To PRV holders:
Incognito is 10 months old today. It’s not perfect. The ride is bumpy. The sat nav is buggy. But we’re luckier than most, because we know where we want to go – privacy over price, utility over speculation.
We’re getting there faster than we hoped. August has been a good month for both growth and development, beating July’s all-time highs and setting exciting new norms. Here’s a breakdown.
Monthly shielded volume: $5.4M
10 months ago, we launched a network on the premise that privacy is bigger than singular privacy coins. Today, 88 cryptocurrencies have gone Incognito.
In August, Incognito shielded over $5.4M of crypto, an all-time high, and a new number to beat. Our total shielded volume to date is $17.9M. Here’s a snapshot of the last 10 months.
10 months ago, we decided that people shouldn’t just be able to hold crypto privately, they should have privacy for everything they do. Incognito is now the only network to enable anonymous trading, investing, staking, and transacting.
Monthly trading volume: $3.1M
pDEX is the world’s first privacy-protecting, cross-chain, cross-platform, decentralized crypto exchange. It’s a bit of a mouthful, really. This month, we deployed cross-pair functionality and integrated Uniswap.
Trading volume clocked in at $3.1M this month, +90% from July’s volume of $1.6M. Our total trading volume to date is $9.2M.
Here’s a broader look.
pDEX is the only crypto exchange to offer privacy by default. But there’s still a great deal to be done to make it the world’s default crypto exchange – so the world can have privacy by default. Liquidity is key, and so is accessibility.
Monthly pDEX liquidity: +$3M (+$1.6B from Uniswap)
This month, pDEX pools are $3M more liquid, for a total of $8.4M. Kyber contributes $8.3M, and the recent Uniswap integration adds $1.6B (not a typo).
With Uniswap and Kyber integrations, pDEX now has massive liquidity ($1.62B). However, both external trading and cross-chain fees have presented an issue, and being Ethereum based, these integrations provide no support for major currencies like BTC and XMR. We’ll have to step in to close that gap, and will continue to work towards more liquidity for our native pools, and a better trading experience.
Here are some other significant developments.
Development continued on layer 1 to ensure safety, adaptability and sustainability, and layer 2 to deliver more utility.
Privacy v2 will deliver MLSAG ring signature, confidential assets, decreased transaction sizes, and increased transaction throughput. Privacy v.2 for pDEX is currently being tested, including cross-pair functionality. An internal audit is currently being performed.
The trustless Incognito-Ethereum bridge is what enables us to shield Ethereum-based currencies and applications like Uniswap and Kyber. The new smart contract interaction flow will more sustainably maintain this bridge while still ensuring security. Final tests are ongoing.
We also performed an internal audit on Portal. Portal is essential in building a trustless way for networks without smart contract languages to connect with Incognito. Final tests are ongoing.
Dynamic committee size and dynamic sharding is going swimmingly. The long-awaited unstake feature and reassignment rule have been successfully implemented, unlocking two essential milestones needed to safely release the network. We will also deploy the multi-view solution for PBFT-v1 for all nodes on the network this week, which will allow all nodes to sync at least 4 times faster.
We sped up the app, and deployed pUniswap and cross-pair trading this month. We also added the community-requested bulletin board – a feature that’s proved immeasurably useful for a rapidly developing project.
The core team can’t do everything, and shouldn’t do everything. So we’re grateful to see that as Incognito’s users grow, so does its builder community. The following projects are helmed by creative community developers with active user bases.
@taind has upgraded the UI/UX of his web wallet, with passcode functionality and key management. Users can now send and receive inside the Incognito network, with trading functionality coming next month.
September is a month of important milestones especially on the chain layer, but also one of routine. Keeping at the hard stuff, iterating, improving on the basics.
Generate strong utility
Build a strong layer-2 core
Build a strong layer-1 core
Introduce view key to protect transaction amounts
Implement building blocks for confidential assets
Deploy new smart contract flow on mainnet
QC for smart contract upgrade and dynamic committee size
QC for Privacy v.2 and Portal v.3
PRV Holders Monthly Call
This month, in addition to what’s been done, we’ll also be discussing what to do going forward.
We want to hear from you. How can we increase awareness of Incognito? How can we organize the DAO more effectively? What, in your opinion, does the network need the most? Join the discussion, and post your questions in advance here.
Speak then, and see you around at we.incognito.org.
The Incognito Core Team