SpinADA, Cardence’s first initial DEX offering (IDO) project, will list on Pancakeswap on 3rd Nov at 1700 UTC. It is the first decentralized private transaction protocol for the Cardano network. Massive gains are expected for early entrants at the time of listing, as there is a lot of hype around this project after Steve Wozniak made a call for it.
SpinADA.Cash is fully incubated by Cardence with ani IDO that finished in six minutes on the Cardence platform. Its IDO was also featured in CoinMarketCap’s ICO calendar.
SpinADA.cash came to prominence after co-founder of Apple Steve Wozniak shouted out the project and supported the project.
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, they receive a keynote and a corresponding hash is received by the smart contract. When the person withdrawing gives 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-SNARKs 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 in IDOs before public release.