Elon Musk Announces XChat With Bitcoin-Like Encryption, BTC Trades Near $105K

Tech billionaire Elon Musk, the boss of X (previously Twitter), introduced on Sunday the launch of a brand-new messaging app known as XChat. Neither the bitcoin

market nor the tech neighborhood is impressed.

One of the important thing options of the brand new providing is that it is constructed on a programming language known as Rust with Bitcoin-style encryption. While it sounds thrilling, the crypto neighborhood isn’t significantly psyched, elevating doubts about what precisely it means.

“Bitcoin primarily uses signatures, not encryption. This is like saying, we decided to run our rocket on water, since NASA uses Hydrogen and Oxygen,” Ian Miers, Assistant Professor of Computer Science on the University of Maryland, stated on X.

Encryption refers back to the strategy of scrambling information in order that solely authorised events with the right keys can unscramble and browse it. However, transactions executed on the Bitcoin blockchain aren’t encrypted however are signed. In truth, all information shared between Bitcoin nodes is unencrypted, permitting whole strangers to work together with the community.

“Needless to say “Bitcoin fashion” and “Rust” are not descriptions of an encryption scheme, nor are they strong indicators of security for a messaging app. Also, unless encrypted DMs are only in app, odds are they aren’t just in Rust,” Miers stated.

Bitcoin, the main cryptocurrency by market worth, traded flat close to $105,000, having dropped over 3% final week, in line with CoinDesk information.

Other key options of the brand new providing embrace end-to-end encryption, disappearing messages, and the flexibility to ship any kind of file, together with audio and video information, and not using a telephone quantity throughout all platforms.