Binance funds development of the Incognito Portal

Incognito has been awarded the Binance X fellowship, to create “free and open-source software that will enable new innovations and businesses in the crypto economy.” Incognito will facilitate Binance’s goal of crypto adoption on a global scale by ensuring our fundamental right to privacy is protected in this borderless, digital world.  

The Binance X fellowship stipend will fund development of the Incognito Portal – a fully decentralized, universal bridge to Binance Chain and beyond. Portal will allow the user to anonymously transact any amount of BNB and BEP2 tokens without relying on a trusted third party.

The first stage of development is complete and already live in the Incognito Wallet. Via a custodial bridge between Binance Chain and Incognito Chain, any user can send, receive and store their Binance Chain tokens privately – completely obscured from public ledgers. Portal is the next fully decentralized upgrade, scheduled for Q2, 2020.

“This means that anyone in the Binance ecosystem who cares about privacy can now have it,” said Duy Huynh, founder of Incognito. “BNB and any BEP2 token can now be its own privacy coin. And Binance Chain can harness the power of privacy without compromising what makes it special – scalability, speed, and transactional efficiency.”

“Privacy is not about having something to hide. It’s really about having something to protect.”

Incognito will be releasing regular development updates on Portal over the coming months. For more information on the project, here’s a brief tech overview.

About Binance Chain

Binance is a powerhouse project powered by a global community, international team, and its own native blockchain, Binance Chain.

“Our vision at Binance is community-first, to increase the freedom of exchange and provide the core infrastructure services for organizing the world’s crypto…. Binance Chain is a blockchain software system where Binance is just one contributor to the project. There are many other community contributors to the project. We encourage more developers and teams to build on Binance Chain, to improve it and to grow the cryptocurrency ecosystem together.” – CZ, Binance

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About Incognito

Incognito is an open-source project devoted to tackling the crypto world’s privacy problem, a decentralized platform for privacy coins. Powered by its own proof-of-stake sidechain that can attach to other blockchains to confidentially transfer crypto assets, users can enable incognito mode for their existing holdings and also easily create their own privacy coins. Incognito utilizes linkable ring signatures, stealth addresses, and confidential transactions to completely mask the sender, receiver, and amount of any transaction. 

Advanced techniques in zero-knowledge proofs, such as Bulletproofs, are employed to reduce transaction size. Incognito built the ZKP stack for mobile from scratch, aiming to make it as easy as possible for anyone to send, receive and store their crypto assets with 100% privacy.

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