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 the 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.