[PRESS RELEASE – Please Read Disclaimer]
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.
More information on SpinADA is available on spinada.cash or join telegram group.
About Cardence
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.
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