How to mint?
Send ADA into the protocol to mint several unique NFTs (aka ENCOINS). Each ENCOIN contains an encrypted redeeming value known only to you. The total redeeming value is equal to the ADA provided.
How to use?
ENCOINS can be used as any other native asset on Cardano: they can be traded, gifted, or used in other DeFi projects that support them. Sending ENCOINS locked in certain DeFi protocols could be as simple as giving someone the minting keys for those coins.
How to redeem?
ENCOINS can be burned to receive their redeeming value back. Only the user who knows its minting key can redeem an ENCOIN.