The conceptual beginnings of Bitcoin were distinctly anti-establishment. The community which founded the currency did so on the grounds that they, in many ways, did not trust the established economic system. From a philosophical perspective, the creators of blockchain technology disagreed with the centralization of economic power, and dreamed of building a completely anonymous, yet public, financial ledger.
But as the technology developed, flaws in its goal of anonymity became increasingly clear. Though part of the problem can be attributed to the rise in popularity of the currency, as well as increased regulatory scrutiny from law enforcers all over the world, core aspects of its technology present substantive obstacles to complete anonymity of its uses.
But this lack of anonymity is a problem, and not just for criminals. The entire premise of many cryptocurrencies is that the technology allows consumers to transfer funds without being tracked and charted by centralized authorities. This is appealing to more than just people who are doing illicit things.
Consequently, development on an entirely anonymous spinoff from the original Bitcoin blockchain has begun. Going by the name Bitcoin Incognito, this POS cryptocurrency aims to fix some of the anonymity problems plaguing the current Bitcoin system.
This guide will explain some of the key features of the new currency, as well as important information relating to its continuing development.
Bitcoin Incognito Technical Specs
Bitcoin Incognito goes by the abbreviation BTCi, and operates as a masternode coin. The currency is truly anonymous because it integrates the Zerocoin protocol. This protocol helps to convert BTCi to an anonymous version of the cryptocurrency known as zBTCi. The introduction to the technology elaborates that when the currency is sent, it appears to be of the BTCi variety.
But when someone goes to check the history, there is none. The entire trade history of the coin is hidden from prying eyes, providing a sense of anonymity unavailable by the current Bitcoin specifications. This is important because it does away with a core component of Bitcoin’s security problems. The history of transactions has always been a weak spot in the secure web of Bitcoin, and this technical revision helps to prevent the history of a wallet’s transaction from giving interested parties indirect information into the identity of its owner.
Additionally, the project is being rolled out with a unique “governance system” to allow members of the community to give their input directly to developers of the technology. The official release letter for coin elaborates to say that this governance protocol will contribute to the “longevity and overall quality” of the cryptocurrency.
Long-Term Development Goals
In the end stages of development, the developers of Bitcoin Incognito seek to maximize the efficiency and minimize the price of transactions on the forked blockchain. Long-term development plans include the integration of the coin onto GIN platforms, which will require a public vote.
Public interest in the technology is moderately high, with articles being published on the developing cryptocurrency on several notable blockchain news websites, including The Merkle.
Looking forward, the company hopes to create a currency that is entirely independent, anonymous, and efficient.