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 keynote and a corresponding hash is received by the Smart Contract. When a withdrawer furnishes the right keynote, 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 of Oct at 1400 UTC and can be entered at Cardence.io.