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About ENCOINS
Key Points
- ENCOINS is a privacy protocol on Cardano that enables the creation of NFTs with secret redeeming values.
- It conceals the amount of ADA in transactions, enhancing user privacy.
- ENCS token is the native utility token with a fixed supply of 15 million tokens.
- ENCOINS operates in two modes: Wallet Mode and Ledger Mode.
- Wallet Mode ensures privacy of ADA holdings, while Ledger Mode facilitates private transactions.
Numbers and Figures
- 15 million: fixed supply of ENCS tokens
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About ENCOINS
ENCOINS is a pioneering digital asset management platform that empowers users to navigate the complex world of cryptocurrencies with ease and confidence.
Introducing ENCOINS Protocol (ENCS): A Revolutionary Blockchain Solution
ENCOINS is a pioneering privacy protocol built on the Cardano blockchain, empowering users to craft unique NFTs, dubbed “encoins,” imbued with concealed redeeming values. These innovative digital assets store their redemption values in a secure, encrypted format, thereby significantly bolstering user privacy.
ENCOINS ensures that your ADA wallet balance remains confidential when engaging in transactions with other users and decentralized applications (dapps), thereby safeguarding your privacy. Moreover, the users you interact with also benefit from enhanced privacy protection.
Ledger Mode facilitates the secure transmission and reception of encoin payments via the ENCOINS Ledger script, ensuring the recipient’s privacy remains intact, provided they refrain from withdrawing the funds and instead utilize Ledger Mode for subsequent transactions involving these coins.
The Circulating Supply of ENCS Coins: A Closer Look
ENCS boasts a fixed supply of 15 million tokens, precision-crafted with six decimal places, minted in a single, instantaneous issuance. A substantial 10 million tokens are allocated as ISPO rewards, distributed among project supporters, while 2 million are reserved for the original development team. Furthermore, 3 million tokens are designated for the treasury. Notably, ENCS tokens can also be burned, ensuring a dynamic and adaptive supply.
Acquiring ENCS Protocol (ENCS): A Comprehensive Guide
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ENCS: The Native Utility Token Powering a Multitude of Functions
Operating validator nodes on the network through the staking of ENCS tokens, thereby facilitating a decentralized and secure ecosystem.
Employed for governance votes, which dictate the allocation of network resources.
ENCOINS Boasts a Suite of Innovative Features:
In Wallet Mode, users seamlessly interact with the protocol, effortlessly minting, burning, and transferring encoins via their CIP-30 compatible hot wallet. Currently, the dapp provides seamless integration with Nami and Eternl.
This mode ensures the confidentiality of your ADA holdings. On various blockchain explorers, your wallet will appear to contain some encrypted coins, but the actual value of ADA they represent remains indecipherable.
The ENCS Ledger Mode
The ENCOINS Ledger serves as a clandestine account, facilitated by an on-chain script. Transferring coins to another user is remarkably straightforward, merely involving the sharing of minting keys off the chain. To receive a coin, simply import the minting key and re-mint the coin, thereby gaining comprehensive control over it.
For further information, please refer to our comprehensive resources available at
https://docs.encoins.io/links/our-resources
.
Associated Resources
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https://encoins.io
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Introducing ENCOINS: A Revolutionary Cryptocurrency Platform
ENCOINS embodies a groundbreaking privacy protocol built upon the Cardano blockchain, dedicated to bolstering the confidentiality and security of transactions and account holdings within the ecosystem. Launched on November 30th, 2023, this innovative protocol pioneers a novel approach to privacy through the strategic deployment of zero-knowledge proofs, a method that enables the verification of transactions while maintaining the anonymity of parties involved and concealing sensitive information regarding transaction amounts.
The core functionality of ENCOINS centers around the creation of NFTs, dubbed “encoins,” which harbor secret redeeming values encrypted for secure storage. This innovative feature plays a pivotal role in shielding the amount of ADA (the native cryptocurrency of the Cardano blockchain) held in a user’s wallet during transactions, thereby substantially enhancing privacy for both the sender and the recipient.
