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renBTC is a 1:1 representation of BTC on Ethereum via RenVM. renBTC is fully backed by the corresponding amount of BTC held within the RenVM protocol, and always redeemable for BTC. RenVM, released in May 2020, is a byzantine fault-tolerant protocol that facialites ECDSA threshold key generation and signing via sMPC. This facialites interoperability for decentralized finance (DeFi), by allowing anyone to seamlessly bridge digital assets to and from the DeFi ecosystems. The easiest way to imagine RenVM is that of a network that holds your digital assets, as they move between blockchains. Let’s use BTC as an example; you give BTC to RenVM, it holds that BTC, and it mints that BTC as an ERC20 (renBTC) on Ethereum with 1:1 ratio, ensuring your renBTC is always backed by the same amount of BTC. This process applies to all digital assets RenVM supports. RenVM currently supports BTC, BCH, FIL, DOGE, DGB, LUNA, and ZEC on Ethereum & BSC but is capable of supporting any digital assets that utilize ECDSA private keys.
The most popular place to use RenVM is RenBridge. There you can mint and burn renBTC as well as other assets supported by RenVM.