Grabbit and ENCOINS have joined forces with a shared commitment to providing users with a fair and rewarding experience, while prioritizing privacy, security, and innovation within the Cardano ecosystem.
The Grabbit team is thrilled to announce our partnership with ENCOINS, an upcoming privacy protocol that leverages the power of zero-knowledge proof technology. This exciting partnership merges Grabbit’s pioneering NFT Marketplace with ENCOINS’ innovative privacy solutions to provide a seamless and highly gratifying experience for all users.
Grabbit is currently positioned to offer a unique gamified experience for NFT transactions where users will have the opportunity to earn the $GRAB token through various interactive engagements on the platform. In addition to the regular incentives provided by the $GRAB token platform, the protocol will also grant rewards based on specific placement tiers within the leaderboard (Top 10, 10–50, 50–100).
A core feature is a leaderboard that tracks and showcases each user’s accumulation of Grabbit Points. The leaderboard is determined by the number of points accumulated, with higher scores indicating a higher rank.
However, in a decentralized protocol, devising equitable rewards for a leaderboard system presents a technically complex challenge. If the rewards were disclosed in advance, pragmatic users could calculate whether the effort required to earn a certain number of Grabbit points is worth the monetary value of the reward, thereby undermining the competitive nature of the leaderboard. To tackle this concern, we have forged a partnership with ENCOINS to implement a solution.
Through the ENCOINS protocol, users gain the ability to mint coins with secret redemption values, guaranteeing the utmost privacy and security. The GRABBIT DAO committee, comprising key members, will curate a diverse assortment of rewards for each Leaderboard season. These rewards will be encrypted using the ENCOINS protocol, ensuring that their true nature remains concealed until the conclusion of the season. This allows the protocol to create and commit to fair rewards while preserving the integrity and excitement of the gamification process.
Overall, Grabbit and ENCOINS will offer users an improved level of privacy, a gamified experience with rewards, and a fair and transparent rewards system, enhancing their overall engagement and satisfaction with the platform.
This announcement is ahead of the Grabbit NFT Marketplace launch, scheduled for Q3 2023.
ENCOINS is a privacy protocol leveraging zero-knowledge proof technology to enhance user privacy and security in decentralized ecosystems. By offering secret redemption values for minted coins, ENCOINS ensures the confidentiality of rewards until they are distributed. With a focus on privacy, ENCOINS empowers blockchain platforms to deliver enhanced privacy features without compromising on user experience.
Grabbit is an on-chain auction NFT marketplace built on Cardano blockchain. It aims to create a user-friendly platform for buying, selling, and trading NFTs in a secure and decentralized environment. Grabbit marketplace strives to foster a vibrant community that encourages creativity, supports artists, and provides a seamless and secure experience for users worldwide.
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