Incognito Expanding Its Anonymizing Technology To DeFi Platforms

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • A decentralized privacy coins platform, Incognito that offers users to shield their Ethereum transactions is soon going to expand its functionality to DeFi platforms.
  • While getting launched on Kyber, the privacy-platform is also planning to support other DeFi platforms such as 0x, Uniswap, and Compound, declared by Andrey Bugaevski, Incognito’s Head and Researcher.
  • Incognito is planning to launch its support for Kyber mainnet and 0x on May 7 and 17, respectively.

A decentralized privacy coins platform, Incognito that offers users to shield their Ethereum transactions is soon going to expand its functionality to DeFi platforms. The first DeFi platform chosen by Incognito is Kyber Network that is going to commence in May.

Incognito planning to support other DeFi networks

While getting launched on Kyber, the privacy-platform is also planning to support other DeFi platforms such as 0x, Uniswap, and Compound, declared by Andrey Bugaevski, Incognito’s Head and Researcher.

Till now, Incognito permitted users to guard their ether by generating a shielded copy of it over the sidechain through zero-knowledge proofs and locking the equivalent amount of original tokens on Ethereum.

Later on, all the transactions that carry shielded ether, also known as pETH, will be executed on the Incognito and will become completely unidentified.

Incognito-Ethereum-shielding


Moreover, the pETH has the same value and can be utilized as normal ether always. Users can further transfer their shielded tokens to other Incognito wallet or Ethereum balances, as of this case, the pETH will be unguarded before reaching to the regular ETH wallets.

The same method will be incorporated for the DeFi transactions, except it will include an additional anonymity buffer. With this method, the resulting shielded tokens will be named as pKyber, p0x, pUniswap, and pCompound respectively.

Zilliqa and Binance partnership with Incognito

Incognito is planning to launch its support for Kyber mainnet and 0x on May 7 and 17, respectively. On the other side, the launch on Uniswap and Compound is scheduled for June.

According to a report, in January, Zilliqa and Binance took their preliminary steps towards full anonymity by partnering with Incognito.

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