Hi, if you have pCoin in the wallet isnt already private on the incognito chain? Why do you need to make another send to shield. Little confused can someone explain?
You’re correct! It’s already private.
Shield is used for when you have crypto in another wallet and want to make it private. It does so by depositing it into your Incognito address.
Once your coins are in your Incognito address, everything you do with them is private, until you send them out of the network.
Shielding is when you send outside coins to incognito.
“Send” and “Receive” are for sending from one incognito wallet to another, like you to me.
So if i send btc to my incognito wallet then send it outside of the network to another wallet that would still be private? I wouldn’t have to shield it when sending?
The moment it leaves the Incognito Chain, it’s no longer private. So it’s possible to see some details in the other wallet’s blockchain.
Whos address shows up as the sender?
Firstly, you have to know what “Mint” and “Burn” are: Burn and Mint Mechanism in Incognito Chain
For centralized transactions (BTC), the address you see in the Sender is the Incognito address. That’s why we are building this: Trustless Custodians: A Decentralized Approach to Cryptocurrency Custodianship
For decentralized transactions (ETH/ ERC20), the address shows up in the sender can be any addresses as if it has enough gas/ fee to cover the transaction. Your token will be sent out from the smart contract.
See also: Shielding Cryptocurrencies: Turning Any Cryptocurrency Into a Privacy Coin