Cardence is excited to announce its up-and-coming IDO – SpinADA.cash – which among many features boasts fully anonymous transactions on the Cardano blockchain.
SpinADA.cash is a fully decentralized protocol for private transactions on Cardano, which breaks the on-chain link between senders and receivers of Cardano native tokens on the blockchain. This gives complete privacy and security in a completely decentralized manner.
SpinADA.cash uses a Zero Knowledge proof protocol known as zk-SNARK , developed by the good fellows at Zcash, and firstly implemented by tornado.cash on Ethereum, to ensure secure anonymous transactions of Cardano assets on the blockchain.
It features a Smart contract that accepts Cardano tokens and then allows anyone with proof of knowledge to withdraw those tokens through the use of Cryptographic keynotes.
When a sender submits a transaction, he receives a key note and a corresponding hash is received by the Smart contract. When a withdrawer furnishes the right key note, it is matched with the hash to output the corresponding submitted tokens.
Protocol parameters will be governed by the community. A trusted setup ceremony for zk-SNARK will be organized through community participation to further decentralize the protocol.
SpinADA is the latest offering from the game-changing Cardence.io platform, which allows investors early access to invest at IDOs, before public release. Cardence is a guaranteed allocation IDO platform for Cardano projects. A minimum of 4000 $CRDN needs to be staked to get allocation for IDOs.
The IDO goes live on the 27th Oct 1400 UTC and can be entered at Cardence.io.
Cardence is a Cardano-focused, multichain decentralized presale platform that creates a trustless fundraising ecosystem. It is running on BSC right now. It is the first presale platform that facilitates affiliate marketing of projects, the release of tokens according to a vesting schedule, whitelisting of participants, and auto-locking of liquidity.
Additionally, dApps like SmartMint or Locker App allow for the creation of new tokens without writing any code and time-locked token vaults for the release of tokens according to a vesting schedule.