Suter Shield partners with renBTC
Suter Shield deployed a contract that can support renBTC private payment today. This is another milestone after Suter Shield amasses more than 1000 users and getting a deposit of more than 3 million US dollars. renBTC is an ERC-20 token implemented by the ren platform that maps BTC to the Ethereum blockchain. Its current market value is close to 700 million US dollars. Suter Shield will further integrate with the cross-chain facility renJS provided by the renVM to support cross-chain private payment for more assets. Supporting renBTC will not only bring huge liquidity to Suter Shield but is also the first step for the Suterusu project to become a cross-chain private payment infrastructure in the long run.
RenBTC is an ERC-20 token built on the Ethereum network, pegged to Bitcoin. This means that each RENBTC can be always redeemed for one Bitcoin, and hence tends to maintain its value at close to the Bitcoin market rate. RenBTC is minted on the Ren platform, which is an open protocol that provides everyone with access to the inter-blockchain liquidity, helping to bring assets from other blockchains to Ethereum decentralized applications (DApps). Unlike other Bitcoin-backed tokens, renBTC is not a synthetic token, and doesn’t rely on any liquidation mechanisms to ensure it remains pegged to the value of BTC — instead, it’s a direct supply peg, meaning there are always enough BTC in reserve to cover the circulating renBTC supply.
Suterusu brings unprecedented privacy-protection level to any platform supporting smart contracts. It integrates a state of the art trustless ZK-SNARK scheme with nearly constant size proofs, and efficient proof generation/verification. Suterusu provides privacy protection for several major blockchains and dapps, such as BTC and ETH, as well as DeFi products like Chainlink and SWFT. Other public blockchains such as Neo and Theta have also worked with Suterusu to build layer-2 protocols to support privacy protection on their networks.