My bitcoins would be secured by the "Bond smart contract" which is secured by Incognito network validators. Who comprises these validators? Is this like a Binance Chain or Ripple situation where the developers actually control most of the validators -- giving you ultimate control of all the cryptocurrency secured by the network?
Even if the project is legitimate, it sounds like an attacker controlling ⅔ of the network can probably steal everything:
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A burn proof on Incognito is a cryptographic proof. When signed by more than ⅔ of Incognito validators, it proves that the privacy coins have been burned on the Incognito network.
The user then submits the burn proof to the Bond smart contract, which verifies the burn proof and instructs a custodian to release the public coins that back those privacy coins at a 1:1 ratio.
The user then submits the burn proof to the Bond smart contract, which verifies the burn proof and instructs a custodian to release the public coins that back those privacy coins at a 1:1 ratio.
What prevents that from happening?
