SpinADA, Cardence’s first initial DEX offering (IDO) project, will be listed on Pancakeswap on November 3 at 1700 UTC. It is the first decentralized private transaction protocol for the Cardano network. Massive gains are expected for early entrants at sign up time as there is a lot of hype surrounding this project after Steve Wozniak called it quits.
SpinADA.Cash is fully incubated by Cardence with an IDO that completed in six minutes on the Cardence platform. Its IDO was also listed in CoinMarketCap’s ICO calendar.
SpinADA.cash rose to prominence after Apple co-founder Steve Wozniak shouted the project and backed it.
SpinADA.cash is a fully decentralized protocol for private transactions on Cardano, which breaks the on-chain link between senders and receivers of native Cardano tokens on the blockchain. This gives complete privacy and security in a completely decentralized way.
SpinADA.cash uses a Zero Knowledge proof protocol known as zk-SNARK developed by the good guys at Zcash and first 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, they receive an identification note and a corresponding hash is received by the smart contract. When the withdrawing person gives the correct keynote, they are associated with the hash to generate the corresponding submitted tokens.
The protocol parameters will be governed by the community. A trust installation ceremony for zk-SNARKs will be held through community participation to further decentralize the protocol.
SpinADA is the latest offering from the revolutionary Cardence.io platform, which gives investors quick access to IDOs before they are released.
More information about SpinADA can be found at spinada.cash or join the telegram group.
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