Ren, an interoperable network protocol that enables the private transfer of funds across different blockchain networks, has announced to open source its multichain project to enable users to gain access to different blockchains using their APIs.
Every blockchain is different and has its networking terms, currencies, smart contracts, logic, etc. To drive interoperability among all these chains, there has to be a master protocol that fits in all these blockchains; RenVM is such a master protocol that fits in all these blockchains. However, to do this, it should be able to understand certain things like how networking is done in all these blockchains, or how smart contracts are written, or various transactions are carried on.
To aid RenVM in this endeavor, Ren has decided to open-source the Multichain project. The Multichain is the collection of different interfaces, nodes, functions, and runtimes that can be implemented in any blockchain network. It is designed to accommodate the unique differences that exist in different blockchains.
By adding a chain to the multichain, RenVM will be able to gauge how to interact with a particular chain. Any project that wants to interact with multiple crypto exchanges and interoperability protocols other than RenVM can use the multichain project. RenVM provides support for both origin chains like Bitcoins and host chains like Ethereum by using the multichain interface. But whether it is adding a bitcoin blockchain network or an Ethereum blockchain network, RenVM has to follow a set of rules for adding those chains into its mainnet.
At first, a pull request has to be opened into the multichain repo, after which the Ren team will review the implementation, whether it is necessary and will work properly with the mainnet. After that, the implementation will go through a series of thorough testing and quality assurance to mitigate the chances of any network breakdown. Finally, the pull request will be merged with the master branch. At this point, any project using the multichain can add new chains to the mainnet.
Now multichain project becoming an open-source protocol is expected to support the addition of new chains to the Ren mainnet. After the successful implementation of the multichain project, Ren is now focusing on open sourcing the transaction execution engines to enable the users to understand how RenVM submits transactions between different chains. With this multichain project, RenVM will now be able to deploy multiple blockchain applications rapidly. It can now offer multiple assets on different blockchains, all tracked and verified.