Original | Odaily Planet Daily (@OdailyChina)
This Friday, the Web3 protocol Inco, which promotes solutions to blockchain confidentiality issues, announced the completion of a $5 million strategic round of financing, led by a16z crypto CSX, with participation from Coinbase Ventures, 1kx, Orange DAO, South Park Commons, and Script Capital.
Inco is currently in the initial construction phase, with existing user experience feedback mainly coming from the testnet environment and a small number of early dapps. However, based on the evaluations from current developers and test users, Inco has already shown promising performance in privacy protection, with robust infrastructure and positive feedback on privacy experience.
Next, Odaily Planet Daily will take you deeper into the Inco project and guide you step-by-step to participate in the testnet interactions of three key projects within the current Inco ecosystem.
Inco Project Overview: Web3 Confidentiality Protocol
Inco is an EVM-compatible Layer 1 solution that utilizes Fully Homomorphic Encryption (FHE) technology to achieve composable and operable privacy states. Through fhEVM (FHE + EVM), it enables the writing of privacy smart contracts and executing computations on encrypted data. This innovation opens the door to many use cases, such as card games, decentralized identity verification (DID), private voting, dark pools, etc., paving the way for possibilities in a new era. Its technical features include:
On-chain storage of encrypted states, meaning all encrypted data can be directly and securely stored on the blockchain, ensuring data integrity and privacy;
Support for executing state transitions based on encrypted data, a function that is entirely on-chain, greatly enhancing data traceability and credibility;
Provision of on-chain random number generation services, adding more uncertainty and security to smart contracts and dApps.
Regarding financing, in addition to completing the $5 million strategic round yesterday, Inco announced the completion of a $4.5 million financing round last February, led by 1kx, with participation from Circle Ventures, GSR, Polygon Ventures, Robot Ventures, Alliance DAO, and zkSync developer Matter Labs.
Inco founder Remi stated, “Inco is both a modular Layer 1 that integrates Fully Homomorphic Encryption (FHE) and EVM, and can also serve as a universal privacy layer for Web3. The importance of privacy for blockchain goes beyond the public's basic need for privacy; many institutions cannot build on existing blockchains due to the need to handle sensitive data properly. Additionally, certain types of applications, such as games, have a strong demand for privacy. With Inco's privacy services, developers will be able to explore more potential use cases around gaming, DeFi, business activities, and more.”
Interactive Tutorial
The interactive operations mainly involve participating in projects supported by Inco. Currently, there are three projects worth interacting with.
STEP 1. Go to the test coin distribution website (link: https://www.alchemy.com/faucets/base-sepolia), select the “Base Sepolia” test network, complete the human verification, and enter your address to receive test coin ETH (you need to have 0.001 ETH in your wallet on the Base mainnet to receive it).
STEP 2. Enter the Hangman project interaction website (link: https://hangman.inco.org/), click “Connect Wallet to Play” to connect your wallet and start the word guessing game (select letters to form the correct word; each wallet selection requires 2 confirmations).
STEP 3. Enter the Comfy project interaction website (link: https://comfy.inco.org/), click “Connect Wallet” and then select “Mint now” to mint USDC.
STEP 4. Select “Shield” to exchange part of your USDC for cUSDC, then click “Unshield” to exchange some cUSDC back to USDC.
STEP 5. Send cUSD to other addresses (you can also send it to personal interaction addresses).
STEP 6. Enter the Melee project interaction website (link: https://www.melee.game/consensus), click “Connect Wallet,” and switch the network to the Monad testnet to vote for the following 8 crypto experts (vote at least 0.5 MON test coins).
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