Bitcoin Forum

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How does it work?

Network Layer
Incognito is a high-throughput proof-of-stake sidechain, made possible by the implementation of state sharding. Incognito takes a practical approach in designing and implementing its consensus mechanism, based on previous research and existing engineering by OmniLedger , Bitcoin , Ethereum 2.0 , and Zilliqa .

Design
Incognito is designed with 1 beacon chain and N sharding chains. We’ll start with 8 shards and slowly scale the number of shards. Each chain has its own committee.

Proof of Stake
Incognito implements the more energy efficient Proof-of-Stake (PoS) in lieu of Proof-of-Work . Anyone can be a validator candidate by staking the native coin of Incognito, Privacy (the minimum stake is currently 1,750 PRV). The beacon chain randomly assigns validators for each shard. Each validator has one vote. A block is considered a valid block if it collects more than 2/3 valid signatures from the validator committee.





Incognito Node (https://incognito.org/?utm_source=btt)

Node is a plug and play device that powers the Incognito network. Whenever anyone makes a private crypto transaction (say, in BTC or DAI), Node earns its owner rewards in that currency. Node also mines Incognito’s native coin, Privacy (PRV), for every block created. Node comes with a mobile app that you can use to start, pause, resume and track your earnings - from your couch, at the beach or on the go.


Why we offer hardware?

 ● Broaden the validator base.
For Incognito to be truly decentralized, we need as many users as possible to host nodes - including less technical users. With user-friendly hardware and software, any user can stake from their phone and become a validator.
● Make it more affordable to be a validator.
Designed for the individual then produced en masse, Node saves on manufacturing and software maintenance costs. Affordability opens up access and leads to a greater degree of decentralization.
● Distribute tokens more effectively.
Our team wants to build a thriving, engaged community focused more on the health of the network than price speculation. Instead of participating in a public token sale, users will receive Privacy tokens preloaded into Incognito hardware, so they can reap rewards and add value to the network right away



Privacy (PRV)  

A strict limit of 100M Privacy (PRV). 100% mined over 35 years.

Block Reward Split

New tokens are minted through block rewards. Block rewards are split between the miners and the Protocol Development & Growth (PDG) Fund.



As PRV is 100% mined, how can miners start mining when they don’t have coins to stake? There is no pre-allocation. The network must thus bootstrap itself in the following way: the network advances the PDG Fund a loan of 10,000,000 PRV. The loan is secured by the income of the PDG Fund from the block reward split.

Node Device will be launched this October, but for now, you can get a head start by running a virtual node.

How to run a virtual node?

1. Create your account

Download the Incognito app.


Open the app and tap on YOU. Copy YOUR INCOGNITO ADDRESS and YOUR PRIVATE KEY (keep them safe!). You’ll need them in STEP 3 and 5.

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2. Set up your node

You can run Incognito on a low-cost server. If you don’t have a server yet, it’s really simple and takes just a couple of minutes. You can set up an account with a VPS provider or a cloud service provider like DigitalOcean, Linode, Google Cloud, AWS or Vultr.

The minimum server requirements are 4GB RAM, 4 CPUs, and 160GB SSD. For example, if you use AWS, a t3.small instance is sufficient.

Save YOUR SERVER EXTERNAL IP ADDRESS. You’ll need it in STEP 4.

3. Run Incognito

Install Docker (https://docs.docker.com/install/).

Open Terminal and enter the command line below to download run.sh

curl -LO https://incognito.org/run.sh

Edit run.sh and replace xxx with YOUR PRIVATE KEY (from STEP 1).

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Then, enter the command line below to start Incognito.

bash run.sh

If you see the following errors, just ignore them. You’re doing good.
Error: No such container: inc_miner
Error: No such container: inc_kovan
Error response from daemon: network with name inc_net already exists

For the curious, because Incognito is integrated with Ethereum (so you can send ETH and ERC20 tokens privately), its error messages show up here. There’s nothing much we can do about it. Move on.

4. Monitor your node

You can easily monitor your Incognito nodes right from your phone.

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5. Request free testnet Privacy (PRV)

Privacy (PRV) is the native coin of the Incognito Network. To become a validator and help build the network, you’ll need to stake the minimum 1,750 PRV. It’s easy to request free PRV. Follow these steps:

a. Make a public post on either Facebook or Twitter that includes https://incognito.org/YOUR_INCOGNITO_ADDRESS (from STEP 1).

