Elon Musk Introduces ‘Bitcoin-Style’ Chat Platform ‘XChat,’ But Experts Highlight Concerns

Elon Musk, the renowned entrepreneur and the owner of the top social media platform X, has recently unveiled a new messaging app. The newly launched XChat is a messaging platform introduced by Elon Musk and leverages “Bitcoin-style encryption” apart from privacy-centered communication. However, irrespective of the hype around the project, tech experts have raised apprehensions concerning the implications and accuracy of Musk’s assertions.

Elon Musk Launches XChat with ‘Bitcoin-Style’ Encryption

XChat takes into account diverse unique features such as file sharing across platforms, messaging without the need for a phone number, disappearing messages, and end-to-end encryption. In line with Musk’s claims, the app was developed by utilizing Rust, a popular programming language that focuses on performance and safety. Nonetheless, the assertions regarding the Bitcoin’style encryption have gained considerable criticism, raising confusion among veterans in the cryptography landscape.

Ian Miers, who serves at the University of Maryland as Assistant Professor of Computer Science also commented on this development. He stated that Bitcoin primarily utilizes no encryption rather than digital signals. He added that encryption scrambles messages for their protection from prying eyes while Bitcoin transfers are designed to be transparent and publically verified. So, as Bitcoin blockchain-based data is not encrypted, using the term “Bitcoin-style encryption” is senseless.

Bitcoin ($BTC) Trades at $104,770.43 with 0.07% Spike

As the market insights point out, Bitcoin ($BTC) is now changing hands at $104,770.43, presenting a 0.07% increase in price. On the other hand, its weekly performance is 4.42% down. Even then, over the past month, Bitcoin has gained an 8.55% price surge. Simultaneously, the 24-hour volume of the flagship crypto coin has also jumped by 3.44%.

Following the launch of XChat, the market onlookers are watching for its potential upward traction or decline. On the other hand, the start of June has reignited hopes for Bitcoin’s likely bull rally ahead. However, it remains to be seen whether XChat remains effective in capitalizing on the substantially hyped “Bitcoin-style encryption.”