Cardano <> Incognito Bridge: Catalyst proposal

Hi all,

this is Wunderbaer from HRMS Stakepool Germany and I would love to draw some attention towards our Catalyst Fund3 proposal hoping for some more votes to get our project going!

The full proposal can be found on the Ideascale plattform in the link below:

https://cardano.ideascale.com/a/dtd/Cardano-Incognito-Bridge/333152-48088

To make your lives easier, or TL;DR, here is a high level summary for you guys!

Incognito is a sharded PoS blockchain focussing on privacy that launched their mainnet in 2019. The core of the plattform is the idea to bridge other blockchains into Incognito and running a pDEX (privacy decentralized exchange) to cross trade these coins. Currently Incognito runs bridges for Bitcoin, Ethereum, Binance, Monero, Litecoin, DASH and more. Instead of running “just another privacy coin” Incognito represents private version of those coins. So for Bitcoin it’s pBTC, for Monero pXMR etc… you get the idea. To mint the privacy version of a coin you deposit the original coin into a smart contract and receive the privacy version at a 1:1 ratio in exchange - this process is called “shielding”. So sending 10 ETH to the contract you will receive 10 pETH. Those pETH can be used to trade them against other coins on the pDEX in a anonymized fashion. Once you are done trading your can redeem your original ETH back by burning the pETH and sending the coins back to your normal ETH wallet on the original chain.

We want to bring this functionality to Cardano and request funding for building and maintaining this bridge!

They key advantages for Cardano are:

  1. Real on chain transactions on Cardano for shielding/unshielding the ADA on Incognito.
  2. Possibility to transfer and trade ADA anonymously through Incognito. A function currently missing in Cardano.
  3. Earning interest by providing liquidity to the pADA trading pair (Interest paid in PRV the Incognito native coin).

Timeline:
As the team has extensive knowledge in building these bridges already for other coins the project can be brought to life within a short timeframe of 2-3months - given the project is funded in Fund3 round.

We are looking forward to your support / vote and happy to answer any questions you might have,

Best Wunderbaer

HRMS Stakepool