For example:
"I’m going to be a validator for the Incognito network. My address is https://incognito.org/1Uv3CsGLj7Ue6YoftT2XvMPrLcpETWgDPu9XQ3rF8FgZKMtwfkGPbQ1nRxtyhSVs7duQ"

b. Then, copy and paste the URL of that social post to the Incognito Telegram channel (https://t.me/incognitochain). That’s it! 1,750 PRV will be added to your wallet. If your PRV has not arrived after 12 hours, please dm @annie_incognito for support.

Important! The mainnet was live since November 1, 2019. You have to use your own PRV to start staking on the Incognito network.

6. Stake

Almost there! Now, that you’ve got PRV, all you have to do is stake. Remember, you need to stake at least 1,750 PRV to begin earning rewards.

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Congrats! You’re officially part of the network. Welcome to Incognito :)

Hi Guys ! Have you seen our new community building program https://incognito.org/airdrop ???

Is it just me or does that "node device" look like a speaker?

No offense, my goal is just to provide constructive criticism, what makes this project unqiue and what is the main selling point of this project? The feature of "having a miner in every home" sounds like every other coin out there.

Be warned people, I'd be very wary and careful before investing in a project like this.

Hello, thanks for your questions :)

Well, people have different tastes, there is no way to make an appearance, which everyone like. However, most of the feedback is positive

We are pretty sure that our project unique and competitive, because:
1. So far we've done 1M+ lines of code
2. Invented Home a validation Node device
3. Successfully built bridges for BTC, ETH & BNB blockchains
and many more features.

If you have any other questions feel free to ask them. Or try to be validator and decide then

P.S. We are not looking for investment. We offer to become validators ;)

Node will retail at $400, but here’s how to get one for free:

Tell us why you’re excited about Node in the YouTube  (https://www.youtube.com/watch?v=bafTu0kGfq4)or Twitter  (https://twitter.com/IncognitoChain/status/1177922581657079809?s=20)comments section of our newest video
Join the Incognito telegram group (https://t.me/incognitochain) and say hey!

Join the node community! 100+ virtual nodes are already running and earning rewards. 120 more are in line to join the network.

We’ll select our favorite comments on October 31th and announce the winners.

$400? For an off the shelf SBC with a cheap 4gb dimm and a 512gb trash ssd, in a weird design case?

I guess you're not profiting an extreme amount off this, the SBC https://www.jetwaycomputer.com/NF832.html is around $200 per unit if you buy a single unit from a third party (I'd expect MUCH cheaper cost when buying direct and at quantity) a cheap 4gb DDR3L is $10 at volume, and a 512gb ssd ,ssd is $40 at scale, so were talking $250 worst case cost without case.

Why are you using an 4 core x86 cpu? why not a cheap pi image? Why the goofey case and why $400? This is about promoting the coin and not making a profit off the POS hardware right?


Hi kingcolex,
 thank you for so awesome question!

Let me answer one by one:
1. Yep, the market price will $399 for the node in a "weird design case". So far Incognito Node provides is the cheapest Node on the market. The closest to us in terms of pricing is Quantstamp, they offer the Validation node for $699

2. In terms of design and productivity, we keep working on it and I can guarantee that new versions of Node will be better, cooler and more productive.

3. You are right, with this Node device we promote mass adoption for non-tech people to join blockchain networks without knowing anything about technology itself. With such price of $399 we are not making profit, just trying to cover expenses of production of the Node.

The same time to have a Node isn't mandatory, you can be a validator with own or cloud server.

Jump in our validators community to know more https://t.me/incognitonode


Looking forward to your feedback and if you have any other questions.


 





 

Great news! Media started to write articles about us, read and learn more about the project!;)

https://theblockcrypto.com/post/42385/incognito-is-building-a-sidechain-to-bring-privacy-to-cryptocurrencies

https://www.gigabitmagazine.com/fintech/node-mine-cryptocurrencies-using-less-power-toaster
https://www.theblockchaindomain.info/news/2019/10/01/9026472.htm

One of the most frequently asked questions over the past few weeks has been how much a node will earn per month. As much as we want to give you an exact number, this would be fairly hollow, as at this point figures are based on a number of variables.

Hello everyone!

We have important news. The mainnet is reschedule to 31th October.

