ENCOINS price

ENCS

#5030

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Running validator nodes on the network via staking ENCS tokens.

Used for governance votes to determine how network resources are allocated.

ENCS Wallet Mode In the Wallet Mode, users interact with the protocol by minting, burning, and transferring encoins with the help of their CIP-30 compatible hot wallet. Currently, the dapp supports Nami and Eternl.

This mode makes your ADA holdings private. On various blockchain explorers, your wallet will look like it has some encoins in it, but the amount of ADA they are worth cannot be deciphered.

ENCS Ledger Mode

The ENCOINS Ledger is the on-chain script that acts as your stealth account. Sending coins to another user is as simple as sharing the minting keys off-chain. To receive a coin, import the minting key and re-mint the coin to gain full control of it.

More information on this link https://docs.encoins.io/links/our-resources

Website: https://encoins.io

Twitter: https://twitter.com/ENCOINS1

Discord: https://discord.gg/Q3gPP87Tcw

Telegram: https://t.me/encoins_io

Medium: https://encoins-crypto.medium.com/

GitHub: https://github.com/encryptedcoins

Youtube: https://www.youtube.com/channel/UCk4QtReP4kQKfIIoWw7Q1wg

ENCOINS represents a pioneering privacy protocol developed on the Cardano blockchain, aiming to enhance the privacy and security of transactions and account holdings within the ecosystem. Launched on November 30th, 2023, this protocol introduces a novel approach to privacy through the use of zero-knowledge proofs, a method that allows for the verification of transactions without revealing any sensitive information about the parties involved or the transaction amounts.

The core functionality of ENCOINS revolves around the creation of NFTs, termed as encoins, which possess secret redeeming values stored in an encrypted format. This feature is instrumental in concealing the amount of ADA (the native cryptocurrency of the Cardano blockchain) held in a user's wallet during transactions, thereby significantly boosting privacy for both the sender and the recipient.

ENCOINS operates in two distinct modes: Wallet Mode and Ledger Mode. Wallet Mode allows users to interact with the protocol via CIP-30 compatible hot wallets for minting, burning, and transferring encoins. This mode ensures the privacy of ADA holdings, making it challenging to decipher the actual amount of ADA represented by encoins in a wallet. Ledger Mode, on the other hand, utilizes the ENCOINS Ledger, an on-chain script that acts as a stealth account, facilitating private transactions between users through the exchange of minting keys off-chain.

The ENCS token, the native utility token of the ENCOINS protocol, plays a crucial role in the ecosystem. It is used for running validator nodes through staking, participating in governance votes to allocate network resources, and potentially for other utilities within the network. With a fixed supply of 15 million tokens, the distribution includes rewards for project supporters, allocations for the original development team, and funds for the treasury, with provisions for token burning to manage supply.

For individuals interested in participating in the ENCOINS ecosystem, ENCS tokens can be acquired through various decentralized exchanges. The project has garnered attention for its innovative approach to privacy on the Cardano platform, and its development is supported by a roadmap outlining future integrations and enhancements.

As with any investment in the cryptocurrency space, it is crucial to conduct thorough research and consider the inherent risks. The dynamic nature of the crypto market requires a cautious approach, especially with newer projects.

ENCOINS employs a multifaceted approach to security, integrating advanced cryptographic techniques to ensure the privacy and safety of transactions within its ecosystem. At its core, ENCOINS leverages encryption, a method that transforms data into a code to prevent unauthorized access, alongside user-set passwords to protect individual accounts. This foundational layer of security is enhanced through the implementation of zero-knowledge proofs, a cutting-edge cryptographic method that allows one party to prove to another that a statement is true, without revealing any information beyond the validity of the statement itself.

The protocol's commitment to privacy and transparency is evident in its use of open-source software, which allows for community scrutiny and contributions, ensuring that the security measures are robust and up-to-date. This open-source approach also facilitates the private conduct of transactions, enabling users to interact within the blockchain space without compromising their security.

ENCOINS is built on the Cardano blockchain, known for its strong security features and innovative proof-of-stake mechanism. The protocol introduces unique functionalities, such as the creation of NFTs with secret redeeming values stored in an encrypted format, further enhancing user privacy. The ENCOINS Ledger script, part of the Ledger Mode, acts as a stealth account, allowing for 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 private.

