There are not many people in the cryptocurrency world who command as much respect and admiration as David Chaum, who has been called the ‘Godfather’ of Crypto. David Chaum is also the inventor of e-Cash, the first digital currency known in the world before Bitcoin. The year 2024 started by creating an expectation with the innovations of Chaum’s XX Network project. The altcoin promises groundbreaking developments in the coming months. In this article, we will meticulously examine the key aspects of David Chaum’s XX Network. Here are the details…
Pioneer of crypto evolution: David Chaum
David Chaum’s legacy in the crypto space is quite legendary. Chaum is the founder of Elixxir, Praxxis and XX Network. These platforms encompass his decades of research and contributions in cryptography and privacy. Chaum, in particular, is seen as a pioneer in cryptography and privacy-preserving and secure voting technologies. Chaum pioneered the concept of anonymous digital money in his groundbreaking 1982 thesis at the University of California, Berkeley. In 1995, his company DigiCash created and implemented eCash, the first digital currency to use Chaum’s groundbreaking “blind-signature” protocol. Known for introducing the world to e-Cash, the first digital currency, Chaum’s influence continues with his contemporary efforts. Its latest initiative involves preparing a Central Bank Digital Currency (CBDC) for respected institutions such as the Swiss National Bank (SNB) and the Bank for International Settlements (BIS), a project known as Tourbillon.
So much so that Chaum’s CBDC comments even included developments in Turkey. An interview conducted in November 2022 highlighted Chaum’s views on blockchain in Turkey. At the time, Chaum discussed Turkey’s potential to become a leader in the blockchain space. He also criticized the current state of crypto exchanges, highlighting the need for privacy in Central Bank Digital Currencies (CBDCs). His work continues to foster innovation and shape the landscape of digital transactions and online privacy by seamlessly blending the fields of cryptography and economics. Overall, David Chaum is widely recognized as a visionary computer scientist. In addition to his title as the “Godfather” of Crypto, he is also called the “Father of Online Anonymity”. Moving forward with David Chaum’s vision, XX Network has determined an ambitious road map for the first quarter of 2024. Let’s examine the new road map of Chaum’s project together…
XX Network’s new road map has been introduced: Here are the distinguishing features for the altcoin
The XX Network project, led by Chaum, has set an ambitious road map for the first quarter of 2024. These plans include strategic partnerships, Wrapped XX (wxx) and upcoming listings on both centralized and decentralized exchanges, as well as the launch of a comprehensive decentralized application (DApp) called Echoexx, an Ethereum Virtual Machine (EVM) bridge. So, what differentiates XX Network from its peers? The project proudly carries the title of the world’s only certified quantum protected network and strengthens its infrastructure against emerging threats.
Coming soon is a collaboration with a company serving three million users to introduce cMixx+, which offers key authentication support for all Web3 applications. cMixx+ is a digital privacy tool developed to continuously and anonymously “scramble” and interrogate using a unique re-encryption method to quickly and effectively increase security in applications such as cryptocurrency transactions and authentication. This highlights the privacy focus of the network.
Beyond its technological prowess, XX Network also shines a light on community engagement. Because the XX Coin grant program and the introduction of xxDK 3.0 for front-end developers attract attention. With hackathons on the horizon, XX Network is positioning itself at the center for creativity and development.
Parts of the ecosystem: Quantum protection
In addition to the above components, XX Network consists of five main elements (Blockchain, nodes, governance, coin and communication) carefully crafted to create a safe and protected digital environment. Serving as its core decentralized mechanism, the XX Blockchain enables independently operated nodes to publicly verify transaction execution and other network transactions. In recent years, a new consensus protocol known as XX consensus was developed by Chaum and his team to improve the security of the platform.
Based on the Byzantine fault-tolerant (BFT) family, this protocol differentiates itself by achieving linear scalability while having quantum resilience, high throughput and resilience, even if a significant portion of the network is compromised or offline.
Chaum envisions a future in which such highly secure platforms will become the norm, especially as developers become increasingly aware of the threat of quantum computing. He argues that users prefer blockchains that are resistant to security vulnerabilities, given the large market capitalization of cryptocurrencies. A momentary potential loss of value serves as a powerful motivator for prioritizing security in blockchain protocols.
There are significant expectations for altcoin XX in the market
Currently listed on the MEXC exchange, XX coin is poised for significant growth with upcoming listings on additional platforms. In the crypto community, XX Network is noted for strategic partnerships and technological advancements. Therefore, the cryptocurrency world is experiencing excitement with the Bitcoin ETF approval and the start of the altcoin season; eagerly awaits significant price fluctuations. Because currently, Bitcoin’s dominance over altcoins in the market has disappeared somewhat. During this period, altcoin prices are increasing and investors are eagerly waiting to invest in altcoins.
As a result, XX coin functions as a cryptocurrency that facilitates transactions between users and businesses. Its benefits extend to covering high-volume usage costs, processing payments, and encouraging dApp usage. Moreover, the cryptocurrency space is currently in altcoin season, so we are seeing many projects making huge profits. Currently, with the market outlook promising, XX coin may emerge as a force to be reckoned with in the crypto world.
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