1.1 Please describe your project. What is it doing to improve Cardano?
ENCOINS is a privacy protocol on Cardano. It allows for the obfuscation of amounts and addresses for transactions using smart contracts, decentralized relayers, and NFT/FT mechanisms. Users can create NFTs (a.k.a. encrypted coins or encoins) with secret redeeming values. These NFTs store their redemption values (ADA) in the encrypted format using zero-knowledge proofs. A user can burn a coin to redeem its value from the protocol. You can send, gift, or trade encoins as any other NFT.
The protocol has a second mode of operation called the ENCOINS Ledger Mode. In this mode, users can store their coins directly in the protocol (at the Cardano script address). Thus, it is possible to make confidential payments even without having a Cardano wallet.
We have several partnerships inside the Cardano ecosystem currently in the works, such as Grabbit Leaderboard rewards, for example.
1.2 What does the Token do? How many holders does it currently have?
ENCOINS utility token is called ENCS. The token is used for
Stake delegation/running of relay servers and Governance actions (source: ENCS Token - ENCOINS).
Relay servers are community-run backend apps that process requests, build transactions, and collect fees for their work. In order to ensure quality service, the relayers are required to have a delegation of 100k+ ENCS to earn protocol fees.
At the time of writing, there are 1422 holders of the ENCS token.
1.3. Why do you want a MIN Farm? How does the Minswap community benefit from offering a MIN Farm for your Token? Apart from the MIN Farm, will you add your own Token as incentives as well? If yes, how much?
We aim to have strong liquidity for our token, and the additional awareness of an established brand and partner like Minswap will greatly help us achieve this goal. Better liquidity will enable a higher token price leading to more development options for the ENCOINS team and, thus, more solutions/services for the entire Cardano community.
We’d like to add 50k ENCS to the ENCS/ADA Farm as per our Governance vote. The incentives are to be distributed over 12 months.
1.4. How much circulating supply is there of your token? Please inform us briefly of your tokenomics, including the distribution and vesting schedule of the token (investors, team, yield farming, etc.)
All of the tokens (15M in total) have been distributed, with 2M going to team members, 3M into the ENCOINS DAO treasury, and 10M to our ISPO participants.
1.5. Is your Project audited? By whom?
The ENCOINS protocol is going to be audited by Anastasia Labs (https://anastasialabs.com/).
- Do you agree ENCS should have a MIN farm?
- Yes
- No
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