Elixxir Announces Its New Privacy-Minded Token, the XX Coin

In a fireside chat with Cointelegraph Executive Editor Jay Cassano at BlockShow Asia 2019, Elixxir President Jim Dolbear announced the launch of xx coin, a digital currency that will support decentralized messaging, payments, and dApps on the associated xx network.

“The way this all unfolded originally had to do with privacy associated with political expression. Who are you talking to, what are you reading?” said Dolbear. “We’re trying to allow people to control their own metadata.”

In a press release shared with Cointelegraph on the same day, digital money pioneer and Elixxir CEO David Chaum said, “The xx coin and xx network will serve smartphone users and dApp developers by harnessing both the metadata-shredding anonymity and privacy of Elixxir, as well as the security, speed, and scalability of Praxxis.”

Chaum further explained that by bringing the three projects together, the xx network resolves the tension between speed scale and privacy/security.

Scheduled for release in early 2020, the xx network beta will provide a more substantial integration between Elixxir and Praxxis. The network will also run on 600 independent nodes that were selected earlier this year. Praxxis COO William Carter said:

“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. The next step is beta!”

The technical details and plans for distributing xx coin will be revealed next week at an event at the National Research Institute for Mathematics and Computer Science in Amsterdam.

Chaum says this new cryptocurrency is quantum-resistant

Chaum championed Praxxis in August for its purported resistance to quantum computer attacks. According to the e-Cash inventor, the Praxxis consensus protocol simultaneously overcomes the scalability, privacy, and security challenges faced by legacy blockchains (the so-called “trilemma”) to deliver the “purely peer-to-peer version of electronic cash” that Satoshi Nakamoto called for in the first few words of his whitepaper.