Tech billionaire Elon Musk, the boss of X (previously Twitter), introduced on Sunday the launch of a brand-new messaging app referred to as XChat. Neither the bitcoin
market nor the tech neighborhood is impressed.
One of many key options of the brand new providing is that it is constructed on a programming language referred to as Rust with Bitcoin-style encryption. Whereas it sounds thrilling, the crypto neighborhood isn’t significantly psyched, elevating doubts about what precisely it means.
“Bitcoin primarily makes use of signatures, not encryption. That is like saying, we determined to run our rocket on water, since NASA makes use of Hydrogen and Oxygen,” Ian Miers, Assistant Professor of Pc Science on the College of Maryland, mentioned on X.
Encryption refers back to the technique of scrambling information in order that solely authorised events with the proper keys can unscramble and browse it. Nonetheless, transactions executed on the Bitcoin blockchain aren’t encrypted however are signed. In actual fact, all information shared between Bitcoin nodes is unencrypted, permitting complete strangers to work together with the community.
“Evidently “Bitcoin fashion” and “Rust” should not descriptions of an encryption scheme, nor are they robust indicators of safety for a messaging app. Additionally, until encrypted DMs are solely in app, odds are they are not simply in Rust,” Miers mentioned.
Bitcoin, the main cryptocurrency by market worth, traded flat close to $105,000, having dropped over 3% final week, in accordance with CoinDesk information.
Different key options of the brand new providing embody end-to-end encryption, disappearing messages, and the flexibility to ship any sort of file, together with audio and video recordsdata, with no telephone quantity throughout all platforms.
