What is pKyber? – The Incognito Mode for DeFi Platforms

What is pKyber? – The Incognito Mode for DeFi Platforms

By CryptoSorted | CryptoSorted | 28 Apr 2020

Privacy is a major concern among all cryptocurrency investors and traders. And whereas there are a number of privacy cryptocurrencies in the market it’s still of concern that the majority of cryptocurrencies lack basic privacy functionality.

Thanks to Incognito, a new privacy and blockchain interoperability project which – using its shielding technology  can turn every other cryptocurrency into privacy coins – you don’t necessarily need a “privacy coin” to maintain anonymity and protect your privacy.

pKyber is an initiative by Incognito to make DeFi transactions truly private, anonymous and untraceable.

What is pKyber?

pKyber is an anonymous DeFi product built to provide an optional, opt-in privacy functionality to users of DeFi platforms and for every other blockchain tokens.

pKyber is a product developed by the Incognito Team who are focused on blockchain interoperability and privacy across all chains.

Incognito uses the same technology as the Monero (XMR) privacy coin, including ring signatures, stealth addresses and confidential transactions to obfuscate transactions on the network and thereby protect users’ privacy.

According to the ecosystem lead at Incognito – Andrey Bugaevski, “the project’s goal is to create a universal sidechain for public blockchains to benefit from privacy features”.

More so, Bugaevski stressed that while Incognito does not support full smart contracts, it still allows the creation of tokens and a limited set of scripting instructions which are determined to be sufficient to create trustless bridges with other smart contract platforms.

How does pKyber Work?

Using Incognito’s shielding smart contract technology; the pKyber platform interacts with the Kyber decentralized exchange (KDEX) on mainnet. To initiate a transaction with pKyber, users make use of a private token called pEthereum. The Incognito’s oracle reads this data and initiates an Ethereum transaction on Kyber using its shared pool of public ETH.

Thus users on pKyber can practically trade various tokens privately and without necessarily having to directly interact with the Ethereum blockchain.

About Incognito

Incognito is a relatively young project that’s focused on privacy and blockchain interoperability. The project provides a functional and innovative way of shielding major cryptocurrencies such as Bitcoin, Ethereum, USDT, DAI, BAT, and ZIL, etc.

While DeFi integration through dKyber is the latest of its several milestones since the launch of its mainnet on Oct. 31, 2019.

Incognito maintains an iOS and Android-based mobile App through which users can access and interact with most of its features and functionality such as Incognito’s decentralized exchange, staking services, and token shielding.

Most of the features are accessible through a mobile-centric Incognito wallet, available for both iOS and Android.

The wallet includes dedicated features like Incognito’s decentralized exchange, staking services, and token shielding.

More so, Incognito has its own native token called PRV, whose primary purpose is to be used for transaction fees and as a reward to node validators (stakers or miners).

However, fees on Incognito platforms can also be paid with the token used for the transaction in other to maintain greater usability.

“We're not trying to build a new privacy coin. Nobody needs a new Monero or a new Zcash” ~ Bugaevski

Without compromising decentralization, the Incognito Team has been able to bring privacy functionality to every blockchain including bitcoin and Ethereum.

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