Encoins Announces Mainnet Launch Date
11/17/2023
Encoins is on the verge of an exciting chapter, poised to launch on November 30th, 2023, and attempting to revolutionize secure private transactions on the Cardano blockchain. This launch is not just about technology; it’s about empowering individuals and creating a secure haven for their digital interaction
What is Encoins
The Encoins Protocol is looking to revolutionize secure transactions through encrypted coins utilizing zero knowledge proofs on the Cardano blockchain. Users deposit ADA into the protocol to mint a bundle of NFTs, also known as ENCOINS. Each token holds an encrypted redeeming value. These ENCOINS can then be burned to reclaim their corresponding ADA value only by a user who has the minting key.
Transactions on the protocol are signed and facilitated by decentralized relayers. $ENCS holders play a pivotal role by staking their tokens to relayers, earning a share of protocol fees generated.
For example, a relay node operator staking 5k $ENCS could receive 95k $ENCS in delegations. Rewards are distributed based on the amount of stake, with 5% going to the relay operator, and the remaining 95% divided among their delegators.
To be included on the visible relayer list, a relayer must have 100,000 ENCS staked. Protocol Fees will generate ADA, with 80% of protocol fees being directly rewarded to relayers and their delegators, while the remaining 20% will contribute to the DAO. The minimum system requirement to run a relayer is a 2 GHz processor with at least two cores, 200 GB of disk space, and 16 GB of RAM.
$ENCS
$ENCS serves as the governance token of the Encoins DAO, with a maximum supply of 15,000,000 tokens, and 89.9% (13.48 million) currently in circulation. 80% of the supply went to the community through the Initial Stake Pool Offering (ISPO) and the Encoins DAO. ENCS can be staked by relayer operators as well as delegators to secure the protocol and earn rewards from generated protocol fees.
Future Upgrades & Integrations
With Encoins V2 slated for a 2024 launch, the protocol is poised for expanded capabilities and integration possibilities. The modular nature of Encoins and the Encoins protocol should assist in a smooth transition to V2. The Encoins team is also exploring the possibility of building on Midnight, a privacy and enterprise focused Cardano PartnerChain.
Conclusion
Encoins, looking to make its mark as the first privacy protocol on Cardano, distinguishes itself further by being the initial protocol on the platform to integrate zero-knowledge proofs. With its upcoming launch on November 30th, 2023, Encoins hopes to pave the way for a new era of secure and private transactions. Stay updated by following Encoins on their social channels:
- Twitter: https://twitter.com/ENCOINS1
- Discord:
- Website: https://encoins.io/
This article is strictly for informational purposes and does not constitute a promotion or financial advice. Our aim is solely to provide users with the latest news and updates within the Cardano ecosystem. Token info was accurate at the time of writing.
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