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Scottish entrepreneur tackles cryptocurrency security/privacy concerns

A University of Strathclyde graduate has launched Incognito, pitched as the most secure, private and untraceable cryptocurrency yet.

Currently listed on the Stocks.Exchange, OctaEx.com and BiteBTC with more exchange listings planned for June, there is a total supply of 888,888,888 coins available to be mined, bought or sold by the public. The aim is to provide superior security to that of popular players like Bitcoin and Ethereum, with users not having their digital wallet addresses or transactions listed on the blockchain. Incognito taps the base code of Monero and an extra level of anonymity has been added through the Invisible Internet Project or I2P.

The founder of Incognito, who has chosen to remain anonymous in a bid to fuel a sense of total decentralisation, argues that the leading cryptocurrencies such as Bitcoin are fully traceable. “It’s far less private than people think,” he says. “On top of that, one of the main motivations behind cryptocurrency is ensuring power isn’t placed in the hands of one company, chief executive or regulator. As we’ve seen in the past with the financial crisis, that doesn’t work out too well for the average bank customer.”

With crypto becoming far less of a taboo, a future where it is used in everyday life doesn’t seem that far off. But with wider acceptance comes increased government interest, regulation and censorship. Coins become more susceptible to hacking and fraudulent exchanges. Large investors can take total control of the market and, hey presto, things shift back to a more traditional form of banking, more or less defeating the purpose cryptocurrencies.

“We’ve developed Incognito to protect it against these future issues,” the founder says. “By incorporating I2P into the coin technology itself, we’ve created the most secure option out there. Anyone who chooses to join the Incognito community can feel confident knowing their investment, identity and transactions are safe. What’s more, the open source software is open to evolution by the community over time, so how it grows and develops is entirely up to the coin owners themselves.”

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