On Wednesday the 27th of November 2019, Harmony (ONE) announced that their native ONE token would be supported by Incognito Wallet, a privacy focused wallet designed to protect user privacy end to end via sidechains. Private transactions would be enabled first for the ERC20 variant of ONE token with Harmony Chain Mainnet tokens being enabled later on.
Privacy features being added to projects outside of their initial roadmap isn’t a new thing, but it’s an added bonus for both Investors and users of a token when a development like this can pop up out of the blue. Incognito will create more of a privacy “work-around” by offering “pONE” tokens on a 1:1 exchange via their wallet. Although the actual ONE tokens themselves are not sent privately, any pONE tokens can be converted back to the original ONE token at the other end of the transaction, making the work-around as user-friendly as possible.
Incognito provides private transactions for BTC, ETH, DAI and various other cryptocurrency transfers and is adding new coins all the time. Through Sidechains and Proof-of-Stake consensus methods, tokens are free to pass through different blockchains and users are still able to redeem their original tokens on the receiving end of the transaction.
As a project that also values decentralization highly, we see a lot of ourselves in Harmony. Their pursuit to solve the scalability issue without compromising the principles of decentralization is a future-facing initiative and we always admire innovation. We’re both seeking to effect positive changes on the crypto sphere, so we’re delighted to support Harmony’s ONE token and give their users the ability to store, send and receive tokens privately.Duy Huynh – Incognito (Medium Announcement)
About Harmony – Harmony is a fast and secure proof-of-stake blockchain that is working to push the existing boundaries when it comes to scalability, but unlike others, it wants to do so without sacrificing decentralization. Harmony offers the ONE token, which is available on the ERC20 & BEP2, as a means of funding their system, so they can research and develop their tech while perpetuating a healthy crypto community.