Bitcoin Incognito [OLD]

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Bitcoin Incognito

Instant send & Private Cryptocoin Based on Proof of Stake (POS) and Masternodes

Bitcoin Incognito is a truly anonymous and fast cryptocurrency which sticks to the original standards of Bitcoin – keeping the user base incognito. Bitcoin Incognito is set out to create a coin which is an answer to the shortcomings of the original Bitcoin. By implementing Zerocoin Protocol and Proof-of-Stake technology project provides a truly anonymous currency which helps its users stay incognito in the cryosphere.

Bitcoin Incognito takes a different approach as Bitcoin’s PoW. That is designed to offer greatly enhance energy performance, whilst offering the rigorous security afforded to Bitcoin holders. XBI uses a consensus mechanism to ensure the integrity of its BlockChain, but instead of using an expensive proof of work algorithm to distribute the block reward to miners based on a winner per block, it instead uses Proof of Stake to reward for the community for both staking coins and for running Masternodes.

The project is verified by KYD team, see HERE.

Features of Bitcoin Incognito

Fair Launch
Bitcoin Incognito was distributed through a 1:1 XBI:BTC Airdrop on all exchanges who listed us followed by a Proof-of-Work phase for the first 5000 blocks.
Low Fees
Extremely low fees, with an average transaction fee of less than a few cents.
SwiftTX
Instant Transactions: SwiftTX transactions are confirmed and spendable within seconds, guaranteed by the network of masternodes, with no need to wait for multiple confirmations in order to be confident in the validity of the transaction.
Open Source
Bitcoin Incognito’s entire codebase is publicly available for viewing and verification by anyone. It will always remain open source and be maintained by an ever-growing community.
Masternodes
Receive XBI rewards based on their availability and their ability to offer network services in a decentralized and trustless manner.
Zerocoin
Zerocoin provides full privacy to the users of XBI. The implementation of the Zerocoin protocol converts publicly viewable XBI into anonymous zXBI. When a user wishes to spend zXBI, the XBI appear in the receivers wallet as regular XBI without a history of where that XBI originated from providing real-time incognito transactions.

Safety

Bitcoin Incognito uses Zerocoin protocol5 to ensure privacy for its users. Zerocoin protocol achieves anonymity through cryptographic operations applied to the Zerocoin minting process and separately to Zerocoin spend transactions.

By minting a Zerocoin from XBI, a user generates a random serial number that is then encrypted and then converted into Zerocoin through use of a second random number. The Zerocoin is then added to a cryptographic accumulator in the Masternode pool and at the same time, an amount of XBI equal in value to the denomination of the Zerocoin is added to a Zerocoin escrow pool.

To redeem the Zerocoin back into XBI (preferably to a new public address) the owner of the coin needs to prove two things via a zero-knowledge proof. A zero-knowledge proof is a technique by which one party can prove to another that a given statement is true, without conveying any additional information. The first proof is that they know a coin that belongs to the set of all other minted Zerocoins without revealing which coin it is. In practice, this is done simply by use of a one-way accumulator that does not reveal the members of the set. The second is that the person knows the random number that along with the serial number corresponds to a Zerocoin.

Expenditure of Zerocoins is supported by posting the proof and serial number as a Zerocoin spend transaction, this allows confirmation that the proof and the serial number have not been spent previously. After verification, the transaction is posted to the blockchain, and an amount of XBI equal to the Zerocoin denomination is transferred from the Zerocoin escrow pool. Anonymity in the transaction is assured because the minted coin is not linked to the serial number used to redeem the coin.

Bitcoin Incognito Comparison Chart

Bitcoin Incognito comparison chart

Masternodes

Owning and running a Bitcoin Incognito Masternode is a way that you can support the XBI network through mining. As a result, masternodes receive rewards in XBI cryptocurrency for supporting the network.

