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ENCOINS is a privacy protocol built on the Cardano blockchain, designed to enhance transaction privacy by allowing users to create NFTs, known as encoins. These encoins have encrypted redeeming values that conceal the amount of ADA in users' wallets during transactions. This protocol offers significant privacy benefits for both users and applications interacting with it.
The ENCOINS Ledger Mode facilitates private transactions by allowing users to send and receive payments using the encoins via a specialized script. It maintains transaction privacy for recipients, provided they keep using Ledger Mode without withdrawing the coins, thereby enhancing recipient privacy if they engage in further Ledger Mode transactions.
ENCOINS distinguishes itself as the only privacy protocol on the Cardano blockchain, offering the creation of NFTs with encrypted redeeming values to enhance transaction privacy. This unique approach makes it an innovative solution for users seeking to protect their transactional details on Cardano.
In future updates, specifically ENCOINS v2, the protocol aims to support private transactions for all Cardano Native Assets, not just ADA. Additionally, ENCOINS plans to introduce private smart contracts, significantly enhancing privacy and functionality on the Cardano network.
ENCS tokens are integral to the ENCOINS ecosystem, serving two primary purposes: they are used in staking to run validator nodes on the network, and they grant holders the right to participate in governance voting to influence decisions on network resource allocation.
ENCOINS v1 is currently available on the Cardano testnet. The protocol was developed as part of a Project Catalyst proposal and has delivered beyond initial promises, providing a private transaction protocol and contributing reusable open-source resources, with further development planned for a full-scale deployment in the future.
Privacy-focused blockchain protocol enhancing encrypted transactions.
Encoins represents a significant effort in advancing privacy-focused technology within the Cardano blockchain, employing innovative cryptographic techniques to deliver secure and confidential transactions. At its core, Encoins utilizes a unique concept of encrypted coins, termed 'encoins', which are essentially NFTs assigned with concealed ADA values. This enables the execution of confidential transactions by ensuring transaction amounts remain private and protected from external scrutiny. They employ zero-knowledge proofs to allow stealth transfers and ensure that both minting and burning of encoins are entirely private processes. With a modular, customizable protocol design, Encoins achieves an adaptable architecture conducive to continuous upgrades, essential to maintaining relevance and compatibility within the rapidly evolving blockchain sphere.
Furthermore, Encoins is meticulously crafted to operate in the Cardano environment, capitalizing on the chain’s secure infrastructure and smart contract capabilities. It fits seamlessly into the greater vision of decentralized finance by introducing Shielded Accounts and supporting DeFi protocols that interact with Cardano assets, the...
Encoins represents a significant effort in advancing privacy-focused technology within the Cardano blockchain, employing innovative cryptographic techniques to deliver secure and confidential transactions. At its core, Encoins utilizes a unique concept of encrypted coins, termed 'encoins', which are essentially NFTs assigned with concealed ADA values. This enables the execution of confidential transactions by ensuring transaction amounts remain private and protected from external scrutiny. They employ zero-knowledge proofs to allow stealth transfers and ensure that both minting and burning of encoins are entirely private processes. With a modular, customizable protocol design, Encoins achieves an adaptable architecture conducive to continuous upgrades, essential to maintaining relevance and compatibility within the rapidly evolving blockchain sphere.
Furthermore, Encoins is meticulously crafted to operate in the Cardano environment, capitalizing on the chain’s secure infrastructure and smart contract capabilities. It fits seamlessly into the greater vision of decentralized finance by introducing Shielded Accounts and supporting DeFi protocols that interact with Cardano assets, thereby broadening its applicability. Encoins’ impact on the Web3 ecosystem is underscored by its open-source development ethos and community-driven roadmap. The project invites community collaboration to refine its user interface and bolster integration with decentralized applications via public APIs. Encoins’ initiative to establish decentralized and trustless fiat-to-crypto on-ramps via Cardano's smart contracts further exemplifies its dedication to expanding Web3’s privacy horizons. This ensures that traditional financial interventions are minimized while empowering users with greater control over their financial data. Through strategic application and technical prowess, Encoins seeks to redefine privacy standards across blockchains and contribute to global financial inclusivity.
