What is Tokenized Representation?

Tokenized representation takes place when a digital asset is locked up with a custodian, who then mints a one-to-one representation of that token on another chain. Within the context of the Ren Virtual Machine (RenVM), the custodian involved in this process is a decentralized "Darknode" instead of a centralized authority. By locking an asset up in a Darknode until a user wishes to redeem it, Ren users are able to complete the asset conversion process in a trustless yet secure manner.