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Stake Your SPIN
Now Anonymous transactions will be possible on Cardano blockchain. 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.
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.
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.
