Should Incognito fear from Secret?

As of now, technically not so much. However, there is a technical/financial advantage over Incognito: its smart-contract solution. The exposure of PriFi (private DeFi) is still low. I don’t think this risk is so close but it exists.

Well, what is the difference? You may difference BSC (Secret) vs ETH (Incognito) in terms of transaction fees. Currently, Incognito support smart-contracts over ETH. Our pUniswap and pKyber apps use it. As you may guess, it isn’t used so much. Why? Probably, there are two reasons: high fees and slowness. What is the source of these problems? Short answer: Unshielding-smart contract execution-shielding. Long answer: Whenever a user requests a trade over pUniswap, first the sold coin is unshielded, and then Uniswap contract is executed. Finally, the requested coin or the sold coin is shielded depending on the result (successful/unsuccessful) of the trade. Let me move onto Secret. Its smart contract solution is native like EOS, Tezos, Tron etc. So it can keep the fees low. Of course, there are some barriers that it should pass. For example, its smart contract solution is not Ethereum-compatible, unlike BSC. This will make attracting the smart-contract developers difficult.

No good smart-contract solution, no survival :slight_smile: I think one of the problems of Binance Chain (and DEX over it) was this. Some projects have passed from Ethereum to Binance Chain. However, this transition made them naked :slight_smile: since Binance Chain didn’t have any smart-contract solution natively. Since CZ noticed this, he released the Ethereum-compatible BSC. Imho, in sum, we should find an effective, cheap solution for the private smart contracts.

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I’ve used other chains more in the last few months than I ever have. BSC works extremely well as does USDT on tron in terms of end user experience.

Pancakeswap has reached over 80% of the uniswap crossing the $1 billion in swapped value in a day.

I am not a developer but from the couple people I’ve talked to, it’s apparently pretty easy to fork a ETH contract and run it also on BSC…and much easier at this point than any L2 solution.

@abduraman Do you you consider funds stored on BSC safe?

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For native tokens, a little more. For wrapped ones, a little less :slight_smile:

My risk assessment on this issue (less is better): fiat on a bank of a country with rule-of-law < USDC < BUSD < fiat on a bank of a country with less rule-of-law < DAI < USDT < L1 assets (BTC, ETH, XMR etc.) < L2 assets (WBTC, WETH, pUSDT, pXMR, etc.)

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Their TLV is 2x+ of Incognito’s, so ask yourself ‘‘should SCRT fear INCOGNITO?’’ instead…

Secret (old: Enigma) is an old project and has been listed in Binance for 3-4 years. And it is a USA project. That’s why it is exposure is higher than Incognito and its TVL is much more. However, it needs time to reach Incognito. I did a fair comparison in the forum 2-3 months ago. Maybe, if I have time, I can write another comparison.

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I am well aware of the facts you stated. Secret is alot more private than incognito imo.

In incognito you shield 1000 usdt and trade it once all to ETH (visible) , then to btc(visible again), and then u unshield. If u do this in the span of less than few hours you can be easily tracked. Even if u send between prv addresses, which is totally private. Chainanalysis gets u easily.
@Jamie will come and say “meh incognito not made to use like that”, but that’s out of scope.

On SCRT, these same movements don’t get you as easily tracked because of the private trades thru private contracts. Chainalysis wouldn’t know usdt is now btc - on SCRT the movement of funds to another address will actually help.

There are of course many other aspects but I judged them for their privacy capabilities since that’s the first word u see on both websites.
The possibility of private contracts, even in not ETH transferable code, is powerful…

Thank you for coming to my TED talk.

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Currently, Secret also shows the amounts. Please see the bottom of the page: http://www.secretanalytics.xyz/secretswap . Only difference is that Incognito shows the intermediate (remember: anon->pdex->swap->pdex->anon) address. This will change in the upcoming major version of the chain.

In fact, this was the subject of my first post :slight_smile:

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Hmmm so how can they claim it’s not frontrunnable…?

They use smart contracts with encrypted inputs, outputs, and state. Nobody, including the nodes running and validating the computations, can see any private data processed within secure enclaves.

Their mempool is also encrypted. This prevents malicious actors from gaining unfair advantages over honest users by watching the mempool.

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That makes sense now, thank you for clearing that out, completely forgot the mempool

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Im enjoying your posts, learning a bit.

I, as Marko, have been using other chains a lot. Usdt on tron has been my favorite way of moving gains of choice between exchanges.

I was so glad for uniswap implementation in incognito but I’ve been completely priced out of ethereum ecosystem. I have too keep all my coins on shady exchanges when I would rather store them here.

Binance, elrond and tron have been what I have turned too. Orions exchange aggregator on elrond looks like it could be a monster.

I am all ears to hear solution ideas you have that could propel incognitos utility. Even if people come thinking this is just a mixer, if we can give a better safer experience then they will stay in prv.

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@abduraman I saw your post here and on the Secret forum about Incognito and it looked like there might have been talk about adding a bridge or looking for ways to have Incognito and Secret work together… did you ever see or hear anything come from this?

Secret looks to be gaining quite a bit of traction over the past month or so, and I am still having to look further into how the network works, as the idea of every coin needing its own view key is confusing me (as well as I believe there is a cost to obtain those)… not sure how that scales, or how exactly that works … I could also just be flat out misunderstanding something with that…

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It is not about scope. I am confident there is more longterm benefit in focusing on usage than optimizing for being a mixer. :woman_shrugging:

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They (Andrey and one of its cofounder) communicated after that. I know just one visible result: sponsoring/cooperation in Quest lottery. Maybe @andrey wants to share something about their meeting? Details would be better but at least the result would be good: Fight or love? :joy:

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Hey @abduraman we didn’t have a chance to chat with their team.

In the long term if the secret network succeeds with delivering anonymous smart-contracts we would be able to use it as well. In the short term integration BSC sound more attractive, so I would prioritize building a trustless bridge to BSC and bring pancakeswap’s liquidity on pDEX.

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That’s it :v: If this popularity of BSC is kept, the team may implement private contracts over BSC instead of (or plus to) ETH. Then high fees and slowness wouldn’t raise so much problems. So we can wait for pPancakeSwap :slight_smile:

Btw, I consider releasing a token on BSC. In fact, the idea of the token is in my mind for 2 years but ETH fees rose so high. Then I thought EOS but its popularity didn’t rise as I expected. It will be really an experimental token :slight_smile:

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Thanks for the update @andrey, Getting BSC and pancakeswap working on Incognito would be fantastic!

And if there is a future possibility for Incognito to take advantage of Secret anonymous smart contracts as an expansion that is also great to hear. That seems like a great way to add that functionality quickly without having to do all the heavy lifting up front. But agree, BSC/pancakeswap would be a much more attractive option to prioritize too…

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Very excited about pancakeswap integration!

What about swaps on other exchanges as well, like orion elrond, and anything on polkadot?

I’m starting to think elrond may darkhorse other chains. Hopefully incognito too!

Hi Andrey, BSC integration is an amazing news. Is there a roadmap for that ?
Tks

I’m curious if you think it would be a good idea to try to integrate with Secret. Instead of trying to compete, it may be beneficial to have them as an addition to the ecosystem. Smart contract support is important and is much needed in incognito, right now ETH isn’t cutting it with the high fee’s.

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