Whitepapers RENBTC White Paper Explained Summary

RENBTC White Paper Explained Summary

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RENBTC White Paper

Summary:

-The aim of the renBTC white paper is to provide in-depth information about the renBTC solution for industry 4.0 applications.
-The philosophy behind renBTC is to create a more secure and trusted ecosystem.
-The white paper covers topics such as the inspiration for creating renBTC, the problem it is trying to solve, and the solution proposed by renBTC.

Explained – renBTC White Paper. Learn in depth about differnet coins on the blockchain by understanding whitepapers.

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.

We will deep dive into how the coin works by understanding the whitepaper and its summary. renBTC (RENBTC).

Lets understand 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).

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Introduction

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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