Privacy focused blockchain Incognito has launched Kyber Privacy [pKyber], a privacy feature for decentralized finance within the Kyber Network for users from both parties to trade anonymously.
Announced earlier on 24th April, Incognito’s open-source technology permits anonymity for smart contract-based protocols, making it possible for any ETH-based decentralized app to integrate pKyber.
DeFI Increasingly Facing Privacy Concerns
The company adds that the DeFi environment is increasingly facing privacy concerns from seasoned cryptocurrency users and traditional investors lurking to explore “a new economy.”
Within the new integration Incognito will offer users the choice to cover their activity from the public Ethereum ledger.
Explaining further, Andrey Bugaevski, CEO of Incognito, revealed that the motivations that drove them to develop a DeFi privacy feature:
“In decentralized finances, the highlighted word is finances. it’s someone’s money, someone’s salary, someone’s savings. And once we ask ourselves, why should our balance statement be public and visual by anyone who has access to the web? Once we ask ourselves, should personal finance information be confidential? – the solution is [it] definitely should. DeFi is growing, and demand for privacy within 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 application from the Play store or iOS Store and then enable it to start out trading with anonymized Ethereum [ETH] or other ERC-20 tokens.
Bugaevski added that the wealth of development in privacy focused coins like Monero [XMR] & Zcash [ZEC], adding, “They give users a tool to execute fully confidential transactions if you are using some native coin. We found that the bulk of users still want privacy for their favorite coins like Bitcoin and Ethereum rather than switching it [bank and forth] for every confidential transaction.”
Privacy For Lending & Borrowing
The CEO of Incognito’s further explained the company’s plans to launch a cross-pool trading functionality, add integration privacy for Uniswap, and work on privacy for lending and borrowing.