This partnership report was hinted on Twitter by Zilliqa. Going by the report, this will include the 1:1 private version of the digital token ZIL, coupled with the instant liquidity for pZIL.
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).https://t.co/d0ASF6l4AT pic.twitter.com/Mlnyzszw33
— Zilliqa (@zilliqa) January 9, 2020
Purpose of Incognito Sidechain in Partnership
The partnership will enable ZIL holders to make transactions on the Incognito sidechain, giving their Zilliqa (ZIL) transactions absolute anonymity. Users just have to send ZIL token to the Incognito wallet to get pZIL, with a 100% confidential 1:1 copy of ZIL.
There will be free will to send, receive and store pZIL with total and sure privacy, as all transactions are automatically hidden from any public ledger.
There is means to make the transactions public as preferred by the ZIL holder. Users can simply send pZIL into the ZIL wallet of their choice.
This collaboration also gives the ZIL holders the benefit to transfer their assets confidentially and securely using cryptographic algorithms like zero-knowledge proofs. This allows for end-to-end encryption.
The Chief Scientific Officer of Zilliqa, Amrit Kumar said, “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.”
pZIL to be Listed on pDEX
In order to enable instant liquidity, pZIL will be added on pDEX, a non-custodial, anonymous decentralized exchange. According to the report, pZIL will be paired with PRV, the Incognito’s native token.
With this listing, users will be opened to absolute anonymity. They will also have control over their transaction information on the platform.
Since pDEX is a permissionless decentralized exchange, users are enabled to list their choice currencies and preferred trading pairs.
Founder and CEO of Incognito, Duy Huynh said, “Beyond the oft-touted benefits of blockchain as a transparent, immutable ledger, the reality we’ve been forced to confront as a collective industry is that complete exposure is not always applicable in every case. As projects look to offer solutions catering to mass audiences and to traditional industries, privacy is ultimately needed. We are excited to be supporting Zilliqa as they continue to transform the payments space, providing their ZIL token with the ability to operate in Incognito mode.