Incognito is a crypto project that looks to bring more privacy to the chain
More privacy is always a good thing.
While cryptocurrencies like Bitcoin and Ethereum have fluctuated in value and relevance over the past 18 months, there are still plenty of things these cryptocurrencies and blockchains help power.
One inherent problem with these blockchains, however, is that they lack privacy for those that know where to look. You see, blockchain is a transparent, digital ledger so everything is recorded to your unique wallet ID, and in turn, sensitive financial information can be gleaned from the data. And as Huynh notes, “No one wants to show their bank statements to the entire world.”
Incognito hopes to solve that problem, however. Founded in 2018 and completely self-funded with the founding team contributing $1 million towards the project, Incognito provides a way for users to conduct transactions without the data being displayed on main chains like Bitcoin, Ethereum, and Binance Coin.
This is accomplished through the use of a platform-agnostic “sidechain” that can be implemented in Bitcoin blockchains, Ethereum chains, and more. Users will accomplish this by accessing “bridges” between the sidechain and the main blockchain. As The Block puts it, “The bridge locks an asset on the native blockchain, mints a new private asset on Incognito’s sidechain, and issues it to the user.”
Security is obviously a huge factor here and Incognito uses Proof-of-Stake nodes (instead of Proof-of-Work), with the stake being that of PRV, Incognito’s asset. This is accomplished through Nodes, which act as the bridge between privacy and the main chain.
CEO and founder Duy Huynh notes that “We believe that each blockchain is designed for a very specific purpose. It should do one thing and do it well. Bitcoin is designed to be the new gold. Ethereum is designed for.. I don’t know.. maybe DeFi is its best use case. Incognito is designed for a single purpose: incognito mode for crypto, and we’re trying to do this one thing well.”
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