Incognito is a community driven, open-source blockchain which allows users to carry out anonymous cryptocurrency transactions. It has a secure infrastructure and different products that protect the privacy of users and transactions.
People can carry out anonymous transaction involving any cryptocurrencies such as bitcoin and ETH, as long as they are on the Incognito platform. In this regard, no transaction records remain in the public ledger. Neither traces of virtual identities of parties or specific cryptocurrency remain. Instead, the platform only indicates the prevalence of transactions. It does not specify the cryptocurrency or amount involved. This is because when the cryptocurrencies get to Incognito wallet, people convert them into private coins.
Shielding and unshielding
Holding and using the cryptocurrency confidentially depends on shielding and unshielding processes.
Shielding: Shielding is converting a cryptocurrency into a private coin. The process is very simple. The user only need to deposit a cryptocurrency such as BNB or bitcoin or ETH into the Incognito wallet then convert it into a private coin such as pETH or pBTC.
Unshielding: The unshielding process takes place when a user sends a private coin such as pBTC to a non-Incognito address. By doing that the protocol converts the private coin into a public coin such as BTC.
Therefore, the shielding and unshielding processes help to protect the crypto holder from surveillance by another party. In short, Incognito enables people to buy, sell, stake or trade anonymously.
In order to facilitate anonymous and private transactions, Incognito has several products which include Incognito wallet, Incognito Exchange and network explorer.
Virtual Node: Users can run virtual nodes in return for rewards. As a result, the participants create new blocks or validate transactions. The reward for mining are in PRV, pETH, pBNB or pBTC, among others.
Incognito pDEX: This is a privacy protecting, non-custodial exchange for private coins such as pBTC, pETH and many others. Therefore, trading on this platform is anonymous, private and secure.
Incognito Wallet: All the various transactions take place using the Incognito wallet where people send, buy or sell cryptocurrency confidentially. Basically, Incognito wallet is a multi-currency and multi-purpose wallet which keeps all crypto activities private. Another essential aspect is that there is no need for KYC.
Incognito Node: Incognito node processes transactions confidentially. In return, node holders earn reward in the form of PRV or any other private coins such as USDT.
Network Explorer: Using the network explorer, an individual can get a deep view of the various on-chain activities. For example, it shows DEX activities, market cap, shielded coins and more.
Privacy (PRV): This is the native token of the Incognito platform. There is a total fixed supply of 100 million PRV tokens. There was no ICO, private sale or VC funding to raise capital. Instead, the team self-funded the project to the tune of $1 million.
Users who stake their PRV tokens become validators and earn rewards in any of the private coins. Also, individuals can earn the PRV coins through block mining, product mining, bridge mining, liquidity mining and community mining.
Bridged Privacy Coins: Users can convert any cryptocurrencies from different blockchain networks into privacy coins on Incognito. Examples of the privacy coins are pBTC, pETH, pBNB and pDAI. The privacy coins have a 1.1 ratios with the related cryptocurrency.
Issue-Created Privacy Coins: Any PRV holder can create his/her privacy coins on the platform
As a community driven protocol, PRV token holders can suggest changes, create features or products, and receive rewards in return. Thus, users can make contributions through different ways.