ENCOINS operates in two distinct modes: Wallet Mode and Ledger Mode. In Wallet Mode, users can seamlessly interact with the protocol via CIP-30 compatible hot wallets, thereby facilitating minting, burning, and transferring encoins. This mode ensures the utmost privacy of ADA holdings, rendering it exceedingly difficult to discern the actual amount of ADA represented by encoins in a wallet. Conversely, Ledger Mode leverages the ENCOINS Ledger, an innovative on-chain script that functions as a stealth account, thereby enabling private transactions between users through the secure exchange of minting keys off-chain.
The ENCS token, the native utility token of the ENCOINS protocol, assumes a pivotal role within the ecosystem. It facilitates the operation of validator nodes through staking, enables participation in governance votes to allocate network resources, and potentially unlocks additional utilities within the network. With a capped supply of 15 million tokens, the distribution is strategically allocated among project supporters, the original development team, and the treasury, with provisions in place for token burning to regulate supply and maintain a delicate balance.
For those seeking to engage with the ENCOINS ecosystem, ENCS tokens can be procured through a multitude of decentralized exchanges. The project has garnered significant attention for its pioneering approach to privacy on the Cardano platform, with its development bolstered by a comprehensive roadmap that outlines forthcoming integrations and enhancements.
As with any venture into the realm of cryptocurrency, it is imperative to undertake exhaustive research and carefully weigh the inherent risks. The volatile and ever-changing landscape of the crypto market necessitates a prudent approach, particularly when considering newer projects.
Ensuring Unwavering Security: The ENCOINS Approach
ENCOINS adopts a multifaceted approach to security, incorporating cutting-edge cryptographic techniques to safeguard the privacy and integrity of transactions within its ecosystem. At its core, ENCOINS harnesses the power of encryption, a method that transforms data into an unreadable code to prevent unauthorized access, complemented by user-defined passwords to protect individual accounts. This foundational layer of security is further reinforced through the implementation of zero-knowledge proofs, a pioneering cryptographic method that enables one party to verify the validity of a statement to another, without divulging any information beyond the statement’s authenticity.
The protocol’s steadfast commitment to privacy and transparency is exemplified by its utilization of open-source software, which fosters a culture of community scrutiny and collaboration, thereby ensuring that security measures remain robust and cutting-edge. This open-source approach also enables the discreet execution of transactions, allowing users to engage freely within the blockchain ecosystem without compromising their security.
ENCOINS is built on the Cardano blockchain, renowned for its robust security features and pioneering proof-of-stake mechanism. The protocol introduces innovative functionalities, including the creation of NFTs with secret redeeming values stored in an encrypted format, thereby further bolstering user privacy. The ENCOINS Ledger script, an integral component of the Ledger Mode, operates as a stealth account, facilitating private transactions by sharing minting keys off-chain. This mode ensures that even on blockchain explorers, the value of ADA held in a wallet remains confidential.
The native utility token of ENCOINS, ENCS, assumes a pivotal role in ensuring the network’s security. By facilitating the operation of validator nodes through staking, enabling participation in governance votes, and allowing for burning, ENCS contributes significantly to the overall economic stability of the ecosystem.
It is crucial for users to undertake their own due diligence and grasp the robust security features of ENCOINS prior to engaging with the protocol. The synergy of encryption, zero-knowledge proofs, and the privacy-centric features built upon the Cardano blockchain, render ENCOINS a remarkable project in the sphere of secure and private blockchain transactions.
The Utilization of ENCOINS: Unlocking a New Era of Possibilities
ENCOINS functions as a multifaceted protocol within the Cardano ecosystem, dedicated to bolstering privacy and utility for its users. It operates as a decentralized private accounts and payments protocol, facilitating a diverse range of financial activities while prioritizing the paramount importance of user anonymity and security.
