Skip to content

The blockchain project “Incognito” started pKyber, a data protection tool for DeFi

June 30, 2020

The data protection project “Incognito” He started Kyber data protection (pKyber), a data protection tool for DeFi within the Kyber network, with which users can work on both sides can conduct trading anonymously.

Incognito’s open source technology was first announced on April 24 Allow anonymity for intelligent contract-based protocols that enable any decentralized Ethereum-based application to integrate pKyber.

DeFi data protection

The company claims that the DeFi context is increasingly exposed to the privacy requirements of experienced cryptocurrency users and traditional investors looking to explore “a new economy.”

The blockchain project “Incognito” started pKyber, a data protection tool for DeFi
The blockchain project “Incognito” started pKyber, a data protection tool for DeFi

Within the integration Incognito offers users the option to hide their activities from Ethereum’s public account.

In an interview with Cointelegraph, Andrey Bugaevski, CEO of Incognito, explained the reasons for developing a DeFi data protection function:

“In decentralized funding, the word finance is featured. It’s someone’s money, someone’s salary, someone’s savings. And if we wonder why our statement should be public and visible to anyone with access if we do Asking us if personal financial information should be confidential, the answer is that it should definitely be. DeFi is growing and the demand for data protection in this area is growing as well. We believe that data protection can bring even more acceptance for DeFi Projects. “

To use Kyber Privacy, users must download the Incognito app from the Google Play Store or iOS App Store and then activate it to work with Anonymous Ether (ETH) and ERC-20 tokens.

Noting the wealth of developing privacy-oriented currencies such as Monero (XMR) and Zcash (ZEC), Bugaevski added, “They provide users with a tool to conduct highly confidential transactions when a local currency is used.” We have found that most users still want privacy protection for their favorite currencies like Bitcoin and Ether instead of changing them for every confidential transaction. “

Incognito’s next plans

Incognito’s CEO told Cointelegraph that the company also plans to introduce cross-trade features, add integration protection for Uniswap, and improve data protection for loans and credits.