SpinADA, Cardence’s first IDO project, will go live on Pancakeswap on November 3rd at 1700 UTC. It is the Cardano network’s first decentralized private transaction protocol. Massive gains are expected for early entrants at the time of listing, as there is a lot of buzz surrounding this project following Steve Wozniak’s call for it.
Cardence has fully incubated the project, and its IDO was completed in 6 minutes on the Cardence platform. Its IDO was also highlighted in the Coinmarketcap ICO calendar.
It rose to prominence after Apple Co – Founder Steve Wozniak advocated for and supported the project.
SpinADA.cash is a fully decentralized Cardano protocol for private transactions that breaks the on-chain link between Cardano native token senders and receivers on the blockchain. This provides complete privacy and security while remaining completely decentralized.
SpinADA.cash employs zk-SNARK, a Zero Knowledge proof protocol developed by Zcash and first implemented by tornado.cash on Ethereum, to ensure secure anonymous transactions of Cardano assets on the blockchain.
It has a smart contract that accepts Cardano tokens and then allows anyone with proof of knowledge to withdraw those tokens via Cryptographic keynotes.
When a sender submits a transaction, he receives a key note, and the Smart contract receives a corresponding hash. When a withdrawer provides the correct key note, it is compared to the hash to produce the corresponding submitted tokens.
The community will set the protocol parameters. To further decentralize the protocol, a trusted setup ceremony for zk-SNARK will be organized with community participation.
SpinADA is the latest offering from the ground-breaking Cardence.io platform, which gives investors early access to invest in IDOs before they go public.