Hide your BTC balance & swap to XMR privately (tech read)

[incognitochain]

Hey guys!
 
We build a universal privacy tool for your crypto. We mixed Ring Signature, ZKP & sharding into universal sidechain - Incognito.
It's not a new #privacy coin, it's - a #privacy tool for existed coins as BTC & ETH.


Please go deeper for details in a technical read here and here.

Non-technical is here
Let me know what do you think about it.

-----------
Also, a decentralized way to swap BTC to XMR and back. More info is here

[incognitochain]

Can this completely hide my Bit balance without giving any private data?

Yes, it's fully permission-less.

You can try out with 1 usd and share your experience here

[incognitochain]

I'm a bit confused, how do the receiver (who don't know or use wallet which support incognito protocol) receive shielded/privacy coins (pBTC, pETH, pUSDT, etc.)?


P.S. i'm not sure this posted on correct section

In the wallet, you can easily to as on-chain as cross-chain transfers. If you do it on-incognito side chain it's fully confidential.


P.S.

Can you suggest a better directory to share such development? Most of the users are bitcoin holders, so I thought is the right place to share.

[posi]

I'm a bit confused, how do the receiver (who don't know or use wallet which support incognito protocol) receive shielded/privacy coins (pBTC, pETH, pUSDT, etc.)?

With my few minute's research on the project the user of the incognito wallet is to shield their coin to obtain the privacy coin pBTC, pETH anonymous coin which will be provided by the team and can be can swap or redeem into for clean or neutral BTC, ETH anytime before sending.

In the wallet, you can easily to as on-chain as cross-chain transfers. If you do it on-incognito side chain it's fully confidential.

Are there any article/example (whether non-technical/technical explanation) specific about it?

This article explanation should be enough for you to understand

[LINHARES999]

I'm a bit confused, how do the receiver (who don't know or use wallet which support incognito protocol) receive shielded/privacy coins (pBTC, pETH, pUSDT, etc.)?

With my few minute's research on the project the user of the incognito wallet is to shield their coin to obtain the privacy coin pBTC, pETH anonymous coin which will be provided by the team and can be can swap or redeem into for clean or neutral BTC, ETH anytime before sending.

In the wallet, you can easily to as on-chain as cross-chain transfers. If you do it on-incognito side chain it's fully confidential.

Are there any article/example (whether non-technical/technical explanation) specific about it?

This article explanation should be enough for you to understand

Unless the team behind it is selling their logs to NSA you are totally f*cked

[bitmover]

With my few minute's research on the project the user of the incognito wallet is to shield their coin to obtain the privacy coin pBTC, pETH anonymous coin which will be provided by the team and can be can swap or redeem into for clean or neutral BTC, ETH anytime before sending.

I don't like services which try to push us their own coins

There is a risk involved in operations using newly created coins/tokens.

[posi]

With my few minute's research on the project the user of the incognito wallet is to shield their coin to obtain the privacy coin pBTC, pETH anonymous coin which will be provided by the team and can be can swap or redeem into for clean or neutral BTC, ETH anytime before sending.

I don't like services which try to push us their own coins

There is a risk involved in operations using newly created coins/tokens.

You're right about that cause the project is still new but there's a long existing and reputable mixing company that operate almost the way OP incognito wallet works.
This brought back the question i ought to ask the OP before, i would like to know if the wallet owner are also the holder wallet private information

[ABCbits]

In the wallet, you can easily to as on-chain as cross-chain transfers. If you do it on-incognito side chain it's fully confidential.

Are there any article/example (whether non-technical/technical explanation) specific about it?

This article explanation should be enough for you to understand

I've read that, but it's not clear whether user could send pBTC to regular BTC address as easy and fast as sending BTC to BTC address  and vice versa (send BTC to pBTC adddress).

If user is required to exchange their pBTC to BTC before send it to regular BTC address manually or takes long time, then their claim (It's not a new #privacy coin, it's - a #privacy tool) is totally misleading/false.

[squatter]

I'm a little concerned about the network security of Incognito.

My bitcoins would be secured by the "Bond smart contract" which is secured by Incognito network validators. Who comprises these validators? Is this like a Binance Chain or Ripple situation where the developers actually control most of the validators -- giving you ultimate control of all the cryptocurrency secured by the network?

Even if the project is legitimate, it sounds like an attacker controlling ⅔ of the network can probably steal everything:

A burn proof on Incognito is a cryptographic proof. When signed by more than ⅔ of Incognito validators, it proves that the privacy coins have been burned on the Incognito network.

The user then submits the burn proof to the Bond smart contract, which verifies the burn proof and instructs a custodian to release the public coins that back those privacy coins at a 1:1 ratio.

What prevents that from happening?