Privacy is a critical concern in the digital world. Traditional public blockchains, while secure and transparent, lack privacy in transactions. ENCOINS addresses this gap by allowing users to conduct transactions privately, without sacrificing the inherent security benefits of blockchain technology. This feature is particularly important for users who require discretion in their financial dealings.
Think of ENCOINS as a special cloak for your digital money on the Cardano blockchain. Just like a cloak makes a person invisible, ENCOINS makes your financial transactions private. When you want to send money privately, you first wrap it in this 'digital cloak,' as an NFT. These hide the amount of money you’re sending. You can then send these cloaked NFTs to someone else on the Cardano network. The clever part is, even though the transaction is recorded on the blockchain, the amount remains a secret. Later, when someone wants to turn their encrypted coins back into ADA, they simply remove the cloak, with a Password sent from the sender to the receiver off-chain. With this password, the true value is revealed, but only to the right person. This way, ENCOINS allows you to enjoy the benefits of a public blockchain, like security and reliability, while keeping your transaction amounts private.
Using ENCOINS involves 3 key steps:
ENCOINS is now live on Mainnet! Here is a brief tutorial on how to send Transactions using ENCOINS. Please keep all the keys you are going to be given and first try this out with little ADA, so you reduce risk as much as possible. Here is the Link to the app: https://app.encoins.io/
Minting and Burning Coins (Wallet Column)
Sending Coins from the App: (Transfer Column)
Receive and Claim your tokens
ENCOINS introduces a revolutionary approach to privacy in financial transactions on the Cardano blockchain. It stands as a testament to the evolving nature of blockchain technology, addressing the critical need for privacy in digital transactions. As the world moves increasingly towards digital currencies, solutions like ENCOINS are pivotal in shaping a future where financial transactions are both secure and private.
And how about receiver transparency? I mean if someone is following my wallet activity will the recievers be hidden somehow? ie. recievers would just be Encs app wallet or something like this?
So in order to fool the spy we always need to make dummy transactions too (the zero ada)?
nice read indeed!
so total amount of ADA minted we could check on-chain. We just dont know the value of each minted NFT until someone burns it. Is that right?