To run a MasterNode, it is necessary to stake coins against a wallet address linked to the MasterNode key and with proof of the deposit through the transaction hash and index. The stake required per MasterNode is constant across the network and is set at 3,000 XBI. This means community members with more coins are directly incentivized to run more MasterNodes if they wish to increase their share of the overall reward. This offers fairness and proportionality in relation to both the overall stake held by the member and the amount of resource they offer to the network.

XBI does require Hashing, and this is based on the Xevan algorithm which uses a unique combination of dual X17 algorithms with a 128 bit headers. Xevan can be performed efficiently on standard PC servers, and so the cost of entry for new entrants is low, which helps increase the vitality of the XBI network and community.

The Incognito Masternode Pool

The Incognito Masternode Pool is a unique idea and it presents a way that holders of XBI have an additional incentive both to start running a masternode and to keep it running even as the daily reward decreases. That happens when the coin matures and decreases fiat value over time.

Masternode currencies in general offer strong incentives through daily rewards paid in coins. These can either be accumulated to run additional nodes or liquidated if the holder wishes. Early in such projects, when additional nodes are added and while the project is gathering momentum, the fiat value of the incentive may be low. Later in the project, as it reaches maximum supply, in this case 21 million coins, the daily reward and associated ROI would end. Under normal circumstances this would leave little incentive for Masternode holders to continue with their node. The Incognito Masternode Pool is the solution to this problem.

The Incognito Masternode Pool allows the community to suggest and vote through referenda on masternode and other lucrative coin projects for the pool to obtain and run. Masternodes rewards and at certain times stakes from these projects could then be liquidated into XBI or other high liquidity coins and split among all Bitcoin Incognito Masternode holders. The intention is for most of the process, beyond the decision of which Masternodes to purchase or liquidate, to be automated so that there is no question of fairness or opportunity for fraudulent activity. In effect the long term aim of the Bitcoin Incognito Project is to build a Digital Autonomous Organization (DAO) to manage high income cryptocurrency investments.

Coin specification

Name: Bitcoin Incognito
Ticker: XBI
Algorithm: XEVAN
Mining: Proof-of-Stake
Block time: 60 seconds
Transactions: 75tx/s
Total Supply: 21,000,000 XBI
Premine: 2,100,000 XBI
MN Collateral: 3000 XBI
RPC PORT: 7249
P2P PORT: 7250

Team

FREIGHT
Incognito Managing Partner – IT Engineer, Crypto Investor, part of the original Incognito Task Force

SYS – LinkedIn link
Incognito Managing Partner
Senior IT Business professional for a company that runs security to large-scale corporations, founder of the original Incognito Task Force

MICHAEL-X – LinkedIn link
Incognito Task Force Lead
Businessman and investor with a strong passion and belief in cryptocurrency

GALIMBA
Sr. XBI Developer
Computer Scientist, pen-tester, sysadmin, a crypto geek with a passion for tidy code

OSOESE
Sr. XBI Developer
Software Developer, Blockchain Engineer, Crypto Enthusiast, Having fun

ATOMIC ORCHARD – LinkedIn link
Incognito Task Force, Sales and Technical Marketing Partner
Senior advisor Sales and Marketing that has a strong passion for cryptocurrency

ALEX – LinkedIn link
Incognito Task Force and Web Designer
Creative Web Designer, PHP Developer, and Cryptocurrency investor

MATHIAS
Incognito Task Force
Cryptocurrency Miner, Mining Pool Owner, Community Manager

CARIBRO
Freelance Artist and Writer
Cryptocurrency Junkie with an MBA

SUB307
Incognito Team Member and Technical Support
Cryptocurrency Miner, crypto-investor, bot-maker, technical support XBI

NASHCLAY
Incognito Team Member and Technical Support
B.S. in Self-Startups, Assoc. in Aviation Maintenance, scriptwriter & compiler, and crypto investor

MCCOLLECH
Incognito Team Member and Marketer
Graphic Designer & Crypto Enthusiast

DUDEQ
Incognito Team Member – Advisor exchanges
Self-taught stocks and CFD trader with 10 years of experience, investing in crypto since 2016. Love crypto, ice creams, and naps