USDB gets a privacy upgrade — Incognito Partnership
USDB is partnering with Incognito to create a privacy-protecting equivalent of USDB in the form of pUSDB. Here’s what you need to know.
The new financial world
Cryptocurrency has ushered in a new era of finance. For the first time in human history, you can send, receive and store digital currency securely, without going through a financial institution. While this is financial independence and freedom like the world has never seen before, for those who value privacy, cryptocurrencies come with a big tradeoff.
Through the use of blockchain technology, crypto transactions are all recorded on public ledgers, displaying amounts involved and inscribing virtual identities of their senders and receivers. Although your identity may just be a wallet address, this ledger of transactions is public, which means a real lack of privacy.
Thankfully, Incognito provides a much-needed solution. But before we break down how Incognito addresses the current lack of privacy, let’s look at a few reasons why you might not want every transaction you make to be public.
Danger from criminals — the blockchain is public and transparent, meaning every transaction that has been made can be easily viewed. If you have a sizable amount of crypto on a certain address, it’s easy to see why you wouldn’t want people and potentially hackers to have access to your balances and transactions.
General privacy and censorship — part of the appeal of cryptocurrencies is greater independence and autonomy from governments and banks. If all your transactions and balances are public, this opens up the possibility of being censored or having your funds frozen — not exactly the financial utopia crypto envisions!
Better negotiations — if you are in a negotiation with a company or client, you don’t necessarily want them (or your competitors) to know exactly how much money you have.
Incognito — A new solution to an enduring problem
Incognito is a revolutionary solution to the privacy issue faced by most cryptocurrencies, making privacy ubiquitous, inclusive, and accessible for businesses and everyday users. At Incognito, they believe very few people would willingly disclose their crypto financials to the entire world, and we would have to agree — which is why we are partnering with them to make sure that USDB can cater to the more privacy-minded among us.
How does it work?
While there are many privacy-focused coins out there, Incognito takes a different approach, based on the premise that people don’t want a new cryptocurrency with privacy. What they really want is privacy for their existing cryptocurrencies: incognito mode for any cryptocurrency.
Incognito is designed so users don’t have to choose between their favorite cryptocurrencies and privacy coins. They can have both. They can hold any cryptocurrency and still be able to use it confidentially whenever they want.
Incognito’s Privacy Coins (pCoins) are 1:1 privacy-protecting equivalents of cryptocurrencies like BTC (pBTC), ETH (pETH), BNB (pBNB), and now USDB (pUSDB). They do not appear on public block explorers and are completely confidential.
13 major blockchains currently use Incognito bridges to interact privately, and to date, they have anonymized and swapped over $500M in currencies like BTC, ETH, BNB, and now USDB is joining the party!
USDB
Along with all the exciting partnerships and moves USDB and The Balance ecosystem are making, we are proud to announce this next step into making USDB the go-to decentralized stablecoin. We will be pairing 50 000 USDB with Incognito’s token on their privacy exchange, ensuring there is liquidity and a market for pUSDB. 50 000 USDB is a start, but with such a dedicated and loyal community, we think we can get this number way up!
Since the beginning, the community behind this project has been a HUGE part of the innovative products and ecosystems we’ve built, so for all USDB holders we ask that you help us add liquidity to this pool! A joint team/community effort will help us reach our goals a whole lot faster.
Help add liquidity to Incognito
The process to join our efforts and boost our liquidity on Incognito is simple and takes a matter of minutes.
First you will have to shield your USDB, which you can learn how to do here.
Next, learn how to add liquidity to an Incognito pool here.
Your participation in this is greatly appreciated by the Balance team. We are working harder than ever to deliver groundbreaking financial products and we can’t wait to see where we can take this project and community in the future. The market has seen better days, but nothing has changed for us and we will continue to adapt and bring the juiciest yields and unbeatable privacy to the world through USDB. Watch this space.
