Hello, friends, I wanted to know if there is any plan to include support for Algos. If not, what would it take to do so? Adding a new bridge would enough? I am just an incognito n0ob. Thanks.
Hey @carlosrogue First of all welcome to Incognito
Creating a bridge between Algorand and Incognito would be the way to support privacy transactions for Algo.
Do you think there is a strong need for privacy within the Algorand ecosystem?
Hey @Chucky, maybe we could create some kind of chart when community members can vote on the most desired bridge? It will help the core team on prioritizing the most demanded bridges.
That sounds like a great idea, how long do bridges typically take to get implemented?
Between 1 and 3 months, depends on complexity. This why important to chose a bridge that will be used by the community.
The ideal scenario for us if builders or core teams build their own bridges to the incognito. For example, if Algorand wants the team to set up pALGO, there is no need for any input from the incognito team.
I see, I’m assuming there is a method to easily create mint and burn proofs then? Other platforms would be able to call these functions and integrate their coin into Incognito. How would other teams address shielding, or would they just have to look over the github and work on the project themselves?
I thought of an interesting idea using the concepts behind Portal.
If users had a normal multicrypto wallet app, they could store any crypto in the app and mint pCoins that are backed by the associated crypto. To add a new “bridge” to the network, you just have to add wallet functionality for the particular blockchain.
Features that could be added to the wallet:
- Withdraws are multi signature [With Incognito] and only can be sent to specified address’s (Prevent theft)
- To use wallet, collateral is required just like in Portal (However users should be able to earn on this collateral through something like provide: Just they lose access to withdraw until they want to exit)
- Automatic transfers (For desktops/servers)
When someone unshields, they make a request, and a bunch of wallets are chosen to release funds to a specified wallet. This would preferably happen automatically, which is why it should be able to be run on a server.
Forgive me if i’m describing what a node is, because it’s starting to sound awfully familiar: Collateral = Staking amount | Requests = Random Selection | Server = Node running 24/7 | Earning Reward on Collateral = Staking Rewards. If these two things are indeed the same, then what’s the difficulty in adding additional wallet functionality to a node?
What’s required for a bridge to be built?
You need wallet integration (Send/Receive/Notifications)
You need shield address generation
Is there something else i’m missing?
Is there some sort of framework to make adding these things easy?
If not, it might be beneficial to make it super simple so we can add bridges left and right.
Please do not forget adding Binance Smart Chain
@Chucky I guess this is a full-duplex question, so that, do we want also incognito to support Algo? .
As mentioned by @Revolve if there is a kind of framework for easing new pXYZ integrations then adoption of incognito would benefit from it by:
Increasing the probability of transit of crypto assets via incognito because the more support of other chains, the better but, off course, always hand to hand with the diminishing return question: Is support for this platform really needed? As said by @andrey
Enabling more and new dynamics on the platform, given a broader set of capabilities. This replace the “where is my asset now” question by “where do I want to move assets to / exchange for”.
Hey @carlosrogue Im sorry i must have completely missed your question. Apologies for the delay.
We do want to support Algo, in fact we want to support most currencies, not just Algo.
Regarding what @Revolve mentioned. There currently isnt a framework, yet i do agree that a simple way to create bridges would be extremely benefitial.
I do agree that having a framework for easy intergrations would be ideal.