- The KMA token is the first community-driven deflationary utility token where redemption rewards, reimbursement rewards and token burns rely on the network privacy-preserving blockchain system
- The transparent, decentralized network offers an array of products and services that promote privacy for blockchain networks
- Private or privacy coins are simply cryptocurrencies which have more emphasis on privacy
Cryptocurrency generally is thought of by beginners or non-technical individuals as a scam that works for a few. It’s not hard to profit from crypto, DeFi or digital currencies. Although have you heard about private coins?
Various platforms offer such types of cryptocurrency. Calamari, a decentralized, transparent network, supports the use of private coins just like its native cryptocurrency, the KMA token. The concept behind the Calamari network promotes the Kusama ecosystem and private coins.
About Calamari Network
Calamai Network is a decentralized, transparent platform that acts as an experimental version of Manta Network. Its main objective is to test out every feature released. Calamari was developed specifically to promote and develop the Kusama ecosystem.
Some even termed it a canary net that acts as a test environment for the blockchain-based projects that run on Polkadot.
It has its digital currency, the KMA token. Calamari network is considered the only plug-and-play parachain within the Kusama ecosystem focused on privacy preservation. The transparent, decentralized network offers an array of products and services that promote privacy for blockchain networks. In 2021, Victor Ji founded this enterprise in hopes of building an utterly private layer within the entire Kusama Ecosystem with zkSNARKs.
Also, Read Stellar cryptocurrency provides banking cross-border payment services to the African crypto market.
When mentioning the Calamari network, you will often hear private coin terminology.
Private or privacy coins are simply cryptocurrencies which have more emphasis on privacy. Unlike standard crypto coins, stablecoins or altcoins, private coins have additional features that shield the identity of their owners and the balance of their wallet.
How the decentralized, transparent network works.
Calamari network can achieve its privacy functionalities by combining the Kusama ecosystem and zkSNARKs.
zkSNARKs means a zero-knowledge succinct non-interactive argument for knowledge. It is a privacy and validation protocol that allows the validation of transactions without revealing excessive information about themselves. The decentralized, transparent network achieves privacy through a series of complicated processes. These processes involve minting private coins while publishing specific information onto the blockchain system to facilitate zero-proof balance transfers and exchanges. This process essentially describes the digital currencies’ private transactions and private swapping.
To accommodate these processes Calamari network has two key features;
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- MariPay – This service generally supports private transfers within the Kusama ecosystem. Popular stablecoins or even wrapped crypto coins can use this service. It also offers simultaneous on-chain privacy through ZKP.
- MariSwap is the second feature that maintains the confidentiality of the crypto traders’ addresses while allowing swaps between various parachain assets. It is a private Automated Market Maker-based Decentralize exchange(DEX), eliminating the need for crypto trading intermediaries.
KMA token, and how do private coins come in handy?
The KMA token is the first community-driven deflationary utility token where redemption rewards, reimbursement rewards and token burns rely on the network privacy-preserving blockchain system.
Also, Read The Africa Money and DeFi Summit targeting to better Africa’s web3 ecosystem.
The token functions as a means of governance, and because its community-focused, all Parahcain Loan Offering participants generally receive up to 30% of the project’s total supply. This inevitably increases the security of the parachain.
The above attributes are why this private coin has gained traction over the past few years. If you are wondering, there are plenty of reasons businesses and individuals choose to use private coins, most of which are very legal and legitimate. Here are a few specific cases that prompt such organizations
- Individuals who run a business and wish to incorporate cryptocurrency within their ledgers, using standard wallets might not be for the best. Ordinary wallets such as Bitcoin Wallet publicly display just how much money your business is. This is a critical disadvantage when negotiating contracts or purchasing goods. Plus, who would want everyone to see how much their business has?
- Crypto coins are non-fungible. This means that a crypto coin used or purchased by anyone is traceable to its original user. This has various advantages, such as eliminating fraud or theft, but it has multiple disadvantages. With the recent rise of illegal activities via crypto coins, any coin traced to an unlawful activity is either banned or frozen. This leads to severe damage to one’s business. With private currencies, this risk does not exist.
- Wallet transaction history is publicly available. This means that companies accommodating crypto payments analyze data to adjust their prices to match an individual’s spending habits. Just think about it, a shoe price might one-day skyrocket just because you made a few well-placed purchases.
Closing remarks
Calamari network is a transparent, decentralized network that offers privacy in three distinct areas; Private transactions on MariPay, private swaps on MariSwap and privatizing tokens.
They are promoting the Kusama ecosystem through their KMA tokens to increase the usability of the private coin. Their functionalities have contributed to the Manta Network on Polkadot by giving users unique features that apply well in today’s data-driven society.
