renZEC price is $55.91
As of the latest data, renZEC is priced at $ 55.91, which increased in the past 24 hours. Remember, cryptocurrency prices are highly volatile and can fluctuate quickly within even a few minutes.
renZEC is a cryptocurrency that represents tokenized Zcash (ZEC) on the Ethereum blockchain. It is part of the Ren Project, an open protocol providing access to inter-blockchain liquidity for all decentralized applications. Through the RenVM (Ren Virtual Machine), Zcash is locked in a smart contract and a corresponding ERC20 token is minted, essentially bringing ZEC's privacy features to the Ethereum ecosystem.
renZEC is a product of the Ren Project, whose core team has been involved in various blockchain initiatives. While specific names of the individuals behind renZEC are not provided, the Ren Project is known for its key role in facilitating interoperability and liquidity between different blockchain platforms.
renZEC works by locking Zcash in a smart contract using the RenVM (Ren Virtual Machine) and minting an equivalent amount of renZEC as an ERC20 token on the Ethereum blockchain. This process ensures a 1:1 peg between the value of renZEC tokens and Zcash. Once minted, renZEC can be used similarly to other ERC20 tokens across the Ethereum network for transactions like swaps, trades, and as collateral in various DeFi (Decentralized Finance) protocols.
renZEC’s uniqueness lies in its ability to bridge the gap between the privacy-focused Zcash blockchain and the versatile Ethereum ecosystem. By tokenizing ZEC as an ERC20 token (renZEC), it enables Zcash holders to participate in Ethereum's DeFi ecosystem while maintaining their privacy. This fusion of privacy and interoperability extends the utility of Zcash beyond its own blockchain and increases accessibility for Ethereum users looking for privacy features.
RenVM serves as a trustless custodian, allowing users to securely lock their Zcash and mint renZEC tokens. RenVM is a powerful tool that operates across different blockchains to provide decentralized custody which in turn enables the creation of tokens like renZEC. This allows for a seamless and permissionless transfer of value between blockchains without compromising on security or liquidity.
The circulating supply of renZEC is 7.2K tokens. This number should correspond with the amount of Zcash that has been locked into the RenVM for tokenization. The total supply can fluctuate based on how much ZEC is locked or unlocked at any given time, and is subject to the activities within the Ren ecosystem and Zcash's own supply dynamics.
As of the most recent data, the market capitalization of renZEC stands at $ 0.4M. This market cap is determined by multiplying the current market price of renZEC tokens by the total number in circulation. RenZEC's rank in market capitalization across all cryptocurrencies is currently #2516.
renZEC is available on various cryptocurrency exchanges. As an ERC20 token, it benefits from Ethereum’s wide exchange integration, allowing it to be bought and sold on multiple platforms. The most popular exchanges to purchase renZEC are . Always ensure you are using a reputable exchange and practice safe transaction habits when buying or trading cryptocurrencies.
The safety of your renZEC tokens relies heavily on secure storage practices. As an ERC20 token, renZEC can be stored in any wallet that supports Ethereum assets, including hardware wallets, software wallets, and even paper wallets for off-line storage. Always remember to keep your private keys secure and never share them with anyone. Additionally, enable two-factor authentication (2FA) on any platforms where your renZEC tokens are held to add another layer of security.
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