Buy crypto anonymously on the Incognito pDEX   

Incognito - Mixture of queries..

#1

Hi ya Everyone,

First post in the forum and I’d like to start off by saying a BIG Thank You to all the Devs and helpers in Incognito for creating this Project as I was hoping for a project like this but never came across anything like it till now and I’m absolutely loving the ideas and concepts you have been creating with Incognito…Thank You!!

I had a mixture of questions about Incognito that I was hoping for some clarity of answers on and as I’m new to all this and not very technical minded I’m sorry if these questions are very basic/silly to you but would really appreciate some answers on these query’s just for my piece of mind and maybe down the road it could be of use to other people’s hopefully…

From my understanding Incognito is not owned by any one business entity and was created and worked on by 40 Devs?..
If so does this mean it can’t be shut down by any one entity like BTC and could only be stopped by a 51% attack on the block chain?.. which I’m not sure is possible being a private block chain or it is possible?..not sure as no technical skills/understanding on this stuff…

With the Invest pDEX Liquidity Pool how are the funds created by Incognito to make these weekly Interest payments to peoples?

With these earned interest payments being fresh new monies are they actually untraceable/private funds right from the start with no past connection/path to any address once leaving Incognito Shield?

Say I was to transfer BTC from my Broker into Incognito Shield and then at a later time exit Incognito Shield to transfer to a Ledger Nano or exit the Incognito Shield for some other reason…
Is the chain of where that BTC originated from broken the minute it went into Incognito Shield?.. or upon exiting Incognito Shield does it actually continue on from where it entered originally so now it is traceable again from the originating Broker?..or is the chain completely broken so NO connection from entering Incognito Shield and exiting Incognito Shield to the final BTC destination?

Thank you for any help you can offer to my queries, much appreciated as always :slight_smile:

Cheers,
Adrian

5 Likes
#2

Ok, so lets break this down. As for the entity that owns Incognito, it’s opensource and community driven. However, there is a team working on it and they have a fund of PRV that gets slowly released to them to fund their work. I’ll try to find links for everything I mention, and update this when I find them.

  1. Incognito has it’s own sidechain, where people host nodes. I know it uses smart contracts to function so that’s on the Ethereum blockchain. I should look more into this tbh.

  2. PRV is inflationary. Large amounts are generated early on, but it slowly dwindles
    -I believe all PRV will be generated in 40 years

  3. Interest payments are made in PRV, so you have to exchange PRV for other coins in the liquidity pools. Everything on the Incognito network uses Ring Signatures just like Monero making the transactions untraceable. Your also receiving transaction fees.

  4. Incognito works like a mixer. Your coin is put into a wallet with everybody’s coins. When you redeem, your most likely redeeming a coin someone else put in.

I probably missed something, but I just created a post explaining Incognito as simply as I could. You should read it to fully wrap your head around the basics. Here

7 Likes
#3

Revolve answered the question. Welcome to the community though!

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#4

Hi ya Revolve,

BIG thank you for the clarity on my queries and your time to post this reply…
The clear explanations on your web site article gave me deeper clarity on the cogs in motion of the Incognito machine…
Great article thank you!

By the way awesome website you created, excellent interesting articles! :smiley: :+1:

BIG thanks Revolve!

2 Likes
#5

BIG thanks Shane_Aga, I appreciate the welcome, thank you! :grinning: :+1:

2 Likes
#6

Welcome!

Enjoy the ride down the incognito rabbit hole :slight_smile:

4 Likes
#7

Ewwwww…very cool website there Revolve…me likes…thank you for creating it… :sunglasses:

2 Likes