Incognito has unveiled a new collaboration with Zilliqa, the high-throughput, high-security blockchain platform, as it seeks to enable complete anonymity for transactions made using the platform’s native ZIL token.
The open-source, blockchain-agnostic privacy solutions provider seeks to allow traders, developers, and users to benefit from a range of privacy-oriented enhancements on the network.
The collaboration will also include access to pZIL, a 1:1 private version of the ZIL token, and immediate liquidity for pZIL which will be listed on Incognito pDEX, a decentralised exchange.
Duy Huynh, Incognito CEO and Founder commented: “Beyond the oft-touted benefits of blockchain as a transparent, immutable ledger, the reality we’ve been forced to confront as a collective industry is that complete exposure is not always applicable in every case.
“As projects look to offer solutions catering to mass audiences and to traditional industries, privacy is ultimately needed. We are excited to be supporting Zilliqa as they continue to transform the payments space, providing their ZIL token with the ability to operate in Incognito mode.”
The Incognito-Zilliqa bridge will allow ZIL holders to transact on the Incognito sidechain, enabling complete privacy for their token. Users simply need to send ZIL to the Incognito wallet to receive pZIL––a 100% confidential 1:1 copy of ZIL. pZIL can be stored, sent, received, and traded with complete privacy where transactions are obscured from any public ledger.
Amrit Kumar, President and Chief Scientific Officer of Zilliqa added: “This collaboration with Incognito comes at a logical time in our growth as we explore privacy tools in order to enhance Zilliqa’s real-world usability.
“As emerging markets continue to digitise their financial infrastructures, we remain committed to offering affordable and accessible alternatives that are developed with the needs of a future-oriented digital economy in mind.”
To allow for immediate liquidity, pZIL will be listed on Incognito pDEX, a non-custodial, anonymous decentralised exchange. Paired with Incognito’s native token PRV, traders will be able to enjoy complete anonymity and control over their information as they use the platform, protecting them from a broad range of issues spanning from identity theft and fraud.
As a permissionless DEX, users will be able to list their own currencies and preferred pairs in order to contribute liquidity and earn trading fees on all activities taking place on the exchange. To date, Incognito pDEX supports a variety of pairs including the private versions of tether, ether, bitcoin, USD Coin, Binance USD, and MakerDAO’s DAI.