The Zilliqa blockchain startup and the Binance cryptocurrency exchange have partnered with Incognito, a platform for securing transaction privacy, Decrypt reported.
Thanks to the new agreement, Zilliqa users will be able to conduct transactions through the sidechain based on Incognito technology. Incognito offers a solution that is not tied to any particular blockchain, which is an additional level of privacy based on evidence with zero disclosure. In other words, the user can take a conventional cryptocurrency using a completely transparent blockchain and hide the details of transactions carried out with its help.
How does the Incognito-Zilliqa Bridge work? ZIL holders transfer their coins to the Incognito wallet address and receive in return pZIL tokens (private ZIL). pZIL can be exchanged for ZIL at any time, simply by making a transaction to the address of any Zilliqa wallet. As long as the user remains in pZIL, no one can track the progress of his transactions. Liquidity for pZIL is provided by the decentralized exchange pDEX.
Binance Exchange, for its part, included the project in the program for supporting open-source software developers in the cryptocurrency industry Binance X. The program involves the payment of scholarships, as well as providing support in ongoing developments. The primary goal of the collaboration is to create a decentralized bridge between Incognito and the Binance Chain.
Initially, Incognito's functionality was implemented through its own project wallet. In the future, developers intend to switch to a fully decentralized model.