Incognito$PRV

What is this network?

Incognito is a privacy layer for cryptocurrencies, designed to enable confidential and untraceable transactions. It supports over 100 different coins and has established 16 bridges to other networks. The network operates on a burn and mint mechanism, where coins are destroyed or "burned" to reduce the total supply or create a burn proof, which is used as evidence in a distributed network. This mechanism is used to achieve consensus in mining, pDEX, and trustless bridges.

How can I mine tokens?

To mine tokens on the Incognito network, a user who has 1750 PRV (Incognito's native token) can stake to become a validator. In a staking transaction, 1750 PRV is sent to a burn address. If the user wants to unstake later, the burn proof is used as evidence to return PRV to the user. A transaction minting 1750 PRV will be sent to the user's address. This 1750 PRV is unusable from the burn address as no one knows the private key of this address.

How can I optimize my mining rewards?

Optimizing mining rewards in a proof-of-work network like Incognito involves strategic decision-making about network connections. To maximize rewards, a miner must choose its network connections carefully, ensuring the existence of paths to other miners that are on average of lower latency compared to paths between other miners. Additionally, Incognito DAO collects a gradually reducing percentage of the block rewards, from 10% to 3%. With this income, Incognito DAO fuels the growth of the network and funds interesting projects.

How can I use the network?

The Incognito network can be used to shield cryptocurrencies, turning any cryptocurrency into a privacy coin. Through Incognito, a public coin can be shielded to obtain its privacy coin counterpart of the same value. For example, BTC can be shielded to obtain the privacy coin pBTC. Once shielded, privacy coin transactions are confidential and untraceable. A privacy coin retains the value of its original counterpart and can be transacted confidentially on the Incognito network.

Who governs this network?

The Incognito network is governed by Incognito DAO, a decentralized autonomous organization designed to fund protocol development and network growth. Incognito DAO collects a gradually reducing percentage of the block rewards, from 10% to 3%. With this income, Incognito DAO fuels the growth of the network, funds interesting projects, and gives back to the community.