Binance and Zilliqa start partnership with Incognito to strengthen privacy

  • The Zilliqa blockchain joins the Incognito platform and activates private transactions with the ZIL privacy token (pZIL).
  •  Binance provides the Incognito platform with funds to foster interoperability between the Binance Chain, Incognito and other blockchains.

The demand for privacy in the cryptocurrencies ecosystem is booming. Binance (BNB) and Zilliqa (ZIL) are joining the Incognito privacy solutions platform to stay at the forefront and offer services with absolute privacy.

Zilliqa enables transactions with pZil token with Incognito’s sidechain

The partnership between Incognito and Zilliqa was announced on January 9, 2020. The partnership will allow transactions to be made in complete privacy on the Zilliqa blockchain through the Incognito sidechain. In addition, Incognito will offer its privacy solutions to Zilliqa developers and users. For this reason, they have enabled the ZIL privacy token (pZIL) which will be used for transactions with immediate liquidity in the decentralized exchange of the Incognito platform (pDEX).

Zilliqa users may deposit ZIL in the Incognito wallet to receive the privacy token for the Incognito-Zilliqa collaboration (pZIL). The token offers absolute privacy ensured by the zero-knowledge proofs algorithm and can be swapped again if deposited in a ZIL wallet. The token will be available, as mentioned, on the decentralized exchange of Incognito pDEX.

The exchange is completely anonymous and offers a non-custodial service. In addition, the pZIL token will have a pair with the native token of the Incognito platform, PVR. The platform offers traders full control over the data handled by the exchange. The exchange will also make available the Bitcoin, Ethereum, Tether, USD Coin and Binance USD pairs.

The CEO of the Incognito platform Duy Huynh spoke about the cooperation and highlighted the importance that privacy is taking for individuals and traditional industries. Huynh said the following:

We are excited to be supporting Zilliqa as they continue to transform the payments space, providing their ZIL token with the ability to operate in Incognito mode

CSO for Zilliqa Amrit Kumar said the collaboration with Incognito comes at a perfect time for the development of Zilliqa. The platform is designed to expand the use of Zilliqa in everyday life, Kumar said:

As emerging markets continue to digitise their financial infrastructures, we remain committed to offering affordable and accessible alternatives that are developed with the needs of a future-oriented digital economy in mind

Binance funds Incognito and recognizes the importance of privacy

The crypto exchange Binance will provide Incognito with funds to continue its development. In the months prior to the cooperation the platform received a prize from Binance. The award was given in a program designed to support open source sorftware research specifically for cryptocurrencies.

As a result, Incognito and Binance will work to develop the solutions offered by the privacy solutions platform. The goal of the cooperation will be to integrate them into Binance and develop a bridge, similar to Zilliqa-Incognito, to make transactions with complete privacy. The cooperation will also work on enhancing the interoperability of the Binance Chain with other networks.

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Privacy solutions and privacy coins have become increasingly important. Coinbase CEO Brian Armstrong said that privacy coins or a blockchain with these features will be part of the mainstream in the next decade.

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About Author

Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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