Incognito Payments Within The BRAVO Pay Ecosystem
BRAVO Blockchain will support two different ways of transferring funds: public transfers (FBA) and incognito transfers (ZEROCOIN). Public transfers are coin transactions that are logged and viewable on the blockchain. Like Bitcoin and Ethereum, it is possible to trace funds going from one wallet to another. For transactions that do not need anonymity and untraceability, public transfers using the BRAVO blockchain provide a fast, low-cost method of sending coin.
However, BRAVO understands that people value their privacy and wish to send funds anonymously when needed. To support this, BRAVO Blockchain will offer anonymous transfers of BVO Coin on-demand through what is known as “Incognito Transfers”. This is achieved with the use of BRAVO Private Coin (BVO-P) through an algorithm that utilizes anonymizing technology, making it impossible to determine where funds came from and where they are sent to.
BVO-P will be integrated into the BRAVO mobile app and support an Incognito mode for payments and transfers while still maintaining the intuitive, easy-to-use interface of a public transaction. When a user wishes to send payment anonymously, BRAVO’s incognito transfers work by performing the following steps automatically:
- Convert sender’s BVO to BVO-P
- Send BVO-P anonymously to receiver
- BVO-P automatically converted to BVO and placed in receiver’s wallet
Incognito transfers require more computation resources and have higher transaction fees. Since incognito transfers are performed on-demand, users have the choice of instantly switching between the fast, low-cost public transfers and the anonymous incognito transfers.