About Encoins

What is the project about?ENCOINS is a privacy protocol on Cardano. Users can create NFTs (a.k.a. encoins) with secret redeeming values. These NFTs store their redemption values in an encrypted format, thus enhancing user privacy.ENCOINS conceals the amount of ADA in your wallet when you transact with other users and dapps. The users you interact with also enjoy a boost to their privacy, too.Ledger Mode enables sending and receiving payments in encoins using the ENCOINS Ledger script. It gives the recipient privacy provided they do not withdraw it (i.e. if they also make Ledger Mode payments with these coins).What makes your project unique?ENCS is the only Privacy Protocol on Cardano.More information on this link https://docs.encoins.io/links/our-resourcesHistory of your project.We have already delivered ENCOINS v1 (now on the testnet). ENCOINS v1 was the goal of our previous Project Catalyst proposal back in Fund6. Though we initially underestimated the realistic deadlines for that project, we over-delivered in terms of what was promised, not only building a private transaction protocol but also creating reusable open-source.What’s next for your project?Encois V2 will allow users to make private transactions not only in ADA but also in all Cardano Native Assets. Cardano Private Smart Contracts coming to Cardano.What can your token be used for?For running validator nodes on the network via staking ENCS tokens.Used for governance votes to determine how network resources are allocated.