Cardano

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ENCOINS

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<p>Encoins, Cardano’s first-ever privacy protocol, is <a href="https://x.com/cwpaulm/status/1725587989126840501?s=46&amp;t=dYF0hpz-gFc8HcetSehFUQ" rel="noopener noreferrer nofollow">scheduled</a> to have its mainnet launch on Nov. 30, according to a Friday announcement.&nbsp;&nbsp;&nbsp;Encoins is designed to enhance the privacy and security features of transactions on the popular blockchain, a move that shows the growing demand for confidentiality in digital currency transactions</p>
<h2 id="the-protocol-s-technical-specs">The protocol’s technical specs&nbsp;</h2>
<p>The upcoming Encoins protocol on the <a href="https://u.today/cardano-ada-price-history-shows-153-surge-might-be-lurking-around?amp" rel="noopener noreferrer nofollow">Cardano</a> blockchain introduces a mechanism for private transactions using zero-knowledge proofs, a key cryptographic tool.&nbsp;&nbsp;&nbsp;This protocol allows users to deposit Cardano's native cryptocurrency, <a href="https://u.today/is-cardano-ada-golden-cross-useless-prices-reaction?amp" rel="noopener noreferrer nofollow">ADA</a>, to mint ENCOINS, a unique form of NFTs representing encrypted value.&nbsp;&nbsp;&nbsp;These ENCOINS can then be converted back to ADA, but only by the user with the corresponding minting key, ensuring privacy in transactions.&nbsp;&nbsp;&nbsp;Additionally, the protocol employs a decentralized relay node system, where holders of the ENCS token can stake their tokens to support network operations and earn a portion of transaction fees. In such a way, they can contribute to the network's security and efficiency.</p>
<h2 id="more-demand-for-privacy">More demand for privacy&nbsp;&nbsp;</h2>
<p>The crypto space is already occupied by other privacy-focused projects such as <a href="https://u.today/zcash-surges-14-in-unexpected-twist-here-are-reasons?amp" rel="noopener noreferrer nofollow">Zcash</a> and Monero, which also utilize zero-knowledge proofs to maintain transactional privacy.&nbsp;&nbsp;&nbsp;This technology is pivotal in enabling the authentication of transaction details while preserving the confidentiality of the data involved.&nbsp;&nbsp;&nbsp;Last November, Input Output, Cardano’s developer arm, launched a new privacy-focused blockchain called <a href="https://u.today/cardano-founder-underlines-important-aspects-of-upcoming-midnight" rel="noopener noreferrer nofollow">Midnight</a>.</p>
<p>According to the Friday announcement, the Encoins team is also “exploring the possibility” of building on top of Midnight.&nbsp;</p>

Cardano Will Soon Have Its First Privacy Protocol

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