The Incognito platform makes it dead simple to issue your own privacy coin. Choose a name, symbol and the total supply of tokens, and a new privacy coin will be created on the Incognito blockchain. Send and receive coins using the built-in QR scanner, or with your Incognito Address.
What is a privacy coin?
With Incognito, all account balances and transactions details are cryptographically shielded from the public. Most platforms available today are public, meaning when you give someone your address – to send or receive coins – they can view your account balance and all the transactions you’ve participated in. For some situations, this is a good thing. For many, it is not.
How do I issue my privacy coin?
First, install the Incognito App. It’s available today on the Apple App Store and Google Play Store. When you open the app for the first time, an account will be created for you with a 1 PRV balance. PRV is Incognito’s native currency, which is needed to issue and send coins on the Incognito network.
After you’ve installed the app you can issue your own coin.
When you’ve created your coin, send it to your friends using the built-in QR code scanner or by pasting in their Incognito address.
To see your balance of a new coin, add it to your home screen by following it.
Why would I issue my own privacy coin?
The landscape of cryptocurrency applications is evolving rapidly, and new use-cases are being put forward daily. Adding privacy with ZKP expands the range of users and use-cases. Let’s look at a few examples:
- Send and receive your own personal coin with 100% privacy. Issue a coin with your name on it and send it to friends, family, or anyone else. You decide when and how it’s redeemable: buying coffee, mowing the lawn, picking Annie up from soccer – the possibilities are endless. With Incognito, you’re in control of the initial supply, and anyone can trade the coins anonymously.
- Trade IOU’s with your housemates. Let’s say you sign a 12-month lease with 3 friends, and you agree that everyone will do chores weekly. Issue a coin for the house, and give everyone tokens for completing chores. If you’re having a bad day, pay a roommate to do your chores for you. When the lease is up, split your security deposit based on who holds coins.
- Going on a trip with your friends? Budgets on group trips can be messy, and having a privacy coin can help. First, agree on a group budget for the trip and issue a new coin with the corresponding number. When John buys something for the group, transfer him coins from the group fund. When you buy him coffee the next day, he can pay you back in tokens. At the end of the trip, calculate how many coins were spent, how much each person owes, and settle up with cash.
- Give anonymous, tradable rewards to your customers. If you want to drive customer loyalty without forcing customers to share their identity, Incognito can help. Issue a privacy coin for your business, and give your customers coins by scanning the QR code in the Incognito app. Customers can trade rewards with each other, and redeem them for special offers in your store.
Why is privacy important on blockchain?
Every idea starts with a problem. Ours was simple: blockchain data is public. Our founder was running a company with 100+ people in 6 different countries, and he paid them 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.
What is Incognito?
There are several coins available today that offer privacy, but they don’t allow you to create your own coins or build applications on top of them. With Incognito, you can issue your own private cryptocurrency with a few clicks, and our SDK for application developer will be available later this year.
Incognito embraces a full-stack approach to decentralized privacy. Every component of the platform works to deliver a simple, fast and secure end-to-end privacy experience for the new decentralized web. Our unique privacy solution builds on and combines existing technologies like Zero Knowledge Proof, Bulletproofs, RingCT, State-sharding and Proof-of-Stake consensus.
We’re working hard to develop useful tools and resources so we can support a thriving community of developers and users, and we want you to be involved.
- Want more technical info? Check our our article Introducing Incognito article, or view the sourcecode on Github.
- Want to become a developer on Incognito? Head to the Create page and fill-in our developer survey to receive 5 more PRV.
- Earn PRV by becoming a validator on the Incognito network. Check out Node, our new standalone mining rig.
- Incognito is built by people, and you could be one of them. Read Our Story.
We loved building this – we hope you’ll enjoy it too! Please send any questions or feedback our way, would love to hear what you think.