Privacy Wallet for Bitcoin. New implementation, not coinjoin. First announcement

[incognitochain]

Hey guys!

I want to announce our tech on Bitcoin talk as the first bitcoin communication forum.


We built a technology that allows you to attached privacy attributes to Bitcoin such as ring signature, confidential transactions, stealth addressed, and ZKP. The technology was launched in Nov 2019 and since that time we have tested it out.

Recently we started getting some traction and just crossed $12M in shielding volume. Here is profe https://incscan.io/shielded-coins/overview
And I thought that it's a good time to present it to the bitcoin community.

It's open-source with 2.4M lines of code
It's trust-less


Please test it out in the Incogntio App
- on iOS
- on Android



Feel free to share your feedback and opinion if it was useful and what we should improve?

Looking forward

[incognitochain]

If i understood it right, we need to swap BTC with pBTC so we can enjoy privacy features available on Incognito Blockchain, am i wrong?

Since you promote anonymity, you definitely should make your wallet available on F-Droid & host the .apk file on GitHub release page or your website.

Yep, we just launched trustless setup with the bitcoin network, here is details https://we.incognito.org/t/the-portal/3800

Regarding APK, sure here is the link to latest app releases https://github.com/incognitochain/incognito-wallet/releases/



Would be awesome if you could try it out. We keep working on improvements, so any feedback is important.

[HCP]

Would be awesome if you could try it out. We keep working on improvements, so any feedback is important.

Is there a "TestNet" available? Or do we have to experiment using actual coins?

[mocacinno]

I must confess i didn't completely read the links you posted (i have to be in an online meeting in 12 minutes). I quickly scanned them tough, and i've read the other posts in this discussion.

Am i right in my understanding that you're basically exchanging BTC for an altcoin with better security features and call this altcoin pBTC. Then, you transact using pBTC instead of BTC and in the end users can exchange the pBTC back for real BTC and withdraw?

What's the difference between this setup and, for the sake of argument, use coinomi (not a fan of coinomi, but any wallet with an exchange functionality built in will do), fund you wallet with BTC, exchange for XMR, transact with XMR, change it back to BTC and withdraw?

I might be missing some key pieces here due to the lack of time i've spent on this... So do enlighten me...

[ChuckyFucky]

I must confess i didn't completely read the links you posted (i have to be in an online meeting in 12 minutes). I quickly scanned them tough, and i've read the other posts in this discussion.

Am i right in my understanding that you're basically exchanging BTC for an altcoin with better security features and call this altcoin pBTC. Then, you transact using pBTC instead of BTC and in the end users can exchange the pBTC back for real BTC and withdraw?

https://bitcointalk.org/index.php?topic=5183909.0 That link gives a bit more info. In a way yes, that is how it works if you are using it as some kind of mixer service, but that is not entirely the best way to use incognito. If you hold your funds on incognito, all your assets are private, thus making it completely private. If you use incognito as a mixer service, without enough network movement and a bit of chain analysis your able to _somewhat_ trace a transaction.

What's the difference between this setup and, for the sake of argument, use coinomi (not a fan of coinomi, but any wallet with an exchange functionality built in will do), fund you wallet with BTC, exchange for XMR, transact with XMR, change it back to BTC and withdraw?

Well first, there is price variance when you buy/sell a token, so after the XMR transaction and changing it back to BTC you may end up with different balances than what you wanted. Secondly, there is no additional fee, its free to shield a token, its not free for a coinomi trade (I think, not really into coinomi).

The key point being here, that there are plenty of mixer alternatives that you could use, incognito is not a mixer service, it can be used as one, but it is more of an off- transaction ledger chain where you hold privacy versions of your public crypto assets, are able to transact them off-ledger. completely private within the network, and if there ever were a need for you to need a public version of your token, you could always unshield(burn tokens on incognito network and receive the public version of said token) from pBTC back to BTC.

Hope that clears it up a bit.