Cryptography pioneer David Chaum today announced the xx coin, a digital currency that will support decentralized messaging, payments, and dApps on the xx network. xx coin technical details and plans for distribution will be revealed next week at a commemorative event at the National Research Institute for Mathematics and Computer Science, the home of Chaum’s original crypto research group in Amsterdam.
“The xx coin and xx network will serve smartphone users and dApp developers by harnessing both the metadata-shredding anonymity and privacy of Elixxir and the security, speed and scalability of Praxxis,” said Chaum. “By successfully bringing the projects together, the xx network resolves the tension between speed/scale and privacy/security.”
Early supporters (but not US persons) who download the xx collective smartphone app prior to the release of the xx network whitepaper will be eligible for certain benefits entitling them to greater participation in the xx network. Details for eligible participants can be found at xx-coin.io.
The xx network was designed in response to growing public concern for user privacy as well as the emerging threat of quantum computing. The Elixxir cMix network layer provides groundbreaking privacy and security by shredding user metadata. Praxxis provides a denominated coin structure that breaks payments into individual coins to provide privacy, and distinctive hash-based cryptography, which is secure against attacks from current nation-state adversaries and future quantum computers.
The staged launch of the xx network has begun. The xx network public alpha currently supports the xx messenger, an Elixxir dApp that provides unprecedented user privacy by preventing observers from collecting metadata. The xx network beta, scheduled for release in early 2020, will provide deeper integration between Elixxir and Praxxis and run on 600 independent nodes that were selected earlier this year.
“For all of us to feel comfortable online with the more important and sometimes sensitive parts of our lives, we need money with financial privacy and security to conduct our affairs,” said William Carter, COO of Praxxis. “And to support users worldwide we need low-latency, high-speed performance at scale. The xx coin provides a way for Praxxis and Elixxir software to achieve these goals running on the decentralized xx network. Next step is beta!”
To access more information on xx coin distribution and the xx network, and to use the xx messenger, download the xx collective smartphone app at xxcollective.io.