, it transitions into a new phase where its projects, partnerships, and alliances are formed and developed by the community via Cyber Republic Consensus (CRC).
CR’s ETH Task Force has taken the initiative to join the Ren Alliance, and is confident that the partnership will create opportunities for greater inclusion of Elastos technologies in the growing Decentralized Finance (DeFi) industry.
What is Ren?
The Ren project (see: https://renproject.io) – is a cross-chain (inter-blockchain) open protocol that bridges non-Ethereum coins and tokens to the Ethereum network. Ren will be launching their mainnet shortly, and have the first set of Ren tokens already ready.
These Ren tokens are ERC20 equivalents with a 1:1 ratio to the original coin/token on the origin protocol, and they are extremely secure, each backed by Ren’s secure multi-party computation, Shamir’s Secret Sharing, and a consensus based on Tendermint’s modified PBFT consensus. These are all industry proven technologies that bring much-needed trust and credibility to Ren’s cross-chain tokens – https://renproject.io/renvm.
Why Are We Joining?
Elastos will join the Ren Alliance under both the Utility and Development Foundational Roles. Clarence Liu, a member of the CR ETH Task Force, recently met key members of the Ren Project while he attended the ETHDenver Hackathon on behalf of Cyber Republic. Collaboration will take place focused on two key objectives:
Ren and the CR ETH Task Force developers will integrate the Elastos ETH Sidechain with RenVM, enabling owners of ELA or ELAETHSC to transfer tokens at a 1:1 ratio into renELA. ELAETHSC was formally accepted in March 2020 as an EVM Network (see: https://chainid.network) with little fanfare, as chainIds 20 and 21 for the mainnet and testnet respectively -a crucial step on Elastos’ path to joining the wider Ethereum community. Very soon, on Elastos wallet apps and potentially other services as well, users will be able to swap ELA for ELAETHSC; then, the plan is to enable a swap for renELA on the Ethereum network.
The primary reason for this integration is to allow Elastos (ELA) to participate in the DeFi movement, thereby expanding its use cases. But there is another significant benefit to be reaped from working with Ren.
Many may have heard previously that the CR ETH Task Force and the Elaphant team had already made strides in creating a bridge between the ETH Sidechain and Ethereum network. From a technical standpoint. it was quite straightforward: Elastos already possesses a very robust consensus network that can be modified slightly to act securely as the bridge nodes required, which is the Elastos DPoS Supernode network.
However, Elastos is still relatively unknown in the Ethereum community, and we quickly realized that even if Elastos was to successfully create a secure and robust ELA equivalent on the Ethereum network, the greater challenge would be to gain acceptance and credibility among the wider blockchain community. Of course, we know that Elastos’ security, hashrate, and blockchain are unparalleled, but such a claim can only go so far.. Educating, creating trust, and promoting the ELA token on the Ethereum network would stand to be a challenge that would dwarf the technical challenges of creating our own bridge.
By working with Ren, others can quickly trust renELA as a secure token that will always be redeemable for ELA. As such, it will become easier for our token to be considered for DeFi projects and dApps, whereas it would otherwise require deep research into Elastos’ infrastructure and security prior to collaboration. Elastos also stands to gain a lot of coverage and press by becoming a member of the alliance, which will definitely be beneficial.
Finally, participating in the development of renELA does not require any exclusivity agreement. Elastos is a decentralized project, and anyone can create a token bridge, in much the same way thatEthereum also has WBTC, RBTC, mBTC and more, in addition to renBTC.
Keep a lookout for a CR Suggestion/Proposal.,As in the past, we may be seeking community support for our project.
With the big push towards developers and dApps now ongoing, we will also plan to collaborate on hackathons, meetups, events, and other activities as opportunities arise. We believe that the projects and developers that Ren attracts will serve as excellent exposure forElastos, and many may lend themselves towards DeFi type applications. We have only just begun discussing strategic collaboration, and we will share more information as it becomes available.