Yesterday Zilliqa announced a new partnership with the Incognito company to make transactions private for those using their blockchain.
Thrilled to partner with @IncognitoChain, whose sidechain will provide $ZIL holders with #privacy & complete anonymity for transactions! Users can also access pZIL, a 1:1 private version of $ZIL, and get liquidity for pZIL (to be listed on Incognito pDEX).http://ow.ly/zqwD50xQVT2
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As can be read, the partnership involves Incognito, a privacy-focused blockchain solution that will allow the use of Zilliqa’s native token, ZIL, to make anonymous transactions.
The system will use a mirror token, pZIL, so users will need to convert ZIL to pZIL in order to make transactions anonymous. A decentralized exchange, pDEX, will be used to guarantee the anonymity of the 1-to-1 conversion between ZIL and pZIL.
An incredible feature that adds a level of privacy that wasn’t available before and which will allow exploring new solutions, said Zilliqa’s CSO, Amrit Kumar:
“This collaboration with Incognito comes at a logical time in our growth as we explore privacy tools in order to enhance Zilliqa’s real-world usability. As emerging markets continue to digitize their financial infrastructures, we remain committed to offering affordable and accessible alternatives that are developed with the needs of a future-oriented digital economy in mind.”
Moreover, by using a sidechain like Incognito there is less risk of incompatibility, whereas using a DEX extends its use to all interested users without any restrictions. It is worth mentioning that pDEX already supports several cryptocurrencies that have a similar function, such as Tether, Ethereum, Bitcoin, USDC, DAI and so on.
Once again the privacy issue related to the use of cryptocurrencies is an aspect that is gaining ever more popularity: for example, there are developments being made by the Litecoin (LTC) blockchain team to integrate the MimbleWimble protocol; or Tezos that will use a new system to make transactions more private.