The native utility token of ENCOINS, ENCS, plays a crucial role in maintaining the network's security. It is used for running validator nodes through staking, participating in governance votes, and can be burned, which contributes to the overall economic stability of the ecosystem.

It's important for users to conduct their own research and understand the security features of ENCOINS before engaging with the protocol. The combination of encryption, zero-knowledge proofs, and the privacy-focused features built on the Cardano blockchain, make ENCOINS a noteworthy project in the realm of secure and private blockchain transactions.

ENCOINS serves as a multifaceted protocol within the Cardano ecosystem, focusing on enhancing privacy and utility for its users. It operates as a decentralized private accounts and payments protocol, allowing for a range of financial activities while prioritizing user anonymity and security.

The primary utility of ENCOINS lies in its ability to facilitate private transactions on the Cardano blockchain. Users can create, trade, and gift ENCOINS, which are essentially NFTs with encrypted redeeming values. This feature conceals the amount of ADA within a user's wallet during transactions, thereby enhancing privacy for both the sender and the recipient. The protocol's Ledger Mode further supports this by enabling the sending and receiving of payments in ENCOINS through a unique on-chain script, acting as a stealth account for its users.

Beyond privacy, ENCOINS also integrates with DeFi protocols that support its framework, broadening its utility within the decentralized finance landscape. The upcoming ENCOINS Ledger, a shielded accounts system, promises to expand its functionalities further.

ENCOINS can be burned, allowing users to redeem their ADA value, adding a deflationary mechanism to its economic model. The project aims for widespread integration within the Cardano ecosystem, planning to support all native assets on Cardano eventually.

The ENCS token, the native utility token of the ENCOINS protocol, plays a crucial role in the ecosystem. It is used for running validator nodes through staking, participating in governance votes to allocate network resources, and interacting with the protocol in Wallet Mode. This mode ensures the privacy of ADA holdings and transactions through supported CIP-30 compatible hot wallets.

With a fixed supply, ENCS tokens are distributed among project supporters, the development team, and a treasury, ensuring a balanced allocation for ecosystem development and governance.

It's important for anyone interested in participating in the ENCOINS ecosystem or similar projects to conduct thorough research and understand the risks involved in cryptocurrency investments.

ENCOINS has experienced several pivotal moments that have significantly shaped its trajectory within the cryptocurrency landscape. Initially, the project garnered attention through its announcement, setting the stage for its development and future contributions to the Cardano ecosystem. A notable early milestone was the decentralized token generation and distribution ceremony, marking the beginning of ENCOINS' journey in the crypto world. This event was crucial as it laid the foundation for the token's distribution strategy and its initial introduction to the community.

Following this, the project underwent a public test phase, allowing users to interact with the protocol in a test environment. This phase was critical for gathering user feedback and ensuring the system's robustness before its full launch. The mainnet launch, scheduled for November 30th, 2023, is anticipated to be a significant event for ENCOINS, potentially influencing its value and utility within the ecosystem. This launch represents the culmination of the development efforts and the beginning of the protocol's live operations.

In addition to these technical milestones, ENCOINS has focused on ecosystem integrations, partnering with various projects within the Cardano ecosystem. These partnerships are vital for enhancing the protocol's functionality and ensuring its compatibility with other projects and platforms. The release of the core and frontend code on GitHub further underscores the project's commitment to transparency and community involvement, allowing developers and enthusiasts to contribute to its growth.

ENCOINS is a privacy protocol that enables the creation of NFTs with secret redeeming values, enhancing user privacy by concealing the amount of ADA in transactions. It features unique modes like the ENCS Wallet Mode and ENCS Ledger Mode, offering users different ways to interact with the protocol while maintaining privacy. The ENCS token, with a fixed supply, serves various purposes within the network, including running validator nodes and participating in governance votes.

As with any investment, it's crucial to conduct thorough research before engaging with cryptocurrencies. The dynamic nature of the crypto market means that while opportunities exist, they come with their own set of risks.