Ren 2.0: The Next Evolution in Building a Secure, Decentralized Cross-Chain Platform

Author: Ren

Compiled by: ChainCatcher

At the beginning of last year, Alameda collaborated with the former leadership to acquire Ren to ensure long-term development funding. Since then, Alameda has been providing funding to the development team on a quarterly basis. Last week, the FTX group, which is affiliated with Alameda, initiated Chapter 11 bankruptcy proceedings. As a result, funding for the Ren development team can only last until the end of Q4.

The goal of the Ren team has always been to launch an open-source and community-operated version of the Ren network, and they have been working towards this goal, ultimately resulting in what we now refer to as Ren 2.0. It is a new architecture based on Geth, featuring our new FROST MPC implementation, which allows for the deployment of EVM-based applications on Ren and provides native multi-chain support for all blockchains integrated with Ren, while also supporting all bridging functionalities offered by Ren 1.0. Transitioning to FROST as the MPC protocol lays the foundation for a truly decentralized MPC network, as it can scale to thousands of nodes, making it the most decentralized cross-chain platform in the Web3 world if deployed.

The Ren 2.0 testnet is about to be deployed to showcase its capabilities, but there is additional work to be done to test, strengthen, and audit the new architecture, as well as to complete the new node client interface and universal developer tools, which will not be finished by the end of Q4. Therefore, to enter the Ren 2.0 phase, we need to secure additional funding for the Ren development team to have a fully open-source and community-operated cross-chain network with its own independent incentive structure.

To enter the Ren 2.0 phase with complete community control, the Ren development team will need to secure additional funding. We are currently exploring this in a way that is most beneficial to the Ren community. As negotiations with investors progress, we will share the most promising opportunities with the community. Through ongoing discussions with the community about which opportunities seem most promising, a formal governance proposal will be presented to the community once ready. If approved, the situation will be thoroughly resolved and will propel us forward. If rejected, the community will need to engage in another round of discussions and proposals until a final decision is made.

When Ren 2.0 was announced in August, it outlined how the Ren ecosystem would transition from Ren 1.0 to Ren 2.0 in a secure, slow, and orderly manner to ensure the safety, integrity, and sustainability of the Ren ecosystem without disruption. However, given that Ren 1.0 has been operating under Alameda's leadership, and Alameda is currently undergoing bankruptcy proceedings, the Ren development team believes it is best to let the Ren 1.0 network come to a close and launch Ren 2.0 earlier than originally planned to ensure the safety and integrity of the Ren ecosystem, weighing a shorter service interruption. While the Ren 1.0 network has been maintained and remains fully secure and operational, it marks the end of Alameda's involvement in the project by phasing out Ren 1.0, preserving the reputation, integrity, and long-term prospects of the Ren ecosystem.

We broadly believe that the following steps represent the safest course of action for the Ren ecosystem:

In parallel with the above:

We will also transition the renproject.io domain owned by Alameda. All current sites will be hosted on IPFS, and control will be transferred to RenDAO.

The Ren development team is immensely proud of the achievements of Ren 1.0, which has handled approximately $13 billion in cross-chain transaction volume since its launch, enabling liquidity of inter-chain assets while maintaining 100% security with no hacks.

The future looks brighter, as Ren 2.0 will represent a paradigm shift in the possibilities of building truly native multi-chain applications on the most secure and decentralized cross-chain platform in cryptocurrency. The Ren development team is fully committed to energizing the next evolution of the multi-chain future, and if the community chooses to support us, they will only be filled with enthusiasm and excitement.

Therefore, we encourage the Ren community to engage more than ever in discussions regarding funding and incentivizing the deployment of Ren 2.0 and its subsequent ecosystem growth. Share your thoughts and present your best ideas! With your help, we can transition to a fully community-operated Ren network and leave Alameda behind.