Incognito is a privacy sidechain, that can be attached to any blockchain to conduct confidential asset transfer.
The Incognito sidechain runs parallel to main blockchains, allowing for secure two-way transfers of crypto assets whenever privacy is needed.
How does it work?Network LayerIncognito 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 .
DesignIncognito 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 StakeIncognito 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.
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Incognito in total has 12,000+ commits and 1M+ lines of code in 14 public Github repos since August 2018. _______________________________________________________________________________ ______________________________________________________
Incognito Node 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 accountDownload 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.
2. Set up your nodeYou 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 IncognitoInstall
Docker.
Open Terminal and enter the command line below to download run.sh
curl -LO
https://incognito.org/run.shEdit run.sh and replace xxx with YOUR PRIVATE KEY (from STEP 1).
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 nodeYou can easily monitor your Incognito nodes right from your phone.
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. 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. StakeAlmost 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.
Congrats! You’re officially part of the network. Welcome to Incognito
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