Privacy Stablecoins as P2P Digital Cash
The lack of privacy stands in the way of any stablecoin today becoming digital cash. As things stand, it is too easy to decipher exactly how much money individuals and businesses have and how they spend it via the Ethereum public ledger.
Incognito enables the creation of privacy stablecoins such as pDAI or pUSDT. Privacy stablecoins have – as the name suggests – stability and privacy, just like cash. They are the perfect vessel for cross-border business payments and are a secure and more familiar way to store personal savings.
From November 2019 to January 2020, Incognito has processed more than 150,000 privacy transactions of BTC, ETH, USDT, and other cryptocurrencies. So far, the main use cases are payroll, trading, business payments, and e-commerce.
Anonymous Cross-Chain Decentralized Exchanges
Current decentralized exchanges (DEX) are pseudonymous. The Incognito pDEX [Incognito, 2009b] is a new kind of exchange that is not only decentralized but also privacy-protecting.
Because Incognito is interoperable with different cryptonetworks, the pDEX can facilitate anonymous cross-chain trading – for example, buying pBTC with pDAI.
In its first 2 months, Incognito pDEX has facilitated close to 16,000 anonymous trades across 150 pairs.
Buy & Sell Crypto Anonymously
Anyone can now anonymously buy and sell crypto on marketplaces like LocalBitcoins, or at a Bitcoin ATM. At the end of the transaction, the seller simply needs to make a deposit to the buyer’s Incognito wallet address. The seller does not need an Incognito wallet to make the transaction, but the buyer will benefit from full privacy.
Similarly, anyone can sell crypto anonymously. At the end of the transaction, the seller just makes a transfer out of the seller’s Incognito wallet. The buyer does not need an Incognito wallet if they don’t mind the exposure.
Pay Anonymously Online
For buyers and sellers, Incognito facilitates anonymous payments. Content creators can receive anonymous tips and contributions. Confidential donations are now also possible.
Confidential Crypto Payroll
Many distributed teams and companies are turning to crypto payroll to eliminate costly international transfer fees, save time, and, in some cases, provide payments in a more desired currency. The drawback is that all salary and payment details are publicly viewable by anyone who cares to look for them. Anonymous payroll – whether in privacy USDT, privacy BTC or another coin of the sender’s choice – eliminates the problem while retaining all the benefits of going digital.
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[Incognito, 2019b] Incognito, T. (2019b). pDEX: The first privacy-protecting decentralized exchange. Technical report. URL: pDEX: The first privacy-protecting decentralized exchange