And finally…Cryptocurrency’s answer to Banksy launches most anonymous coins yet
A University of Strathclyde graduate has launched what he believes to be the most secure, private and untraceable cryptocurrency yet.
Incognito aims to become the leading privacy coin on the market and will be totally decentralised with no head figure, giving complete control to the community that invests in it.
Striving to fuel that decentralisation even further, the founder has chosen to remain anonymous, in a similar style to the elusive graffiti artist Banksy.
Currently listed on the Stocks.Exchange, OctaEx.com and BiteBTC with more exchange listings planned for June, there is a total supply of 888,888,888 coins available to be mined, bought or sold by the public.
Part of the privacy coins family, the newly launched cryptocurrency provides users with superior security to that of popular players like Bitcoin and Ethereum. Unlike these, users of Incognito will not have their digital wallet addresses or transactions listed on the publicly available ledger known as the blockchain.
Incognito has been developed using the base code of Monero, the current privacy coin leader. Uniquely, an extra level of anonymity has been added through the Invisible Internet Project or I2P.
Developed by open source developers, I2P provides total privacy for online communication and is often used by those keen to avoid surveillance including journalists, activists, whistleblowers and those active on the dark web.
With increasing interest in cryptocurrency from global firms and the prospect of impending regulation of the industry, the founder of Incognito is determined to create an option that is concrete against censorship, with control firmly placed in the users’ hands.
The total supply of Incognito is also intentionally high (more than 40 times the supply of Bitcoin’s 21 million) and undervalued to further dissipate minority ownership and increase accessibility to a wider global audience.
The founder of Incognito said: “It is believed by many that the leading cryptocurrencies such as Bitcoin provide the user with anonymity, however, the reality is they are fully traceable. It’s far less private than people think.
“On top of that, one of the main motivations behind cryptocurrency is ensuring power isn’t placed in the hands of one company, chief executive or regulator. As we’ve seen in the past with the financial crisis, that doesn’t work out too well for the average bank customer.
“However, with crypto becoming far less of a taboo, a future where it is used in every day life doesn’t seem that far off. But with wider acceptance comes increased government interest, regulation and censorship. Coins become more susceptible to hacking and fraudulent exchanges. Large investors can take total control of the market. Things shift back to a more traditional form of banking, more or less defeating the purpose cryptocurrency set out to have.
“We’ve developed Incognito to protect it against these future issues. By incorporating I2P into the coin technology itself, we’ve created the most secure option out there. Anyone who chooses to join the Incognito community can feel confident knowing their investment, identity and transactions are safe. What’s more, the open source software is open to evolution by the community over time, so how it grows and develops is entirely up to the coin owners themselves.”
Incognito can be traded on Stocks.Exchange, OctaEX.com and BiteBTC.co