In April of 2018, the issue of user data privacy and protection received global attention as Facebook founder Mark Zuckerberg faced the panel in the U.S. Congress, responding to over 600 questions regarding the now infamous Cambridge Analytics scandal. The events leading up to these hearings highlight the desire of many online users who make staying off the radar online a top priority. Moreover, some have turned to blockchain and Web3 for some semblance of salvation from the fear that “Big Brother” is watching.
But while the cryptographic nature of blockchain networks do well to keep users protected, it does little to preserve one’s privacy. Case in point: Because all blockchain transactions are verified and stored on a public ledger, users cannot go back and erase or hide their activity — a pain point that served as the driving motivator for the team behind Incognito Chain, a revolutionary new platform built on Telos.
As the name suggests, Incognito enables users to perform a wide range of crypto-based transactions that are kept entirely confidential. The network utilizes several cryptographic techniques, which ensures none of your activity can be tracked by anyone other than yourself. This includes the financial history of past trades or purchases made. Essentially, you’re in stealth mode all of the time.
Incognito’s chief mechanism involves converting popular digital assets into privacy coins. For example, one ETH can be converted into an untraceable and privatized pETH on the Incognito chain. The value of pETH is pegged to a standard ETH and can always be redeemed whenever a user desires. However, the fundamental difference between the two is that any activity performed with pETH is completely untraceable, enabling the user to enjoy the best of both worlds.
We recognize the need for increased privacy of user activity and are thrilled to welcome this promising project to the Telos ecosystem. After a conversation with the Incognito team, we were pleased to learn of their optimism in building the future of Web3 on Telos. Here are some key points from that conversation:
We provide a privacy solution to the Telos Community — allow Telos users to trade, send and receive TLOS tokens anonymously. On top of that, they could cross-chain swap and interact with popular dApps such as pCurve, and pUniswap directly, all within the realm of Incognito.
Telos has the best EVM in the world and an amazing community — simply a hidden gem. Furthermore, the team behind Telos are some of the most friendly and dedicated people that we have ever worked with.
— Incognito Team
Incognito is a global community of privacy-minded builders seeking to protect the world from surveillance and control. We build privacy-protecting, blockchain-based financial products for the future of money. All of our development is open-source. Our ground-breaking network was built on the premise that crypto traders and consumers need privacy for their existing cryptocurrencies, rather than new tokens with privacy. Incognito was built to provide users with the best of both worlds, enabling them to trade their favorite coins and enjoy full confidentiality of all transactions
The Telos EVM is the most powerful and scalable Ethereum Smart Contract platform built to power Web 3.0. Telos features a robust, third-generation, ESG compliant evolutionary blockchain governance system, including smart contracts, advanced voting features, and flexible and user-friendly fee models. In addition, Telos supports the blockchain ecosystem by serving as an incubator and accelerator for decentralized applications through development grants. Come build with us.