Spinada.cash, A Completely Decentralised Protocol for Private Transaction on Cardano , to List on BitMart Exchange
BitMart, a premier global digital asset trading platform, will list Spinada.cash (SPIN) on December 7, 2021. For all BitMart users, the SPIN/USDT trading pair will be officially available for trading at 03:00 AM EST.
What is Spinada.cash ?
Spinada.cash is a completely decentralized protocol for private transactions on Cardano blockchain. It 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.
Immutable, open source, unupgradable Smart Contracts. Even developers cannot change anything.
User Interface will be hosted on IPFS. As long as any of its participant is live, nobody can take it down.
Governance and Staking contracts will be deployed by the community. No single deployer. Multisig access.
Protocol parameters will be governed by the community. Trusted set up ceremony for zk-SNARK will be organized through community participation to further decentralize the protocol.
How SpinADA works?
01. Submit transaction
Sender submits a transaction which goes to a relayer which in turn submits it to a smart contract. The relayer is chosen in a completely decentralized manner through staking of $SPIN tokens. Sender receives a random key note and a hash of the key note is submitted to the smart contract.
02.Wait : For enhanced anonymity
After submission, the withdrawer should wait for sometime for greater anonymity and assimilation into a crowd of transactions.
The receiver submits the Key note to the smart contract which matches it to the hash and then sends ADA or other Cardano native tokens to the specified address after authentication.
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SpinADA 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.It uses a Zero Knowledge proof protocol known as zk-SNARK , developed by the good fellows at Zcash, to ensure secure anonymous transactions of Cardano assets on the blockchain. It uses a Smart contract which accepts Cardano tokens and then allows anyone with a proof of knowledge to withdraw those tokens through the use of Cryptographic key notes . To learn more about Spinada.cash, please visit their website, follow their Twitter and join their Telegram.