Privacy blockchain Incognito has released Kyber Privacy (pKyber), a privacy feature for decentralized finance within the Kyber Network for users from both parties to trade anonymously.
First announced on April 24, Incognito’s open-source technology enables anonymity for smart contract-based protocols, making it possible for any Ethereum-based decentralized app to integrate pKyber.
Making DeFi private
The company claims that the DeFi environment is increasingly facing privacy concerns from seasoned crypto users and traditional investors looking to explore “a new economy.”
Within the integration, Incognito will offer users the option to hide their activity from the public Ethereum ledger.
Speaking with Cointelegraph, Andrey Bugaevski, CEO of Incognito, explained the motivations that drove them to develop a DeFi privacy feature:
“In decentralized finances, the highlighted word is finances. It is someone’s money, someone’s salary, someone's savings. And when we ask ourselves, why should our balance statement be public and visible by anyone who has access to the internet? When we ask ourselves, should personal finance information be confidential? — the answer is [it] definitely should. DeFi is growing, and demand for privacy in this field is growing accordingly. We believe that privacy may bring even bigger adoption for DeFi projects.”
To apply Kyber Privacy, users must download the Incognito app from the Google Play store or iOS App Store and then enable it to start trading with anonymized Ether (ETH) and ERC-20 tokens.
Bugaevski noted the wealth of development in privacy focused coins like Monero (XMR) and Zcash (ZEC), adding, "They give users a tool to execute fully confidential transactions if you use a native coin. We [found] that the majority of users still want privacy for their favorite coins like Bitcoin and Ether instead of switching it [bank and forth] for each confidential transaction.”
Incognito’s short-term plans
The CEO of Incognito told Cointelegraph that the company further plans to launch a cross-pool trading functionality, add integration privacy for Uniswap, and work on privacy for lending and borrowing.