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Description

ENCOINS is a privacy protocol on Cardano allowing users to create NFTs, called encoins, with encrypted redeeming values to enhance transaction privacy. Transactions hide ADA amounts, benefiting both users and dapps. The ENCOINS Ledger Mode allows private payments using a specialized script. As Cardano's sole privacy protocol, ENCS tokens are used for validator nodes and governance. Future updates will add private transactions for all Cardano Native Assets and private smart contracts.

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FAQ

What is ENCOINS and what purpose does it serve?

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.

How does the ENCOINS Ledger Mode work?

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.

What makes ENCOINS unique compared to other privacy protocols?

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.

What future developments are anticipated for ENCOINS?

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.

What roles do ENCS tokens play within the ENCOINS ecosystem?

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.

Is ENCOINS currently available for use and where is it deployed?

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.

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