As you start considering “What a privacy coin is”, you have definitely entered the privacy-part of the crypto world. Crypto currency is public, even for Bitcoin, Ethereum or other ERC-20 tokens. Privacy to protect your data about transaction, your account balance and more become significantly important. In this situation, cryptos world rise up with 2 solution: privacy coins and privacy wallets.
UPDATE (11 December 2019): Now anyone can be a liquidity provider! For instructions on how to add your own pair or supply liquidity for an existing pair, scroll to the bottom of this article.
pDEX is a different kind of exchange. It’s non-custodial (which means your money is actually yours), it’s decentralized (built entirely on-chain), and because it’s powered by Incognito — it’s completely anonymous, of course.
It also facilitates instant matches by means of an automated market-making mechanism (more on this in a bit), and offers a chance for anyone to become a liquidity provider and earn a percentage of trading fees.
Every idea starts with a problem. Ours was simple: blockchain data is public.
Duy was running Autonomous where he paid a team of 100+ people in 6 different countries with an ERC20 stablecoin. While he saved processing time and money on international wire fees, employee salaries were exposed publicly on the Ethereum blockchain. It was a mess.
Many of the team had similar experiences, frustrated at how hard it was to send, receive and store crypto privately, even in a rapidly tokenizing world. No one wants to show their bank statements to the entire world.
We started Incognito to create an alternative — the choice of privacy whenever needed, simple for anyone to obtain. Incognito mode for blockchains.