The „Incognito“ privacy project has launched Kyber Privacy (pKyber), a privacy tool for DeFi’s within the Kyber Network, which will allow users on both sides to trade anonymously.
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First announced on April 24th, Incognito’s open source technology allows anonymity for intelligent contract based protocols, making it possible for any decentralized Ethereum based application to integrate pKyber.
The company claims that the DeFi context is Bitcoin Champion increasingly facing the privacy demands of experienced crypto coin users and traditional investors looking to explore „a new economy“.
As part of the integration, Incognito will offer users the option of hiding their activity from the Ethereum’s public ledger.
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Speaking with Cointelegraph, Andrey Bugaevski, CEO of Incognito, explained the motivations that led them to develop a DeFi privacy function:
„In decentralized finance, the operative word is finance. It’s someone’s money, someone’s salary, someone’s savings. And if we ask ourselves, why should our statement be public and visible to anyone who has access to the Internet? When we ask ourselves, should personal financial information be confidential? – the answer is that it definitely should be. The DeFi are growing, and the demand for privacy in this field is growing as well. We believe that privacy can bring even greater adoption to DeFi projects.
To use Kyber Privacy, users must download the Incognito application from the Google Play Store or iOS App Store and then enable it to work with Ether (ETH) and ERC-20 anonymous tokens.
Bugaevski pointed out the richness of the development of privacy-focused currencies such as the Monero (XMR) and Zcash (ZEC), adding, „They give users a tool to make completely confidential transactions if a native currency is used. We found that most users still want privacy for their favorite currencies like Bitcoin and Ether instead of changing them for every confidential transaction.
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The next plans of Incognito
Incognito’s CEO told Cointelegraph that the company also plans to launch a cross-commerce functionality, add integration privacy for Uniswap, and work on privacy for loans and credits.