Uncle CZ wants Incognito :)

[abduraman]

Hey @duc and @duy,

There was an AMA of CZ a few days ago. He also mentioned why the launchpad didn’t exist for a long time. While he was explaining the reason, I thought he implied Incognito He said mission-driven, low market cap etc. Please listen here (I give the link of the exact minute):

I don’t know whether Incognito needs some extra funds but even if the team has no need for any funds, I think Binance Launchpad may provide Incognito project with a really free/cheap/effortless growth opportunity. Maybe after August. FYI.

[duc]

Thanks for sharing this @abduraman, launchpad program is definitely what we want in order to make the project more popular by increasing awareness in the crypto world.

As you see, we’re now focusing on building infrastructure (blockchain protocol) as well as product (Incognito app) in this quarter. I strongly believe that we will have a more robust Incognito after this quarter. At that point, Incognito will be ready to go back in growth and attract more users again, and listing PRV on exchanges is something worth considering (still not sure about this due to listing fees concern).

I don’t know if Incognito has a bridge to Binance Smart Chain that may open up the opportunity of bringing privacy to Binance’s users then whether this would help increase the chance for Incognito to get listed (or even better, to be able to participate in the launchpad program) on Binance or not.

So any thoughts?

[abduraman]

@duc

I don’t know if Incognito has a bridge to Binance Smart Chain that may open up the opportunity of bringing privacy to Binance’s users then whether this would help increase the chance for Incognito to get listed

Yes, BSC bridge will absolutely increase the chance. CZ mentioned this point (i.e. engagement with BSC is a plus for being listed) in his tweets a few times.

[marko]

BSC bridge and exposure to the BSC community would be very helpful. Most of the users willing to be early adopters and try new things are not on ethereum anymore because it’s too expensive. I hate the high fees but the only reason I consider it sometimes is because I’ve done dozens of transactions in the past and I’m confident that it works. Almost no one is going to pay $50 each just to do a few dozen transactions and test incognito.

Keep up the good work! I’m excited about the developments.

[duc]

Your though totally makes sense. High fees would be a big barrier to onboard new users when they likely want to test out how the platform works first like you said. Hopefully, the Ethereum’s London hard fork in July can help reduce fees since we cannot abandon the mainstream network like Ethereum to be honest

FYI, we’re figuring out a few ways to support our users with fees (especially unshielding fees, this is actually too expensive) and will publish it soon once we get agreement.

[marko]

No, please don’t abandon Ethereum. That’s not what I’m saying.

I understand the network fees on ethereum are outside of your control but what I don’t like is being forced to pay approx 2x the fee in gwei gas price for a transaction that doesn’t even get processed in 1 block…it’s still a custodial and slow process. (For example, if the gas price is 50 gwei, incognito unnecessarily pays 100 gwei.) I hate overpaying more than the fee itself.

My suggestion with unshielding by directly interacting with the ETH smart contract helps all my complaints: It solves custodial issues, speed issues, put the fees at the choice of the users and ethereum without incognito picking the fee, etc.

But do not take my comments as harsh criticism, as I’m still a loyal user, supporter, and participant. I’m excited to see so much development lately.

[duc]

haha I know you’re a supporter of the project, that’s why you’re still here and it’s inspiring me and the team significantly.

I understand your concern, I actually told our engineers to reduce the gas price using for shielding a bit a couple of weeks ago when I realized it’s much higher than the usual one. I guess the rationale of setting that high gas price was to make sure the transactions go through as smoothly as possible and eliminate the stuck situation that happened very often in the past. Again, we don’t intend to charge any fees

Yes, I agree that letting users control their funds along with a choice of fees is a good solution, of course, we’ll need to consider the trade-off with UX as well. Please let me add this to our backlog and will revisit it after BSC bridge.