Privacy blockchain Incognito has released Kyber Privacy (pKyber), a privacy feature for decentralized financing within the Kyber network for users of both parties to trade anonymously.
First announced on April 24, Incognito's open-source technology allows anonymity for smart contract-based protocols, allowing for any Ethereum-based decentralized app to integrate pKyber.
The company claims that the DeFi environment is increasingly facing privacy issues from seasoned crypto users and traditional investors looking to explore "a new economy."
Within the integration, Incognito allows users to hide their activity from the Ethereum public ledger.
In a conversation with Cointelegraph, Andrey Bugaevski, CEO of Incognito, explained the motivations that led them to develop a DeFi privacy feature:
“With decentralized finance, the highlighted word is finance. It's someone's money, someone's salary, someone's savings. And if we ask ourselves, why should our balance sheet statement be public and visible to everyone who has access to the internet? Should personal financial information be confidential if we ask ourselves? – the answer is (it) absolutely should. DeFi is growing and the demand for privacy in this area is growing accordingly. We believe that privacy can make DeFi projects even bigger. ”
To apply Kyber Privacy, users must download the Incognito app from the Google Play Store or iOS App Store and then enable it to trade with anonymized Ether (ETH) and ERC-20 tokens.
Bugaevski noted the wealth of development of privacy-focused coins such as Monero (XMR) and Zcash (ZEC), adding, "They provide users with a tool to perform completely confidential transactions if you use a native currency. We (found) that the majority of users still want privacy for their favorite coins like Bitcoin and Ether rather than swapping them (bank and back) for every confidential transaction. ”
Incognito CEO told Cointelegraph that the company further plans to launch a cross-pool trading functionality, add integration privacy for Uniswap, and work on borrowing and borrowing privacy.