Some super exciting news today: the world’s first platform for privacy tokens is officially live! 🚀

The Incognito mainnet is finally here. 🔥

Things you can do 👇

1. Privately send, receive and store your crypto:
https://incognito.org/wallet

2. Issue your own privacy coin with a couple of taps:
https://incognito.org/create

3. Run a node and earn block rewards:
https://incognito.org/node

4. Bonus: coming soon, the first ever privacy DEX
https://incognito.org/dex

💥 We will now begin sending out all earned PRV to your wallets. If you have not yet confirmed your wallet with @jamie_incognito, @annie_incognito, @peter_incognito, please do so - we will not send mainnet PRV to you without your confirmation. Just contact them on Telegram.

🙌 Want to start running a node on the mainnet? Here are the instructions: https://incognito.org/validator

If you would like to purchase PRV, the pDEX will launch 5th November.

🌱 All new wallets will come with 1 PRV to start, so you can explore the mainnet for free.
If you already have a wallet, just update your app and 1 PRV will be sent to you too. This will cover fees for a good number of transactions.

🐚 IMPORTANT NOTE: if you already have a wallet, please remember to save your private key in order to import your account.

Download the Incognito Wallet:
iOS: http://bit.ly/incognito-wallet-ios
Android: http://bit.ly/incognito-wallet-android

🧠 LEARN MORE, DIVE DEEPER:

Read about Mainnet v.0 and what’s coming up ahead: http://blog.incognito.org/mainnet-v-0-is-here/
Read about the key parameters for Mainnet v.0: http://blog.incognito.org/incognito-mainnet-v-0-configuration/

Hi all,

Just a short update today – unfortunately, the smart contract upgrade will not be completed just yet, as some unexpected issues have pushed it back another 24 hours. Please accept our sincere apologies for this delay and any inconvenience it may cause.

As mentioned in previous updates, please do not make any ETH or ERC 20 deposits during this time, as they may be lost.
We will keep you informed and hope to bring you some good news soon.

Great news!

#IncognitoDEX is officially launched!
Starting now, you can trade private #BTC, private #USDT, and #PRV on the first-ever confidential #pDEX. Easy, free, permissionless, and already in your #IncognitoWallet.

You can learn more here:
Privacy DEX for a New Economy  (https://incognito.org/blog/how-to-trade-bitcoin-privately-with-incognito-pdex/)
Tech Explanation (https://incognito.org/blog/incognito-dex-trade-crypto-privately-tech-overview/)

We have added two more pairs to the #IncognitoDEX.

Since now you can trade 🔥
pBTC<>pUSD
pBTC <> PRV
pUSDT<>PRV

Enjoy and help us to spread this news to the wold 🌏 !

When you buy the node, do you need to buy the 1750 PRV to stake as well or does it come with the PRV?

You can buy PRV on our pDEX and then start a node.

I just double-checked. If you buy a node you don't need to buy tokens. It's already predefined in the node. So just plug in and Earn.

Hi all!
 
Incognito pDEX is the first completely anonymous exchange – no KYC, no records of buyers, sellers or transaction amounts. No third party risk – you control your money and hold your own private keys. 100% private, decentralized, scalable, with cross-chain liquidity. What else do you need?
 
 
Now, you can trade your favorite pairs with 100% confidentiality and win crypto prizes of up to $1400 monthly. Winners will be chosen based on number of transactions made, and will be announced every week.
 

Hello! We are happy to announce the first winners of the Incognito Trading Competition:

1st place: $200 prize (in PRV)
2nd place: $100 prize (in PRV)
3rd place: $50 prize (in PRV)

View the Trading Competition leaderboard here: http://bit.ly/2EDUrSy

Congratulations! December 25, 2019, winners will automatically receive their winnings in the wallets listed above. Winnings will be paid out in PRV (using the USDT/PRV rate on the Incognito pDEX at the time of transfer)

⚠️Important announcement: The competition going forward will focus on the quality of transactions in addition to quantity. Winners will be selected based on not just the number of transactions, but also their trading volume.

Results will be calculated according to this formula:
Score = (Total No. of Transactions/100 * No of your Transactions) + (Total Volume / 100 * Volume of your transactions)

this actually pretty inefficient.

Because this project is crap and you will lose out

At the moment nobody loses, but only earn. So it is your choice to use it or not;)