Tech billionaire Elon Musk, the boss of X (previously Twitter), Tesla, and SpaceX, announced on Sunday the launch of a brand-new messaging app referred to as XChat. Neither the BTC 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 just isn’t notably 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 Laptop Science on the College of Maryland, said on X.
Encryption refers back to the technique of scrambling knowledge in order that solely authorised events with the right keys can unscramble and browse it. Nevertheless, transactions executed on the Bitcoin blockchain aren’t encrypted however are signed. Actually, all knowledge shared between Bitcoin nodes is unencrypted, permitting complete strangers to work together with the community.
“Evidently “Bitcoin type” and “Rust” are usually not descriptions of an encryption scheme, nor are they sturdy indicators of safety for a messaging app. Additionally, except encrypted DMs are solely in app, odds are they don’t seem to be simply in Rust,” Miers said.
Bitcoin, the main cryptocurrency by market worth, traded flat close to $105,000, having dropped over 3% final week, based on CoinDesk knowledge.
Different key options of the brand new providing embody 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.