Last updated 2 months ago
ENCOINS v1 privacy protocol has some limitations that need solving:
This is the total amount allocated to ENCOINS v2. 2 out of 5 milestones are completed.
1/5
ENCOINS v2 documentation
Cost: ₳ 50,000
Delivery: Month 1 - Apr 2024
2/5
ENCOINS v2 on-chain code
Cost: ₳ 50,000
Delivery: Month 3 - Jun 2024
3/5
ENCOINS v2 backend
Cost: ₳ 50,000
Delivery: Month 5 - Aug 2024
4/5
ENCOINS v2 frontend
Cost: ₳ 20,000
Delivery: Month 6 - Sep 2024
5/5
ENCOINS v2 Testnet
Cost: ₳ 30,000
Delivery: Month 7 - Oct 2024
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
ENCOINS team
ENCOINS v2 upgrade does the following:
No dependencies.
Apache License 2.0. The code will be available on GitHub.
ENCOINS enables private holding and transactions of Cardano native assets. ENCOINS v1 is currently available at https://app.encoins.io.
This proposal is mostly concerned with protocol improvements that we want to bring in version 2.
Bring proof verification on-chain
This upgrade will make the protocol more secure by removing one of the last centralizing elements. The feature becomes possible thanks to the newly added built-ins in Plutus V3. We will use zkFold Symbolic smart contract language for the ENCOINS v2 smart contracts.
Native asset support
A single encoin NFT will represent a bundle of native assets instead of just an ADA value. This change enables many new use cases and collaborations with other DApps.
Composability with other protocols
ENCOINS v1 minting policy is restrictive in certain ways that prevent it from being used together with some other protocols in the same transaction. In v2, thanks to the use of zero-knowledge protocols on-chain, we can remove some unnecessary technical limitations, making the policy less restrictive.
In addition, the protocol allows minting encoins that can only be burned under the condition that some additional scripts are executed in the same transaction. This feature enables developers to create private versions of such smart contracts as escrow, atomic swap, and vesting contracts, to name a few. Under certain conditions, invoking such contracts is indistinguishable from simple burning and minting of encoins in the ENCOINS Ledger script.
Integrations with other Cardano-based applications
We have collaboration plans with several notable ecosystem projects that we can put into active development if this proposal is funded.
Confidential transactions and smart contracts matter a lot for blockchain adoption. Our privacy features enable users to transact confidently, knowing that their transaction history will not be publicly available for everyone they interact with on the blockchain.
We will measure the impact of this proposal by the growth in usage of our DApp after the upgrade.
ENCOINS v2 will enable several ecosystem collaborations that we are currently working on.
ENCOINS team has successfully completed the Project Catalyst Fund6 grant and delivered the ENCOINS DApp, which is now on the mainnet.
Develop the on-chain code.
On-chain code is the main source of truth for blockchain applications. By completing the on-chain part, we provide the full specification of the ENCOINS v2 protocol.
Outputs and verification: the code is open-source and will be published on GitHub.
Develop the off-chain code.
We will upgrade the business logic for building the ENCOINS transactions and introduce the new modes of operation for the DApp.
Outputs and verification: the code is open-source and will be published on GitHub.
Upgrade ENCOINS infrastructure components.
To transition to version 2 of the protocol, we need to introduce certain upgrades to our infrastructure components. Specifically, we need to make numerous adjustments to the relay component, including the API changes.
Outputs and verification: the code is open-source and will be published on GitHub.
Developing the test suite for ENCOINS v2.
Before ENCOINS v2 can go live on the mainnet, we must follow a rigorous testing process to ensure the best quality and security we can. For this, we need to create a comprehensive testing suite to verify the safety of our protocol.
Outputs and verification: the code is open-source and will be published on GitHub.
Improve developer documentation and create an integration guide.
As the protocol becomes more composable and open to integrations, we need to provide developers with clear instructions on what can be done with the protocol and how.
Outputs and verification: the documentation will be publicly available.
Produce the completion report and the video illustrating the solution.
Outputs and verification: the report and video will be publicly available.
The project is developed in-house by the ENCOINS team who previously brought to you ENCOINS v1, which is now live on the mainnet. Our development team consists of one researcher/smart contract developer, one backend, and one frontend developer.
Vladimir Sinyakov
Founder and protocol architect of ENCOINS. Founder of zkFold.
https://www.linkedin.com/in/vladimir-sinyakov/
Ph.D. in Computational Mathematics. Prior experience includes five years of postdoc in applied mathematics (Control Theory), publishing in top journals in the field. Previously completed a Project Catalyst Fund6 grant leading the ENCOINS team. ENCOINS is a DApp on Cardano that has been recently launched on the mainnet.
Grigory Petrov
Developer
Grigory is the developer for ENCOINS. Early into the development, he joined the team and built the relay app for the ENCOINS protocol as well as the delegation server and other backend tools.
Vladislav Sabanov
Developer
Vlad is the frontend developer for ENCOINS. He is a senior Haskell developer. His previous experience includes building various blockchain applications on Cardano at MLABS.
Smart Contract Development and Protocol design: 75 000 ADA
1x software developer @ $3,000 per month for 6 months = $18,000 (~45,000 ADA)
1x ZKP researcher @ $4,000 per month for 3 months = $8,000 (~30,000 ADA)
Backend Development: 65 000 ADA
1x software developer @ $3,000 per month for 6 months = $18,000 (~45,000 ADA)
1x senior software developer @ $4,000 per month for 2 months = $8,000 (~20,000 ADA)
Frontend Development: 60 000 ADA
1x senior software developer @ $4,000 per month for 6 month = $24,000 (~60,000 ADA)
The project requires a deep understanding of the Cardano smart contracts as well as expertise in zero-knowledge cryptographic protocols. As we have to pay competitive salaries to our developers and researchers, we've arrived at the budget breakdown above. Ultimately, the cost of the project is on par with other notable DApps on Cardano.