The primary utility of ENCOINS resides in its capacity to facilitate discreet transactions on the Cardano blockchain. Users can create, trade, and gift ENCOINS, which are essentially NFTs imbued with encrypted redeemable values. This innovative feature conceals the amount of ADA within a user’s wallet during transactions, thereby bolstering privacy for both the sender and the recipient. Furthermore, the protocol’s Ledger Mode provides an additional layer of anonymity by enabling the sending and receiving of payments in ENCOINS through a unique on-chain script, effectively functioning as a stealth account for its users.
Beyond ensuring robust privacy, ENCOINS seamlessly integrates with DeFi protocols, thereby amplifying its utility within the decentralized finance ecosystem. The forthcoming ENCOINS Ledger, a cutting-edge shielded accounts system, is poised to further augment its functionalities.
ENCOINS can be burned, thereby enabling users to redeem their corresponding ADA value, which introduces a deflationary mechanism into its economic model. The project aspires to achieve seamless integration within the Cardano ecosystem, with a long-term goal of supporting all native assets on Cardano.
The ENCS token, the native utility token of the ENCOINS protocol, assumes a pivotal role within the ecosystem. It facilitates the operation of validator nodes through staking, enables participation in governance votes to allocate network resources, and permits interaction with the protocol in Wallet Mode. This mode ensures the confidentiality of ADA holdings and transactions through supported CIP-30 compatible hot wallets, thereby safeguarding user privacy.
With a predetermined and capped supply, ENCS tokens are strategically allocated among devoted project supporters, the dedicated development team, and a reserved treasury, thereby ensuring a harmonious distribution that fosters ecosystem growth and informed governance.
It is crucial for individuals interested in participating in the ENCOINS ecosystem or similar projects to undertake exhaustive research and grasp the inherent risks associated with cryptocurrency investments.
What pivotal milestones have ENCOINS achieved?
ENCOINS has navigated a series of pivotal milestones that have profoundly influenced its trajectory within the cryptocurrency landscape. The project’s initial announcement sparked widespread attention, paving the way for its development and future contributions to the Cardano ecosystem. A notable early milestone was the decentralized token generation and distribution ceremony, a seminal event that marked the inception of ENCOINS’ journey in the crypto world. This ceremony was instrumental in establishing the token’s distribution strategy and its inaugural introduction to the community.
Subsequent to this, the project entered a public testing phase, wherein users could engage with the protocol in a simulated environment. This critical phase enabled the gathering of invaluable user feedback and ensured the system’s resilience prior to its official debut. The highly anticipated mainnet launch, slated for November 30th, 2023, is poised to be a pivotal event for ENCOINS, potentially impacting its value and utility within the ecosystem. This milestone marks the culmination of the development efforts and the commencement of the protocol’s live operations.
Beyond these technical achievements, ENCOINS has prioritized ecosystem integrations, forging strategic partnerships with diverse projects within the Cardano ecosystem. These collaborations are crucial for augmenting the protocol’s capabilities and ensuring seamless compatibility with other projects and platforms. Furthermore, the open-sourcing of the core and frontend code on GitHub serves as a testament to the project’s dedication to transparency and community engagement, empowering developers and enthusiasts to contribute to its evolution.
ENCOINS pioneers a cutting-edge privacy protocol, empowering the creation of NFTs with concealed redeeming values, thereby safeguarding user privacy by masking the ADA transaction amounts. This innovative protocol boasts distinct modes, including the ENCS Wallet Mode and ENCS Ledger Mode, providing users with diverse ways to engage with the protocol while maintaining utmost privacy. The ENCS token, boasting a fixed supply, plays a multifaceted role within the network, encompassing the operation of validator nodes and participation in governance votes.
As with any investment, it is imperative to undertake exhaustive research prior to venturing into the realm of cryptocurrencies. The inherently volatile nature of the crypto market implies that while lucrative opportunities abound, they are invariably accompanied by a unique set of risks.