Wrapped ZanoPrice

(WZANO)

Wrapped Zano (wZANO) is an ERC-20 token residing on the Ethereum blockchain, designed to represent Zano (ZANO), the native cryptocurrency of the Zano blockchain. It is designed to be exchanged on a 1:1 basis with ZANO. The process of converting ZANO to wZANO is termed "wrapping," while the conversion of wZANO back to native ZANO is referred to as "unwrapping."

wZANO serves as a crucial bridge, connecting Zano's privacy-focused blockchain with the expansive Ethereum ecosystem. This connection allows ZANO holders to access diverse Ethereum-based functionalities, including decentralized exchanges, multi-token wallets, and hardware wallets. It also enables participation in decentralized finance (DeFi) applications. Furthermore, as a standard ERC-20 token, wZANO can facilitate easier listings on centralized exchanges that might be cautious about listing privacy-preserving currencies like native ZANO due to regulatory considerations.

You can wrap ZANO directly using your Zano wallet, available on both desktop and mobile platforms. Within the wallet's "Send" tab, you will input the amount of ZANO you wish to wrap and the Ethereum address where you want to receive the corresponding wZANO. The system provides an estimate for Ethereum network transaction fees, which are covered by a small amount of ZANO. After 50 confirmations on the Zano blockchain, the equivalent wZANO, minus any applicable fees, is sent to your specified Ethereum address.

To unwrap wZANO, you typically utilize a dedicated web interface on zano.org, such as wrapped.zano.org/app/, and connect your Ethereum-compatible wallet. You then specify the Zano address where you wish to receive the native ZANO. The entire process usually takes approximately 15 minutes, with the native ZANO released to your designated address after 20 confirmations on the Ethereum network.

While native Zano itself provides robust privacy features, wZANO operates as an ERC-20 token on the Ethereum blockchain, where all transactions are inherently public. However, the system is engineered to disclose minimal information during the wrapping and unwrapping processes. Both the Ethereum address used during wrapping and the Zano address provided during unwrapping are encrypted. This design ensures that even entities monitoring the auditable custodial wallet cannot access this specific, sensitive information.

Currently, the team behind Zano serves as custodians for the wrapped ZANO and any wZANO that is not in active circulation. This custodial wallet is auditable, meaning its transactions can be monitored in real-time by anyone. Each wZANO in circulation is backed 1:1 by an equivalent amount of ZANO held within this custodial wallet. While this is the initial implementation, a fully trustless alternative is explicitly planned for future development, aiming to enhance the decentralized nature of the system.