Bridging protocol, Ren introduced its new iteration “Ren 2.0” which will open the door for multichain application development with EVM (Ethereum Virtual Machine) support.
Ren protocol already provides multi-chain support for the “most active ecosystems” from crypto space such as Arbitrum, Polygon, Solana, and more with greater interoperability.
Ren platform tends to give support to direct bridging of renASSETS between smart contract chains making the process faster and cheaper. Also, it tends to initiate support for generic tokens, moved between those smart contract chains.
According to the blog post, Ren 2.0 will have advancements in decentralization and security. This includes support of generic application logic, improved MPC algorithm, and optimized tokenomics.
It also stated that there are extensive upgrades to Ren’s core technology. The current Ren will be operational as it is, which will ultimately shift to Ren 2.0 after being battle-tested.
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In the initial roll-out, Ren 2.0 will be fully decentralized and open source which will allow anyone with sufficient 100,000 REN tokens to sign up as a validator and participate to secure the network.
Ren 2.0 will leverage the Flexible Round-Optimized Schnorr Threshold (FROST) for greater scalability as it reduces network overhead during signing operations.
Apart from this, Ren 2.0 will come up with RenEVM, which is an Ethereum-based plugin for Darknode. It will enable the deployment of arbitrary programs on the Ren blockchain as well as leverage any assets supported by Ren.
Ren 2.0 rollout will begin as soon as September, with the merge estimated for late next year.
