The launch of a groundbreaking token protocol called Encoins is set to propel the Cardano ecosystem forward and establish it as one of the most private networks in the crypto world. Encoins aims to revolutionize secure and private transactions on the Cardano network, presenting a strong competition to other popular networks.
Encoins, which is scheduled to launch on November 30th, 2023, is on the verge of an exciting chapter that will transform secure private transactions on the Cardano blockchain. This launch is not only about technological advancements but also about empowering individuals and creating a secure haven for digital interaction.
Encoins will utilize zero knowledge (zk) proofs to enable encrypted coin transfers on the network. Users will deposit ADA into the protocol and mint NFTs, known as ENCOINS, which will hold a constant redeemable value. NFT holders can burn the NFTs and reclaim their corresponding value in ADA, ensuring a secure process.
The new protocol will rely on decentralized relayers who will sign and facilitate all transactions. It will be powered by the ENCS token, and token holders can stake it with the relayers to secure the network. In return, they will receive a share of the fees generated by the protocol. Transaction fees will be divided between the relayers and the DAO in an 80-20 ratio.
To become a relayer, one must stake at least 100,000 ENCS tokens and have a system with a 2 GHz processor and 200 GB of disk space. The maximum supply of ENCS tokens is 15 million, with 90% already in circulation.
Encoins is set to revolutionize privacy on the Cardano blockchain ecosystem when it launches on November 30th. The team plans to expand the protocol’s capabilities and integrations with the launch of Encoins V2 next year. They are also considering building the protocol on Midnight, Cardano’s sidechain solution, to enhance smart contracts and customizability.
Encoins aims to make its mark as the first privacy protocol on Cardano by integrating zero-knowledge proofs. With its upcoming launch, Encoins hopes to usher in a new era of secure and private transactions.
Cardano’s growth continues to accelerate as its low-cost and fast blockchain network establishes itself as a prominent player in the industry, offering a compelling alternative to Ethereum. With over 1200 projects building solutions for various sectors such as social media, decentralized finance, NFTs, and cross-border funds transfers, Cardano is solidifying its position in the market.
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