ENCOINS is a new privacy protocol on Cardano. How does it work?
A user sends ADA into the protocol to mint several unique NFTs (aka ENCOINS). Each token contains an encrypted redeeming value known only to the user. The total redeeming value is equal to the ADA provided.
ENCOINS can be used as any other native asset on Cardano: they can be traded, gifted, or used in other DeFi projects that support them. Sending ENCOINS locked in certain DeFi protocols could be as simple as giving someone the minting keys for those coins.
ENCOINS can be burned to receive their redeeming value back. Only the user who knows its minting key can redeem an ENCOIN.
The protocol is imagined as a privacy primitive that is easy to build on top. We can think of several possible privacy dApps that utilize it as a base layer.
ENCOINS is being developed by the team who previously worked on CardMix. We continue the ISPO of CardMix with the new project. Token with a ticker symbol $ENCS will replace $MIX with the functionality unchanged.
The next step for the project will be the whitepaper release scheduled for early September. We hope you will continue to support the team after this rebranding/pivot. Subscribe to our Twitter and stay tuned!