Dec 6, 2019 – Today, Neo and Incognito announced their intention to collaboratively enhance privacy for the growing Neo ecosystem. By building a trustless privacy bridge between the Neo Smart Economy and Incognito blockchains, Neo will soon be able to empower it’s 2,000,000 users with untraceability and enhanced privacy.
As blockchain innovation and usage accelerates, privacy is a more pressing concern than ever. Leveraging their respective leading strengths, Neo Smart Economy and Incognito will build a Neo-Incognito bridge to enable complete privacy for all NEO and NEP5 transactions. Users will be able to obscure the senders, receivers, balances, amounts and timestamps of any transaction. In addition, any and all Neo projects will be able to easily implement Incognito’s comprehensive onchain privacy features moving forward.
“Neo is a market leader – in more ways than one,” said Duy Huynh, project lead of Incognito. “They continually demonstrate a keen long-term vision, and have considerable say in how the industry as a whole will evolve. Thanks in no small part to their own efforts, Neo’s ‘smart economy’ is already here. Now, we both agree that the biggest threat facing our increasingly tokenized world is a troubling lack of privacy – and we’re excited to tackle it together.”
Speaking on this partnership, Da Hongfei, Founder of Neo Smart Economy, noted that, “Privacy and user security are crucial for the next-gen Internet, and we’re delighted to partner with Incognito to deliver enhanced solutions. Our users and developers have always been at our core, and I am confident that this partnership will open up new and exciting possibilities for all. Hand-in-hand with Incognito, I am glad that we are building the foundation for next-gen Internet and the smart economy of the future.”
Where needed, audit access can be given through the use of a read-only key. Parties who have been granted the read-only key by users will have access to view wallet balances. This feature will allow users to comply with regulations in their jurisdictions. With the read-only key, users will be able to submit their balance details to the relevant parties for taxation, regulatory and commercial purposes.
Neo Smart Economy is an open-source platform driven by the community. It utilizes blockchain technology and digital identities to digitize and automate the management of assets using smart contracts. Using a distributed network, it aims to create a smart economy by building infrastructures of the next-gen Internet and creating a solid foundation for mass blockchain adoption.
Incognito is an open-source project devoted to tackling the crypto world’s privacy problem. It is a decentralized platform for privacy tokens, powered by its own proof-of-stake sidechain that can attach to other blockchains to confidentially transfer crypto assets.
Incognito utilizes zero-knowledge proofs optimized for mobile and achieves near-instant transaction speeds through state sharding.